XRP market value may reach $3 trillion
NAIROBI (CoinChapter.com) - XRP’s market cap could surge to $3 trillion, analysts say. According to EGRAG Crypto, the coin is currently within a key range, the “white channel,” which defines its potential market cap growth. The midpoint of the channel is $100 billion, and the upper limit is $287 billion. The chart shows that a breakout of this channel could significantly push XRP’s market cap upward.


Excerpt from Egrag Crypto’s post on XRP
XRP’s trading volume and market cap surge
According to CoinMarketCap, XRP's spot market volume 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 reached a staggering $1.4 billion. The surge in trading activity also coincided with a significant rise in XRP's price, which recently reached $0.5196 before experiencing a minor correction of $0.6%.


XRP market cap. Source: TradingView
Interest in XRP is picking up again, as can be seen from the surge in trading volume. The latest CoinMarketCap data shows that spot market trading volume increased by 23% to $1.27 billion in 24 hours. This upsurge in activity coincided with a 3.7% increase in the price of XRP, reaching a high of $0.5196, before experiencing a small correction of 0.6%.
In addition, the derivatives market also showed significant activity. According to CoinGlass data, XRP perpetual futures trading volume increased by 11.29% to $608.21 million during the same period. Taken together, the total trading volume of XRP in the spot and derivatives markets can be estimated to be a staggering $1.4 billion.
Important developments for XRP in Q1 2024
According to Messari's report, XRP's ecosystem achieved significant growth in the first quarter of 2024. Payment transaction volume increased by 350% month-on-month to 2 million transactions per day, mainly driven by registration activities at the end of the fourth quarter of 2023. Although this activity slowed down at the end of the first quarter, it had a significant impact on the network.


XRP quarter-on-quarter price. Source: CoinMarkerCap
The quarter ended with the launch of the Automated Market Maker (AMM), and the decentralized exchange (DEX) volume on the Central Limit Order Book (CLOB) increased by 41% month-on-month, marking key progress. In addition, the upcoming USD-pegged stablecoin, designed to run on the XRP Ledger and Ethereum, will provide liquidity support for new tokenized assets.


XRP key metrics. Source: Messari report
XRP's deflation mechanism continues to play a key role, reducing the total supply by burning transaction fees. In the first quarter of 2024, more than 12 million XRP were removed from circulation through this process. Ripple's Rippled 2.0, released in January, introduced important improvements, including cross-chain bridges (XLS-38) and decentralized identifiers (DIDs) (XLS-40), which enhanced network functionality and security.