Ripple’s Q4 2024 XRP Markets report shines a light on a powerful comeback in on-chain activity, trading volume, and institutional demand.
The recent financial quarter was a game-changer for XRP, with a surge in adoption and market trust propelling its performance to unprecedented heights.
XRPL Hits $1 Billion on DEXs as On-Chain Activity Flourishes
While the transaction count on the XRP Ledger (XRPL) saw a slight dip of 2.86% to 167 million in Q4 2024, the overall network engagement soared, as per Ripple’s most recent market report.
The introduction of the Automated Market Maker (AMM) feature resulted in a remarkable surge in swap volume, shooting up from $31.23 million in Q3 to $774.15 million in Q4. This spike significantly fueled trading on the XRPL DEX, expanding from $63.4 million to a staggering $1 billion.
The dominance of AMM swaps, accounting for 77% of total transactions, underscores their escalating impact on the network.
Moreover, network adoption for XRPL reached record levels. New wallet registrations skyrocketed from 140,000 in Q3 to 709,000 in Q4, indicating a substantial growth in user involvement.
Since the election triumph of Trump, XRP’s average closing price surged from $0.55 to $1.43, peaking at $2.80 by the close of December 2024. This rally led to heightened transaction fees and token burns, with XRP burned escalating from 592,000 to 724,000 in Q4.
Significant Growth in XRP Ecosystem
The surge in meme coin activity on the network, exemplified by ARMY—an XRP meme coin reaching a $100 million market cap shortly after its launch in January—adds to the ecosystem's vibrancy.
Furthermore, the issuance of new tokens on XRPL accelerated notably. Trustlines expanded from 7.3 million to 7.9 million, with 600,000 fresh connections formed. Notably, 37,000 trustlines were linked to Ripple’s RLUSD stablecoin, signaling robust early adoption.
Ripple attributed this growth to the surge in XRP prices and the burgeoning interest in First Ledger, a meme coin launchpad. The firm emphasized XRP’s remarkable 280% surge in Q4 as a pivotal recovery for the asset, previously hampered by the SEC’s prolonged legal battle.
XRP's Momentum Post-US Election
Ripple highlighted the significant acceleration in XRP’s momentum following the November US presidential election, where pro-crypto candidate Donald Trump emerged victorious.
This development triggered a surge in trading volume, with average daily volume escalating from $500 million in October to $5 billion by mid-November and December. On December 2, trading activity peaked at nearly $25 billion across major platforms.
Binance led XRP’s trading with 36% of total spot volume, followed by Upbit Korea at 20% and Coinbase at 9%. Notably, Coinbase’s market share doubled post-election, indicating growing US investor interest in the digital asset.
The surge in trading volume was primarily driven by long-term buyers rather than short-term speculators. This shift reflects the rising confidence in XRP’s future, with investors positioning themselves for sustained growth amidst improving regulatory clarity and mounting institutional interest.