XRP’s Market Cap Poised to Reach $3 Trillion
NAIROBI (CoinChapter.com) – Analysts are suggesting that XRP’s market cap could skyrocket to $3 trillion. EGRAG Crypto’s analysis indicates that the coin is currently in “The White Channel,” a critical range that determines its potential for market cap growth. The midpoint of this channel is $100 billion, while the upper limit is $287 billion. Breaking out of this channel could result in a significant increase in XRP’s market cap.
A snippet from Egrag Crypto’s post on X
XRP Trading Volume and Market Cap Surge
According to data from CoinMarketCap, XRP’s spot market trading volume has surged to $794 million in the past 24 hours. Combined with the $608.21 million in perpetual futures trading volume reported by CoinGlass, XRP’s total trading volume amounts to a staggering $1.4 billion. This surge in trading activity also coincided with a notable 3.7% increase in XRP’s price, which recently reached a peak of $0.5196 before a slight correction of 0.6%.
XRP Market Cap. Source: TradingView
The increase in trading volume indicates a renewed interest in XRP. Recent data from CoinMarketCap shows a 23% surge in spot market trading volume, reaching $1.27 billion in 24 hours. This spike in activity also led to a 3.7% rise in XRP’s price, reaching a peak of $0.5196 before a minor 0.6% correction.
The derivatives market has also experienced significant activity. According to CoinGlass, the volume of XRP perpetual futures trading has grown by 11.29% during the same period, reaching $608.21 million. Overall, the total trading volume of XRP across spot and derivatives markets is estimated to be an impressive $1.4 billion.
Key Developments in Q1 2024 for XRP
According to a report by Messari, XRP witnessed significant growth in its ecosystem during the first quarter of 2024. Payments increased by 350% quarter-over-quarter to 2 million daily, primarily driven by inscription activities in late Q4 2023. While this activity slowed down towards the end of Q1, it had a notable impact on the network.
XRP’s QoQ price. Source: CoinMarkerCap
The quarter concluded with the launch of the Automated Market Maker (AMM), and decentralized exchange (DEX) volumes on the central limit order book (CLOB) increased by 41% quarter-over-quarter, indicating significant advancements. Additionally, an upcoming USD-pegged stablecoin designed to operate on both the XRP Ledger and Ethereum is expected to enhance liquidity for new tokenized assets.
XRP key metrics. Source: Messari report
XRP’s deflationary mechanism continues to play a crucial role, with transaction fees being burned to reduce the total supply. In Q1 2024, over 12 million XRP was removed from circulation through this process. The release of rippled 2.0 by Ripple in January introduced significant enhancements, such as the Cross-Chain bridge (XLS-38) and decentralized identifiers (DIDs) (XLS-40), strengthening network functionality and security.