Q4 2024 XRP markets report: XRP surges 280%, trading volume hits $25B
XRP surges 280%
Before its legal battle with the U.S. Securities and Exchange Commission (SEC), XRP was the second-largest crypto asset by market capitalization. Taking advantage of political changes in the U.S. favoring cryptocurrencies, Ripple aims to reclaim its market position.
Ripple is among the crypto issuers that have benefited most from Donald Trump’s election victory and his announced changes to U.S. crypto policy.
According to Ripple’s Q4 2024 report, the average daily trading volume initially dropped from $1 billion to $500 million but rebounded after the U.S. elections, reaching $5 billion in November and peaking at nearly $25 billion on December 2.
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By the end of December 2024, XRP surged by 280% to $2.80. The average closing price increased from $0.55 to $1.43, leading to higher transaction fees and token burn volume, with burned XRP rising from 592,000 to 724,000.
Regulatory relief drives XRP growth
XRP’s growth was fueled by strong demand on major exchanges, with Binance accounting for 36% of the spot volume, followed by Upbit Korea (20%) and Coinbase (9%). After Trump’s victory, Coinbase doubled its share of total XRP trading volume, highlighting the enthusiasm and demand for crypto in the U.S.
XRP Spot Exchange volume Q4 2024. Source: Ripple
Institutional demand for XRP-based products also continued to grow. WisdomTree and CoinShares filed S-1 applications for a spot XRP ETF, joining three other ETF issuers: Bitwise, Canary Capital, and 21Shares.
In December, Ripple launched its stablecoin, RLUSD, designed for instant cross-border payments, seamless integration with decentralized finance (DeFi) protocols, and backing for real-world asset trading, including commodities, securities, and treasury bonds.
Ripple plans to leverage RLUSD primarily to streamline global payments for its corporate clients. According to the report, Ripple Payments covers over 90% of daily FX markets and has already processed $70 billion in transactions.
As we wrote, Ripple’s newly launched U.S. dollar-pegged stablecoin, RLUSD, is gaining momentum following its debut on Ethereum and the XRP Ledger last month.
