- Martin Hiesboeck observes increased development on XRP on XRP following Ripple’s court case settlement.
- Hiesboeck thinks an XRP ETP is will launch soon.
- XRPL has experienced increased activities since the court ruled that XRP is not a security.
According to Dr. Martin Hiesboeck, Head of Research at Uphold, the fruits of increased development on XRP are showing up following Ripple’s court case settlement. The research specialist noted that the resurgence in developments supports actualizing an XRP exchange-traded product (ETP).
By settlement, Hiesboeck meant last July’s court ruling that XRP is not a security. Increased activity in the XRPL ecosystem trailed the court’s decision, suggesting rejuvenated enthusiasm in the project’s community. The ruling saw an immediate reaction in the token’s price that dissipated shortly afterward. However, developmental activities have continued in the XRP blockchain’s ecosystem.
A recent Messari “State of XRP Ledger” report focusing on activities around Q4 2024 showed significant improvements within the network. According to the report, XRPL’s Q4 NFT mints increased 491% QoQ, bringing total NFT transactions up 170% QoQ. In Q4’23, there were 3.4 million NFT mints, over half of all mints, since the project released its XLS-20 standard in 2022.
Messari also revealed that the total market cap of tokens on the XRPL increased 47% QoQ to $169 million, with Sologenic’s SOLO remaining the dominant token by market cap. The report noted that XRP’s market cap increased 21% QoQ and 97% YoY following an October 19 dismissal of the court case between the SEC and Ripple.
Following the increased activities, Hiesboeck believes an XRP ETP will launch soon. His position supports the stand of Ripple CEO Brad Garlinghouse and Valkyrie chief executive Steve McClurg. Both have been bullish on the launch of an XRP ETP, with McClurg noting two months ago that an XRP ETP could launch suddenly.
XRP surged 27.5% on Monday, reaching a yearly high of $0.74490. The price retraced, trading for $0.69287 at the time of writing, according to data from TradingView.
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