XRP Market Cap Reaches $34.7 Billion with 31.1% QoQ Growth
As of the end of Q3, XRP, the native token of the XRP Ledger (XRPL), ranks as the seventh-largest cryptocurrency by market capitalization at approximately $34.7 billion. This marks a 31.1% increase in its circulating market cap quarter-over-quarter compared to Q2, with a price rise of 28.5% during the same period.
XRP Sees 94% Surge In Daily Transactions
Research firm Messari's Q3 report attributes recent momentum to several developments, including Grayscale's launch of its XRP Trust, which offers accredited investors exposure to XRP. Additionally, S-1 filings by ETF issuers such as Bitwise, Canary, 21Shares, and WisdomTree for XRP ETFs highlight growing institutional interest.
In Q3, average daily transactions increased by 94% QoQ to 1.7 million, while new addresses rose by 10% to 105,000. However, this growth was mainly driven by microtransactions linked to a spam messaging campaign. Notably, new addresses saw a 34% year-over-year decline from Q3 2023 to Q2 2024. Total active addresses fell by 3% QoQ, influenced by a 20% drop in active sending addresses, although unique receiving addresses increased by 7%.
Price Nears 2018 Record High
Payment transactions grew by 110% QoQ following declines in previous quarters, spurred by activities related to inscriptions since late 2023. NFT-related transactions also changed, with minting and burning transactions increasing by 93% and 148%, respectively, while creation and offer acceptance transactions experienced slight declines.
In Q4, XRP's market capitalization surged by nearly $130 billion within three weeks, becoming the third largest digital asset after Bitcoin (BTC) and Ethereum (ETH). Its price has risen by 432% recently, reaching $2.71 per token, approaching the record high of $3.04 from the 2018 bull run, now only a 20% gap from that peak.
The data from Q3 and early Q4 indicates a growing XRP ecosystem marked by heightened transaction activity, increased institutional interest, and efforts to enhance XRP's value proposition.
Featured image from DALL-E, chart from TradingView.com