Ripple’s Q3 2024 XRP Markets Report is out, highlighting pivotal developments and promising metrics for the XRP ecosystem.
This quarter has been eventful, marked by significant advancements in the market, including partnerships and strategic milestones that signal a strong outlook for XRP.
The Q3 ‘24 XRP Markets Report is now live.
Last quarter saw major milestones and partnerships including the ETH ETF launch, rising speculation around the U.S. presidential election and the announcement of RLUSD exchange partners and advisory board. https://t.co/BHJ1QViLlH— Ripple (@Ripple) November 1, 2024
Key takeaways from Ripple’s latest report include:
– Legal Clarity in the SEC Lawsuit: Despite ongoing litigation, XRP remains classified as not a security—a substantial validation for Ripple and its stakeholders.
– Institutional Engagement on the Rise: A wave of institutional interest swept in this quarter. Bitwise, Canary, and 21Shares have filed for XRP ETFs, and Grayscale introduced an XRP Trust, signaling high confidence in XRP’s future potential.
– Trading Volume Stability: XRP’s daily trading volume maintained a healthy range between $600 million and $700 million, indicating consistent demand in the market.
– Growth in the XRP/BTC Ratio: XRP’s valuation relative to Bitcoin saw a notable 27% increase, reflecting its strengthened market positioning.
– Increased On-Chain Activity: On-chain transactions surged, exceeding 172.6 million—a 99% rise from Q2—showing heightened network utility and adoption.
– Total Value Locked (TVL) in Automated Market Makers (AMMs): The TVL in AMMs grew significantly, jumping from $8.5 million to $16.2 million, which underscores XRP’s expanding DeFi presence.
– Ripple USD Developments: Ripple USD, a critical project for Ripple, is now supported by an advisory board, enhancing its credibility and strategic direction.
📊 Ripple’s Q3 2024 XRP Markets Report highlights:
▶️ SEC Lawsuit: XRP confirmed as not a security despite ongoing litigation.
▶️ Institutional Interest: Bitwise, Canary, and 21Shares filed for XRP ETFs; Grayscale launched an XRP Trust.
▶️ Daily Trading Volumes: Between… pic.twitter.com/g0fTSnxm0W— Collin Brown (@CollinBrownXRP) November 2, 2024
Moreover, 21Shares has submitted a proposal for an XRP ETF, called “21Shares Core XRP TRUST,” to the U.S. SEC, further amplifying XRP’s profile within the ETF landscape. Notably, 21Shares also has a successful Solana staking ETP in Europe, which recently surpassed US$1 billion in assets, demonstrating the firm’s expanding influence in the digital asset space.
21Shares submitted an application for XRP ETF “21Shares Core XRP TRUST” to the U.S. Securities and Exchange Commission (SEC). 21Shares has previously applied for Solana spot ETF. Its Solana staking ETP has exceeded US$1 billion in Europe. https://t.co/GEoBMPUMY0
— Wu Blockchain (@WuBlockchain) November 1, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ripples-q3-2024-xrp-markets-report-shows-major-gains-amid-key-partnerships-and-growing-institutional-interest/