Ripple CEO Notes Rising Institutional Demand as XRP Volume Soars in Market Rebound

In a recent tweet, Ripple CEO Brad Garlinghouse pointed out the growing institutional interest in XRP.

In reaction to recent milestones reported in Ripple’s most recent quarterly report, the CEO wrote: “The market message is clear: institutional interest in XRP products is stronger than ever.”

Bitwise, Canary, and 21Shares all filed S-1s for XRP ETFs, while Grayscale formed an XRP Trust and filed to turn its multi-asset fund, which includes XRP, into an ETF.

https://twitter.com/bgarlinghouse/status/1852485019589132645

In Q3, as noted in Ripple’s recently issued “Q3 2024 XRP Markets Report,” the CME formed an XRP reference price, and Bitnominal announced plans to introduce an XRP futures product.

Bitwise, Canary, and 21Shares all filed S-1s for XRP ETFs, while Grayscale formed an XRP Trust and filed to change its Digital Large Cap Fund, which includes BTC, ETH, SOL, XRP, and AVAX, to an ETF.

These filings signify a watershed moment of showing institutional interest and demand for XRP product.

Ripple CEO highlights the SEC’s setback

Institutional interest in XRP investment products remained steady, even while the crypto market was under constant attack from the SEC.

This is what the Ripple CEO underlined in his tweet: The SEC’s fight against cryptocurrency has lost battle after battle, and its persistent contempt for the court’s authority will destroy the agency’s credibility and image.

The court’s decision in the SEC’s action against Ripple, which confirmed that XRP is not a security in and of itself, offered much-needed clarification, allowing US exchanges to relist XRP and global exchanges to properly list it on their platforms.

XRP Trading Volume Surges 54% Amid Recovery from $225 Million Sell-Off

XRP’s trading volumes have increased by 54% as the cryptocurrency market recovers from a $225 million sell-off.

$XRP Skyrockets 54% In Trading Volumehttps://t.co/jRO6o5ZfKy

— XRPcryptowolf (@XRPcryptowolf) November 4, 2024

Crypto-tracked futures saw about $225 billion in liquidations in the last day as the market sell-off accelerated over the weekend. In the last 24 hours, crypto futures saw about $133 million in long liquidations, as Bitcoin fell to lows of $67,444 which resulted in losses for major tokens.

According to CoinMarketCap data, XRP trade volume in the last 24 hours totaled $1.04 billion, or 2.03 billion XRP, which represented a 55% increase. This jump in activity could have been attributed to greater market participation following a time of heavy selling pressure.

New XRP Whale Emerges Following $56 Million Transfer of 104 Million XRP

Meanwhile, according to on-chain statistics, a gigantic 104 million XRP transaction has created a new XRP whale, which is a term used to describe large holders of a particular cryptocurrency.

https://twitter.com/UniverseTwenty/status/1853428675456430294

This particular whale arose during a recent transaction in which 104 million XRP, worth about $56 million, were transferred in a single move. The blockchain tracking program Whale Alert reported a transaction in which 104,035,551 XRP were transferred from an unknown wallet to a freshly formed wallet.

WhaleAlert reported that 104,948,961 XRP valued at $52,305,486 were transferred from an unknown wallet to an unknown new wallet. However, the names of both the sending and receiving wallets are still unknown.