XRP transactions peaked on December 2, when over $25 billion worth of the currency changed hands.
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According to Rippleâs recent report, XRP spiked a whopping 280% in Q4 2024. This rally was driven by big events, such as Trumpâs election victory, a new regime of Federal Reserve policy, and aâflood of investors entering crypto.
XRP was trading atâ$0.71 at the beginning of Q4and had climbed to $2.70 by December 30, a whopping 500% rise from its November low. Trading volumes filled over, with averages of $5 billion a day, a marked increase from the previous month when they were less than $500 million a day. XRP transactions peaked on December 2, when over $25 billion worth of the currency changed hands.Â
Former SEC Chair Gary Genslerâs resignation then had speculators dreaming that the SEC was changing its tune on Ripple, hoping that the two-year-long lawsuitâwould finally come to an end.
As Trump is a huge supporter of crypto, his presidential election win helped the market go up. Along with that, the big financial players WisdomTree, Coinshares, Bitwise, and Canary Capital all filed for XRP exchange-traded funds (ETFs), underlining the fact that institutional interest in XRP is heating up.Â
But unlike prior speculative frenzies, a substantial amount of the XRP buying activity came from long-term investorsâinstead of short-term traders looking for quick profits. Best known amongst the aforementioned trading platforms, Binance has contributed toâthe largest share of XRP trade volume; accounting for 36% of total trades, followed by Upbit Korea at 20%, and Coinbase at 9%.Â
The SEC reversed a rule that made it expensive for banks to safeguard cryptocurrencies, opening the doors for financial institutions toâdiversify into crypto assets like XRP.Â
XRP has been in a strong position even though it dipped slightly from theâDecember highs. As institutional interest continues to grow, regulatory clarity improves, and the broader crypto market regains its momentum, XRP could be poised for evenâlarger gains in 2025.