The post Ripple’s XRP Gains Institutional Momentum in Q3 2024 appeared on BitcoinEthereumNews.com.

Ripple experienced notable growth in the third quarter. The firm saw a boost in transaction volume on the XRP Ledger and an increase in institutional interest in its XRP token. This development comes as the firm continues to fight its case against the US Securities and Exchange Commission (SEC). Ripple’s XRP Finds Institutional Traction as Trading Volumes Surge Ripple reported heightened institutional interest in XRP, partly driven by the US SEC’s waning credibility in the crypto space. Several financial heavyweights, including the Chicago Mercantile Exchange (CME), introduced new XRP offerings over the quarter. CME unveiled an XRP reference price, while Bitnomial announced plans for an XRP futures product. Further, prominent firms like Bitwise, Canary, and 21Shares filed to launch exchange-traded funds (ETFs) centered on XRP. Also, Grayscale introduced an XRP Trust alongside efforts to transition its Digital Large Cap Fund, which includes BTC, ETH, SOL, XRP, and AVAX, into an ETF. Read more: XRP ETF Explained: What It Is and How It Works Ripple CEO Brad Garlinghouse noted that these filings are a testament to strong institutional demand for XRP products. According to him, the SEC’s prolonged challenges in regulating crypto have weakened its stance, further diminishing its influence over the sector. “The message from the market is clear — institutional interest in XRP products is stronger than ever…The SEC’s war on crypto has lost battle after battle — their continued disregard for the court’s authority will further erode the SEC’s credibility and reputation,” Garlinghouse stated. Meanwhile, the rise in institutional interest led to elevated XRP trading volumes. Average daily volumes (ADV) on top exchanges ranged between $600 million and $700 million, with a 27% increase in the XRP/BTC ratio over the quarter. Ripple explained that trading on Binance, Bybit, and Upbit, averaged around $750 million during the early part of…

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Filed under: News - @ November 2, 2024 10:24 am