XRP News: Ripple Reports 280% Surge in XRP During Q4 2024

Ripple's latest markets report reveals a remarkable 280% increase in XRP's value during the fourth quarter of 2024. This surge was driven by a combination of political, economic, and regulatory factors, including the election win of Donald Trump, a stable Federal Reserve, and a significant influx of institutional investments into cryptocurrency. Additionally, the resignation of Gary Gensler, the former SEC chair, played a pivotal role in bolstering XRP's recovery after years of regulatory challenges.

Ripple Reports 280% Surge in XRP During Q4 2024

Ripple's latest markets report highlights a significant 280% increase in XRP's value during the fourth quarter of 2024. This surge was attributed to a combination of factors including the election win of Donald Trump, a stable Federal Reserve, and a significant influx of institutional investments into cryptocurrency. XRP's recovery was also bolstered by the resignation of Gary Gensler, the former SEC chair, marking a pivotal moment after years of legal challenges. The report notes that daily trading volumes for XRP averaged $5 billion between mid-November and December, a stark rise from $500 million the previous month. The majority of this trading activity was concentrated in spot markets, with U.S. traders showing particularly strong engagement.

XRP Update: Canada's Purpose Investments Enters XRP ETF Race

Purpose Investments, a Canadian asset management firm, has submitted a prospectus with Canadian regulators to launch a spot XRP ETF. This move positions Purpose Investments to potentially become the first firm to launch an XRP ETF, as US firms are still awaiting regulatory approval from the SEC. The news comes as XRP's price faces downward pressure, with a potential support level NEAR $2.62 if it breaks the lower boundary of a descending channel. XRP is currently down 3% on the day.

XRP ETF Could Debut in Canada

Purpose Investments has taken a significant step toward launching the world's first spot XRP ETF by submitting a prospectus to Canadian regulators. The firm aims to outpace US companies, which are still waiting for a response from the SEC regarding their ETF filings. This development highlights the growing interest in XRP-based financial products, despite the ongoing regulatory challenges in the US.

XRP Price Analysis: Potential Support Near $2.62

XRP's price is currently experiencing a 3% decline, with technical analysis suggesting a potential support level near $2.62 if the cryptocurrency breaks the lower boundary of a descending channel. This price movement coincides with the news of Purpose Investments' XRP ETF filing in Canada, which could influence market sentiment in the coming weeks.

Canadian Firm Aims to Launch First XRP ETF

Purpose Investments is leading the race to launch the first spot XRP ETF, having submitted a prospectus to Canadian regulators. This move comes as US firms continue to face delays in receiving regulatory approval from the SEC. The potential launch of an XRP ETF in Canada could provide a significant boost to XRP's market adoption and liquidity.