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âXRP Trading Is on Fireâ Asserts Billion-Dollar Crypto Brokerage Firmâs 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, itâs 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 Trumpâs re-election victory and renewed optimism stemming from Rippleâs 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 fueling XRPâs 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, FalconXâs Global Head of Revenue and Business, highlighted this momentum in a recent tweet, stating, âXRP trading is on fire. Weâve seen 10x growth in volume at FalconX between the first and second halves of Q4. This isnât just retail actionâinstitutions are driving the momentum.â
Ripple CEO Brad Garlinghouse amplified the excitement by retweeting Reidâs statement, further fueling interest and engagement within the XRP community.
Notably, Reidâs 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.