Ripple has seen a strong third quarter with increased transaction volumes on the XRP Ledger and a boost in demand for its XRP token. This is due to the SEC’s declining credibility in the crypto space and Ripple’s ongoing legal battle with the SEC over XRP. Despite this, a US court found that XRP is not a security, which has led to exchanges relisting the token after its delisting.
This has also led to increased institutional demand for XRP, with the CME launching an XRP reference price and Bitnomial announcing plans for an XRP futures product. Furthermore, Bitwise, Canary, and 21Shares filed S-1s for XRP ETFs, while Grayscale launched an XRP Trust and filed to convert its Digital Large Cap Fund into an ETF.
Ripple CEO Brad Garlinghouse commented on these filings, stating that the SEC’s failure to regulate the industry has led to the increased interest in XRP products. Additionally, the increased institutional interest has led to elevated XRP trading volumes, with average daily volumes on top exchanges ranging between $600 and $700 million.
Finally, the XRP Ledger network’s total transactions nearly doubled, rising from 86.4 million in Q2 to 172.6 million in Q3 2024.
