Ripple Q3 Reveals Increased Institutional Demand for XRP

Ripple reported a strong third quarter amid increased transaction volumes on the XRP Ledger and stronger institutional demand for Ripples XRP token.

Ripple published its Q3 XRP Markets Report, revealing notable growth and a boost in transaction volume on the XRP Ledger. The company recorded increased institutional interest in Ripples XRP token, owing to plans for new XRP offerings and its continued fight against the US SEC.

SEC Credibility Declines

Ripple has reported significant growth in the third quarter. In its newly released XRP Markets Report, the company revealed a surge in transaction volumes on the XRP Ledger and stronger institutional demand for its XRP token. According to the report, Q3 saw several factors impact market direction and sentiment, including long-awaited ETH ETF listings, speculation related to the upcoming US elections, and the US Securities and Exchange Commissions (SEC) declining credibility in the crypto space.

Ripple has been embroiled in a legal battle with the SEC over XRP since 2020 which has severely impacted sentiment around the project, resulting in many exchanges delisting the token. In 2023, a US court found that XRP is not in, in and of itself, a security, which positions XRP and BTC as the only two tokens with regulatory clarity in the US. Since the landmark ruling, all exchanges that delisted XRP have relisted it. Exchanges worldwide have made significant progress on the conflation issue between Ripple and XRP, correctly listing XRP on their platforms.

The SEC has continually made claims against Ripple but has failed to make progress in the matter. While the SEC did not appeal the decision made by the court, it continues to wage war on the crypto industry.

Surge in Institutional Demand for XRP

Ripples Q3 report highlights a notable increase in Institutional demand for XRP since the companys courtroom victory. The CME (Chicago Mercantile Exchange) launched an XRP reference price, and Bitnominal announced its intent to introduce an XRP futures product. Bitwise, Canary, and 21Shares filed S-1s for XRP ETFs, while Grayscale launched an XRP Trust and filed to convert its Digital Large Cap Fundcontaining BTC, ETH, SOL, XRP, and AVAXinto an ETF.

Ripples CEO, Brad Garlinghouse, commented on the filings, highlighting the SECs failings in regulating the industry.

The message from the market is clear institutional interest in XRP products is stronger than ever. @BitwiseInvest, @CanaryFunds, and @21Shares (just this morning!) filed S-1s for XRP ETFs while @Grayscale launched an XRP Trust and filed to convert its multi-asset fund, including XRP, into an ETF.
The SECs war on crypto has lost battle after battle - their continued disregard for the courts authority will further erode the SECs credibility and reputation.

Elevated XRP Trading Volumes

In its report, Ripple explained that the rise in institutional interest resulted in elevated XRP trading volumes. According to the report, average daily volumes (ADV) on top exchanges ranged between $600 and $700 million, with a 27% XRP/BTC ratio increase over Q3. Ripple strong Q3 results were also fuelled by a significant surge in transaction volume on the XRP Ledger network. The report indicates that the networks total transactions nearly doubled, rising from 86.4 million in Q2 to 172.6 million in Q3 2024. Ripple notes that the increase is mainly due to microtransactions.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Text source: Crypto Daily™

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