This development, along with S-1 filings by exchange-traded fund (ETF) issuers Bitwise, Canary, 21Shares and WisdomTree to launch XRP ETFs in recent months, underscores the growing institutional interest in the token.<\/p>\n
In Q3, several key network metrics reversed previous declines. Average daily transactions soared by 94% QoQ to reach 1.7 million, while new addresses increased by 10% to 105,000.\u00a0<\/p>\n
However, the increase was largely driven by microtransactions (transactions involving less than 1 XRP), which Ripple’s report noted were associated with a spam messaging campaign. Notably, this increase in new addresses contrasts with a 34% year-over-year decline in quarterly new addresses from Q3 2023 to Q2 2024.<\/p>\n
Despite the uptick in certain metrics, total active addresses fell by 3% QoQ, driven by a 20% decrease in active sending addresses, while unique receiving addresses rose by 7%.<\/p>\n
Price Nears 2018 Record High<\/h2>\n
Payment transactions also displayed remarkable growth, increasing by 110% QoQ after experiencing declines in the previous two quarters. This surge followed a significant spike related to inscription activities that began at the end of 2023.\u00a0<\/p>\n
In addition to payment transactions, NFT-related activities on the XRPL also saw notable changes. NFT minting and burning transactions increased by 93% and 148%, respectively, while NFT creation and offer acceptance transactions saw slight declines.\u00a0<\/p>\n
Despite this, if going deeper into the Q4 data, XRP has seen its most notable uptrend in years, with its market capitalization soaring by nearly $130 billion in just three weeks, making it the third largest digital asset on the market, just behind Bitcoin (BTC) and Ethereum (ETH).\u00a0<\/p>\n
Its price has clearly followed suit, with a colossal 432% uptrend in the past few weeks to a current trading price of $2,71 per token, close to the record high of $3,040 reached during the 2018 bull run, and now with only a 20% gap between the current price and the all-time high.\u00a0<\/p>\n
Overall, the data from Q3 and part of Q4 paints a picture of a growing and evolving XRP ecosystem characterized by increased transaction activity, institutional interest, and a commitment to improving XRP’s value proposition.<\/p>\n
<\/p>\n
Featured image from DALL-E, chart from TradingView.com <\/p>\n","protected":false},"excerpt":{"rendered":"
At the end of the third quarter of the year, XRP, the native token of the XRP Ledger (XRPL), solidified its position as the seventh-largest cryptocurrency by market capitalization, reaching approximately $34.7 billion.\u00a0 This represents a notable 31.1% increase in its circulating market cap quarter-over-quarter (QoQ) compared to Q2. The XRP price also experienced a…<\/p>\n","protected":false},"author":1,"featured_media":1687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[36,43,95,572,1138,46,47,147,1113],"class_list":["post-1686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-xrp-news","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-xrp-ledger","tag-xrp-ledger-news","tag-xrp-news","tag-xrp-price","tag-xrp-price-analysis","tag-xrp-price-chart"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1686","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1686"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1686\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1687"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}