XRP's Market Performance in Q3 2024
At the end of Q3 2024, XRP solidified its position as the third-largest cryptocurrency by market capitalization, reaching approximately $34.7 billion—a 31.1% increase quarter-over-quarter (QoQ). The XRP price also surged by 28.5% during the same period, reflecting growing investor confidence.
Key Developments Driving Growth
Institutional Interest:
- Asset manager Grayscale launched its XRP Trust in September, providing accredited investors with a new avenue for exposure.
- Multiple ETF filings by Bitwise, Canary, 21Shares, and WisdomTree signal institutional adoption.
Network Activity:
- Daily transactions surged 94% QoQ to 1.7 million.
- New addresses increased by 10%, though active sending addresses declined by 20%.
Payment & NFT Metrics:
- Payment transactions grew 110% QoQ, reversing previous declines.
- NFT minting (+93%) and burning (+148%) transactions saw significant upticks.
XRP Price Nears All-Time High
XRP's price rallied 432% in recent weeks, reaching $2.71**—just **20% below its 2018 record** of **$3.04. This uptrend pushed its market cap by $130 billion, making it the third-largest crypto asset behind Bitcoin and Ethereum.
FAQs
Q: What drove XRP’s Q3 growth?
A: Institutional products (e.g., Grayscale Trust) and renewed network activity fueled the rally.
Q: Are microtransactions skewing transaction data?
A: Yes. A spam campaign inflated metrics, but core payment activity still grew 110%.
Q: Is XRP’s current price sustainable?
A: With ETF filings and institutional backing, analysts are bullish on long-term potential.
Future Outlook
👉 Why XRP’s ecosystem growth signals long-term viability
The Q3 report highlights XRP’s resilience and institutional appeal, positioning it for further gains in 2025. As regulatory clarity improves, XRP could close its 20% gap to ATH.
For real-time updates, follow XRP’s price action here.
Data sourced from Messari and TradingView.
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