XRP Q3 Overview: Key Metrics Point To A Bright Future For Third Biggest Crypto

By the conclusion of the third quarter, XRP, the native token of the XRP Ledger (XRPL), was the seventh-largest cryptocurrency by market capitalization at $34.7 billion.

QoQ, its circulation market cap rose 31.1% from Q2. XRP also rose 28.5% throughout the same time.

With the recent triumph of President-elect Donald Trump and a clearer regulatory horizon in the US, these criteria have fallen short, with the previous three weeks' surge being the greatest in over 7 years.

XRP Rises 94% In Daily Deals
According to Messari's Q3 report, various factors have contributed to current progress. In September, Grayscale introduced the XRP Trust, offering accredited investors fresh XRP exposure.

XRP ETF launch S-1 filings by Bitwise, Canary, 21Shares, and WisdomTree in recent months indicate increased institutional interest in the coin.

Several network indicators recovered in Q3. Average daily transactions rose 94% QoQ to 1.7 million, while new addresses rose 10% to 105,000.

Ripple's research indicated that microtransactions (less than 1 XRP) were linked to a spam message campaign, driving the surge. New addresses increased despite a 34% year-over-year reduction from Q3 2023 to Q2 2024.

Despite certain indicators rising, total active addresses declined by 3% QoQ due to a 20% drop in active sending addresses, while unique receiving addresses climbed by 7%.

Near 2018 Record High Price

After two quarters of decreases, payment transactions grew 110% QoQ. After a major inscription rise in late 2023, this surge occurred.

NFT operations on the XRPL changed with payment transactions. NFT minting and burning climbed 93% and 148%, but creation and offer acceptance decreased.

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