As the third quarter wraps up, XRP, the native token of the XRP Ledger (XRPL), has firmly anchored itself as the seventh-largest cryptocurrency in terms of market capitalization, hovering around $34.7 billion. This marks a significant rise of 31.1% since the last quarter, with the price of XRP itself jumping 28.5% in that timeframe.
What’s interesting is that while these figures show growth, they pale somewhat in comparison to the broader rally that’s unfolded over recent weeks—one of the most substantial we’ve seen in nearly seven years, particularly following President-elect Donald Trump’s victory and subsequent regulatory clarity in the U.S.
Now, onto the big buzz: a striking 94% surge in daily XRP transactions. The third-quarter report from Messari, a well-known research firm, highlights several catalysts behind this momentum. Most prominently was Grayscale’s launch of the XRP Trust in September, offering accredited investors fresh avenues to tap into XRP’s potential.
Moreover, it’s worth mentioning exchange-traded fund (ETF) issuers like Bitwise, Canary, 21Shares, and WisdomTree have all filed for permission to launch XRP ETFs in recent months, showcasing a clear upswing in institutional interest in this crypto powerhouse.
Diving deeper into Q3’s network dynamics, many indicators showed a positive reversal. Daily transactions saw a striking 94% growth quarter-over-quarter, reaching 1.7 million. Meanwhile, new address creation ticked up by 10% to 105,000. It’s important to note, though, this surge was significantly driven by microtransactions, often tied to spam campaigns, giving a bit of a mixed context to the growth. On a year-over-year basis, new addresses actually dipped by 34% from Q3 2023 to Q2 2024.
In other areas, even with certain gains, the number of total active addresses slid by 3% quarter-over-quarter, largely due to a 20% drop in active senders, although on the flip side, unique receiving addresses appreciated by 7%.
When it comes to payments, the scene was equally compelling, with transactions soaring 110% quarter-over-quarter—an impressive bounce back from previous downturns, catalyzed by heightened inscription-related activities toward 2023’s end.
The NFT sector on the XRPL didn’t sit idle, either. Both NFT minting and burning transactions experienced remarkable increases of 93% and 148%, respectively, though creations and offer acceptances slightly waned.
As we turn our gaze to Q4 data, XRP continues on its upward trajectory, witnessing its most significant rise in recent memory. Its market capitalization has leaped by nearly $130 billion in just a trio of weeks, now ranking it as the third-largest digital asset, trailing only behind Bitcoin (BTC) and Ethereum (ETH). The token’s price, accordingly, has soared by a staggering 432% in recent weeks to a trading price of $2.71—a mere 20% shy of its all-time high of $3.04 during the market’s 2018 high point.
In summation, the data from Q3 and the start of Q4 underscores a growing, vibrant XRP ecosystem. It’s characterized by heightened transaction volumes, robust institutional engagement, and a steadfast effort to bolster XRP’s overall utility and value. The accompanying chart from TradingView.com further illustrates XRP’s upward price trend.
Featured image from DALL-E, chart from TradingView.com
