Ripple’s latest XRP Markets Report, released on Jan. 31, highlights a significant rebound for XRP in Q4 2024, as the cryptocurrency surged by 280%. This growth followed years of market suppression attributed to regulatory actions by the U.S. Securities and Exchange Commission (SEC). Ripple pointed directly to these regulatory pressures, stating:

After years of market manipulation by the SEC, XRP, once the second most valuable digital asset, rebounded as the regulatory overhang eased, surging by 280% in Q4.

The easing of regulatory constraints, coupled with President Donald Trump’s executive order promoting crypto innovation, helped fuel renewed market enthusiasm. The quarter also saw a surge in XRP trading volume, with Binance, Upbit Korea, and Coinbase leading the way.

Institutional demand also strengthened, with major financial firms filing for a spot XRP exchange-traded fund (ETF). Ripple noted:

The demand for XRP products continued on its positive trajectory as WisdomTree and Coinshares filed an S-1 for a spot XRP ETF joining three other ETF issuers, including Bitwise, Canary Capital, and 21 Shares.

Ripple also addressed ongoing legal battles, noting that the SEC filed its appeal on Jan. 15, 2025. The company described the appeal as a reiteration of arguments that had previously been rejected in court and confirmed that it would file a formal response by April 16. The report also pointed to significant regulatory changes in the U.S., such as the repeal of SEC Staff Accounting Bulletin 121 (SAB 121) and the resignation of SEC Chair Gary Gensler, replaced by Acting Chairman Mark Uyeda. The report characterizes these changes as a shift toward a more innovation-friendly regulatory environment, with Trump’s executive order emphasizing stablecoin development, banking access for crypto firms, and regulatory clarity for the digital asset industry.

Ripple CEO Brad Garlinghouse emphasized the quarter’s significance, stating on social media platform X:

Suffice it to say – Q4 2024 was absolutely one for the XRP history books. 5 different firms filed for XRP-related ETPs in the U.S. (plus 4 more this month); RLUSD launched, hitting a $100M market cap within a month; and on-chain XRPL DEX trading volume reached $1B in Q4!

Beyond the U.S., the report details global regulatory advancements, including the implementation of the Markets in Crypto-Assets (MiCA) framework in Europe and expanding crypto policies in Hong Kong and South Korea. The XRP Ledger (XRPL) saw major updates, including increased transaction volume, a rise in newly created wallets, and enhanced institutional adoption. Ripple also introduced RLUSD, a stablecoin designed for cross-border payments and defi integration. Additionally, asset tokenization on XRPL gained traction. With these developments, Ripple asserts that XRP is well-positioned for sustained growth amid a shifting regulatory landscape.

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