Ripple's latest XRP Markets Report, released January 31, reveals that XRP surged 280% in the fourth quarter of 2024, rebounding sharply after years of suppression attributed to U.S. Securities and Exchange Commission (SEC) enforcement actions. The report directly links the rally to the easing of what it calls 'market manipulation by the SEC,' stating that XRP once again became attractive to investors as regulatory overhang dissipated.
Regulatory Shift and Executive Order Catalyst
President Donald Trump’s executive order on crypto innovation played a central role in reigniting market enthusiasm, the report notes. The order prioritizes stablecoin development, banking access for digital asset firms, and regulatory clarity. Additionally, the repeal of SEC Staff Accounting Bulletin 121 (SAB 121) and the resignation of SEC Chair Gary Gensler—replaced by Acting Chair Mark Uyeda—signaled a friendlier regulatory environment.
ETF Filing Frenzy and Institutional Demand
Institutional demand accelerated as five asset managers—including WisdomTree, Coinshares, Bitwise, Canary Capital, and 21Shares—filed S-1 registrations for spot XRP exchange-traded funds (ETFs). Ripple noted that 'the demand for XRP products continued on its positive trajectory.' Major exchanges like Binance, Upbit Korea, and Coinbase led trading volume, reflecting strong global interest.
CEO Brad Garlinghouse: 'A Quarter for the History Books'
Ripple CEO Brad Garlinghouse celebrated on 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 $100 million market cap within a month; and on-chain XRPL DEX trading volume reached $1 billion in Q4!'
Global Regulatory Progress and XRPL Ecosystem Growth
Beyond the U.S., the report highlights implementation of the EU's MiCA framework and expanding crypto policies in Hong Kong and South Korea. XRP Ledger (XRPL) saw record transaction volumes, a rise in newly created wallets, and enhanced institutional adoption. Ripple’s new stablecoin, RLUSD, designed for cross-border payments and DeFi integration, gained traction. Asset tokenization on XRPL also advanced. On the legal front, the SEC filed its appeal on January 15, 2025; Ripple confirmed it will file a formal response by April 16, characterizing the appeal as a rehash of previously rejected arguments. With the regulatory landscape shifting favorably, Ripple asserts XRP is well-positioned for sustained growth.