Ripple reported a strong third quarter amid increased transaction volumes on the XRP Ledger and stronger institutional demand for Ripple’s XRP token. 

Ripple published its Q3 XRP Markets Report, revealing notable growth and a boost in transaction volume on the XRP Ledger. The company recorded increased institutional interest in Ripple’s XRP token, owing to plans for new XRP offerings and its continued fight against the US SEC. 

SEC Credibility Declines

Ripple has reported significant growth in the third quarter. In its newly released XRP Markets Report, the company revealed a surge in transaction volumes on the XRP Ledger and stronger institutional demand for its XRP token. According to the report, Q3 saw several factors impact market direction and sentiment, including long-awaited ETH ETF listings, speculation related to the upcoming US elections, and the US Securities and Exchange Commission’s (SEC) declining credibility in the crypto space.  

Ripple has been embroiled in a legal battle with the SEC over XRP since 2020 which has severely impacted sentiment around the project, resulting in many exchanges delisting the token. In 2023, a US court found that XRP is not in, in and of itself, a security, which positions XRP and BTC as the only two tokens with regulatory clarity in the US. Since the landmark ruling, all exchanges that delisted XRP have relisted it. Exchanges worldwide have made significant progress on the conflation issue between Ripple and XRP, correctly listing XRP on their platforms. 

The SEC has continually made claims against Ripple but has failed to make progress in the matter. While the SEC did not appeal the decision made by the court, it continues to wage war on the crypto industry.   

Surge in Institutional Demand for XRP 

Ripple’s Q3 report highlights a notable increase in Institutional demand for XRP since the company’s courtroom victory. The CME (Chicago Mercantile Exchange) launched an XRP reference price, and Bitnominal announced its intent to introduce an XRP futures product. Bitwise, Canary, and 21Shares filed S-1s for XRP ETFs, while Grayscale launched an XRP Trust and filed to convert its Digital Large Cap Fund—containing BTC, ETH, SOL, XRP, and AVAX—into an ETF. 

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Author: Jana Serfontein