The Q3 2024 market report of Ripple offers important new perspectives on the changing XRP and more general cryptocurrency space

Most importantly, the paper attests to XRP's legal non-security status being still intact. This confirmation results from a past court decision

Ripple's Q3 2024 Market Report provides valuable insights into the evolving XRP and cryptocurrency landscape. Most notably, the report highlights XRP's legal status as a non-security remaining intact.

This confirmation stems from a previous court ruling which concluded that Ripple's XRP does not qualify as a security under U.S. law. Ripple's response to the SEC's ongoing appeal - which does not challenge this specific status - underscores their commitment to preserving the clarity established in court.

However, the ongoing legal conflicts with the SEC continue to shape XRP's market perception and contribute significantly to its price movements.

Rising Institutional Interest and Global Economic Shifts Boost XRP

On the market front, XRP has seen a growing institutional interest in recent months. Notably, investment giants Bitwise, Canary, and 21Shares filed S-1 registrations for XRP-focused ETFs.

Grayscale also launched the XRP Trust and worked on converting its multi-coin fund, including XRP, into the ETF format, as reported by CNF earlier. These strategic moves signal optimism in XRP's future and regulatory clarity following the landmark court decision.

The third quarter (Q3) of 2024 also witnessed shifts in the global crypto market influenced by broader macroeconomic trends. In a major development, the U.S. Federal Reserve cut interest rates by 50 basis points, following a sustained period of monetary tightening.

Central banks across China, Japan, Europe, and the UK mirrored this move, collectively implementing more accommodative monetary policies. In response, risk assets, including cryptocurrencies, experienced a swift and positive reaction.

For instance, Bitcoin surged by over 10% as some altcoins recorded price variations of up to 50%.

XRP Market Trends and Volatility Insights in Q3 2024

Market analysis reveals notable patterns in trading indicators during Q3 2024. On top-tier exchanges, XRP's average daily volumes (ADV) showcased sustained trading interest, ranging between $600-700 million.

Significantly, the XRP/BTC ratio also recorded an impressive 27% gain throughout the quarter, amidst a period where Bitcoin's dominance also climbed by 3%.

In the first half of Q3, price movements between 40 and 65 US cents led to realized volatility for XRP surging to cross 110% by mid-August, indicating a period of heightened market activity.

By the second half, price variations moderated to around 60%, facilitating a steadier market environment. Trading volumes also remained strong relative to past quarters, with Binance, Bybit, and Upbit registering significant activity.

Early Q3 saw daily averages hitting $750 million, which leveled off mid-quarter and picked up once again toward the end of September.

These figures underscore the dynamic nature of market activity, ultimately showcasing both resilience and investor confidence amidst broader macroeconomic shifts and regulatory developments.

Court Rulings and Global Regulatory Advances Shape Market Dynamics

Despite the ongoing legal hurdles, on August 7, the court ordered Ripple to pay $125 million for certain unregistered XRP sales to sophisticated third-party entities. Notably, this amount fell short of the $2 billion initially sought by the SEC, highlighting the proportionate nature of the settlement.

Crucially, the court's conclusions notably excluded any charges of fraud or negligence against Ripple, highlighting their efforts in navigating the digital asset market compliantly.

Another key development unfolding in the global market scene is the rise in ETF applications, with Grayscale's new XRP-oriented trust indicating the growing institutional interest in XRP, ultimately highlighting the token's solidifying role within the crypto ecosystem.

Meanwhile, beyond the U.S., regulatory landscapes in Asia and Europe are becoming clearer, paving the way for broader adoption and integration of digital assets. Experts anticipate potential shifts in crypto regulations with the upcoming U.S. presidential election, adding another layer of uncertainty to the market's trajectory.

Beyond these specific market and regulatory developments, Ripple's broader strategy now includes supporting initiatives for financial institutions exploring digital asset technologies.

As reported by CNF earlier, Ripple unveiled a comprehensive guide designed to assist banks and other financial institutions in navigating the burgeoning $20 trillion digital asset custody market.

Dubbed Ripple Custody, the service is trusted by major financial institutions, covering custodial banks, exchanges, and corporate clients across more than 15 countries globally.

At the time of writing, XRP trades around $0.5124, down 1.05% over the past 24 hours. Its market cap has also seen a slight decrease, placing it just below the $30 billion mark.

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