2024-12-30 18:44 |
XRP continued its sluggish trading trend as the weekend approached, dampening hopes of a Santa Claus rally this December amid a broader crypto market pullback led by Bitcoin.
However, it’s worth noting that the crypto asset experienced a historic surge last month, skyrocketing over 470% in November and reaching $2.89, a level not seen in nearly seven years.
This price spike followed two major developments including Donald Trump’s re-election victory and renewed optimism stemming from Ripple’s significant legal win against the SEC in its long-standing securities lawsuit over XRP. Market participants are also hopeful for more crypto-friendly regulations under the Trump administration, further fueling XRP’s momentum.
That said, the ripple effects of these positive developments extend beyond market sentiment, manifesting in a surge of institutional participation within the XRP ecosystem. FalconX, a billion-dollar crypto prime brokerage, has reported an extraordinary increase in XRP trading volume.
Austin Reid, FalconX’s Global Head of Revenue and Business, highlighted this momentum in a recent tweet, stating, “XRP trading is on fire. We’ve seen 10x growth in volume at FalconX between the first and second halves of Q4. This isn’t just retail action—institutions are driving the momentum.”
Ripple CEO Brad Garlinghouse amplified the excitement by retweeting Reid’s statement, further fueling interest and engagement within the XRP community.
Notably, Reid’s assertion highlights a significant shift in the cryptocurrency market, particularly the increasing participation of institutional investors in XRP trading. Traditionally regarded as a utility-driven digital asset, particularly for facilitating cross-border payments, a vision championed by Ripple, XRP is now garnering broader recognition.
Ripple’s recent advancements, including the launch of the RLUSD stablecoin earlier this month, are poised to significantly bolster its ecosystem. Notably, through RLUSD Ripple Payments, which has already facilitated over $70 billion in payment volume and boasts near-global coverage across over 90 payout markets, stands to see substantial growth.
FalconX’s revelation of a tenfold increase in XRP trading volumes during Q4 this year underscores a significant transition in market dynamics. In the first week of this month, XRP, now the third-largest cryptocurrency by market capitalization, achieved a groundbreaking milestone with its trading volume surpassing the combined trading volume of Ethereum and Bitcoin, for the first time ever.
Additionally, by partnering with banks and payment systems worldwide, Ripple has showcased XRP’s potential as a transformative solution for international settlements.
Adding to the momentum speculation surrounding the possibility of a spot XRP ETF and Ripple’s rumored IPO following a favorable resolution of its legal battles with the SEC have further bolstered market sentiment.
These developments are drawing institutional attention, as XRP is increasingly seen as more than just a speculative asset, but a cornerstone for real-world applications in global finance.
At press time, XRP was trading at $2.16 reflecting a 0.90% drop over the past 24 hours.
origin »Emerald Crypto (EMD) на Currencies.ru
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