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<\/p>\n
This represents a notable 31.1% increase in its circulating market cap <\/a>quarter-over-quarter (QoQ) compared to Q2. The XRP price also experienced a significant increase of 28.5% during the same period.<\/p>\n However, with the recent victory of President-elect Donald Trump and a clearer horizon on the regulatory front in the US, these metrics have fallen short, with the last three weeks\u2019 rally being the largest in nearly 7 years.<\/p>\n Research firm Messari and its Q3 report<\/a> show that the recent momentum can be attributed to several key developments. Most notably, asset management firm Grayscale launched its XRP Trust in September, giving accredited investors a new way to gain exposure to XRP.\u00a0<\/p>\n This development, along with S-1 filings by exchange-traded fund<\/a> (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\u2019s report noted were associated with a spam messaging campaign. Notably, this increase in new addresses <\/a>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 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>\nXRP Sees 94% Surge In Daily Transactions<\/h2>\n
Price Nears 2018 Record High<\/h2>\n