- Ripple’s Q2 2024 report reveals increased institutional adoption despite XRP price volatility.
- XRP Ledger transaction volume declined in Q2, while average transaction cost surged.
- The overall crypto market experienced volatility in Q2, with Bitcoin’s price dropping below $60,000.
Following the much-anticipated launch of the first U.S. spot Ether ETFs in July, Ripple announced increased institutional adoption in Q2 of 2024. Ripple’s Q2 report shed light on the platform’s trajectory over the last quarter, covering market trends, industry and regulatory shifts, and the ongoing legal battle with the SEC.
The crypto market saw the launch of Ether ETFs on July 23, 2024, fueling the possibility of a bullish rally. Analysts interpreted this as a sign of a diversifying and maturing crypto market, predicting the launch of other major crypto ETFs, such as those of Solana. Buoyed by this positive outlook, Ripple continued to gain traction with institutional adoption in Q2.
However, the report also revealed a significant decline in transaction volume on the XRP Ledger (XRPL) during the quarter. While the average transaction cost surged by 168% to 0.00394 XRP per transaction, transaction activity dropped by 65.6%. Q2 recorded only 86.38 million transactions, a sharp decrease from the 251.39 million transactions in Q1.
The crypto market volatility was high in the second quarter, primarily due to the decline in the price of Bitcoin, the leading cryptocurrency. Factors such as the Bitcoin halving, Mt.Gox repayment, and the German government’s Bitcoin purchases contributed to Bitcoin’s price dropping below $60,000. In addition, the average trading volume of Bitcoin, Ether, and XRP fell by 20% from Q1.
Ripple’s Q2 report also celebrated the first anniversary of its favorable court ruling against the U.S. SEC. It was on July 13, 2023, Judge Analisa Torres’ ruling clarified on XRP’s token status. Also in the report, Ripple added that the platform was looking forward to the court’s final verdict on the case.
Despite the Q2 report’s release, XRP price has declined with the token down 4% in a day and 5% in a week; however, the token has shown resurgence by 17% over the last 30 days.
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