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ā€œXRP Trading Is on Fireā€ Asserts Billion-Dollar Crypto Brokerage Firmā€™s Executive.

XRP continued its sluggish trading trend as the weekend approached, dampening hopes of a Santa Claus rally this December amid a broader crypto market pullback led by Bitcoin.

However, itā€™s worth noting that the crypto asset experienced a historic surge last month, skyrocketing over 470% in November and reaching $2.89, a level not seen in nearly seven years.

This price spike followed two major developments including Donald Trumpā€™s re-election victory and renewed optimism stemming from Rippleā€™s significant legal win against the SEC in its long-standing securities lawsuit over XRP. Market participants are also hopeful for more crypto-friendly regulations under the Trump administration, further fuelingĀ XRPā€™s momentum.

That said, the ripple effects of these positive developments extend beyond market sentiment, manifesting in a surge of institutional participation within the XRP ecosystem. FalconX, a billion-dollar crypto prime brokerage, has reported an extraordinary increase in XRP trading volume.

Austin Reid, FalconXā€™s Global Head of Revenue and Business, highlighted this momentum in a recent tweet, stating,Ā ā€œXRP trading is on fire. Weā€™ve seen 10x growth in volume at FalconX between the first and second halves of Q4. This isnā€™t just retail actionā€”institutions are driving the momentum.ā€

Ripple CEO Brad Garlinghouse amplified the excitement by retweeting Reidā€™s statement, further fueling interest and engagement within the XRP community.

Notably, Reidā€™s assertion highlights a significant shift in the cryptocurrency market, particularly the increasing participation of institutional investors in XRP trading. Traditionally regarded as a utility-driven digital asset, particularly for facilitating cross-border payments, a vision championed by Ripple, XRP is now garnering broader recognition.