Ripple (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.

Ripple saw a boost in institutional interest, partly driven by the US SEC’s challenges in regulating crypto. Several financial heavyweights introduced new XRP offerings.

This development comes as the firm continues to fight its case against the US Securities and Exchange Commission (SEC).

Ripple’s XRP Token Sees Institutional Demand, Trading Volumes Surge

Despite the ongoing legal battle, Ripple reported a notable rise in institutional interest in XRP, which fueled a surge in trading volumes.

On average, daily XRP trading volumes were noted to be in the range of $600 million to $700 million, showcasing a 27% increase in the XRP/BTC ratio over the quarter.

Ripple highlighted a surge in trading activity on Binance, Bybit, and Upbit, with daily volumes averaging around $750 million in the early part of Q3. However, towards the mid-quarter, the volumes stabilized and then rose again in the final days of September.

Furthermore, the XRP Ledger network also experienced a significant increase in transaction volume, nearly doubling during the period. According to the report, the network’s total transactions rose from 86.4 million in Q2 to 172.6 million in Q3 2024.

However, Ripple clarified that this uptick was primarily driven by microtransactions, often less than 1 XRP each, which appeared to be part of a spam messaging campaign.

“Despite the increase in activity, much of it involved small-volume transactions, so total on-chain volume did not see a significant rise. The uptick was primarily driven by microtransactions (<1 XRP), which appeared to be part of a spam messaging campaign,” the report stated.