Ripple’s Q3 Growth Driven by Surge in XRP Trading and Institutional Interest
The cryptocurrency giant Ripple reported substantial growth in Q3, with increased transaction volumes on the XRP Ledger.
Additionally, a surge in institutional interest in XRP was reported , partly due to the weakening influence of the U.S. SEC in crypto regulation.
Major financial players such as CME and Bitnomial introduced new XRP products, while firms like Bitwise and Grayscale pursued XRP-focused ETFs.
Ripple’sCEO, Brad Garlinghouse, noted that institutional demand for XRP remains strong, underlining a decline in the SEC’s authority.
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Solana Sees Resurgence in Institutional Investment and User Growth in Q3 2024XRP trading volumes also climbed, with average daily volumes between $600 million and $700 million on major exchanges and a 27% increase in the XRP/BTC ratio.
Transaction counts on the XRP Ledger nearly doubled, though much of this activity was from low-value microtransactions likely linked to spam, limiting the effect on overall volume.
Meanwhile, Total Value Locked (TVL) within Ripple’s Automated Market Makers (AMMs) rose from $8.5 million to $16.2 million, while transaction fees on the network dropped by 32%, making XRP transactions more cost-effective amid growing usage.
