20 June 2025

Crypto market has shown resilience this week – in spite of geopolitical and macro uncertainties, Bitcoin is range-bound above $104,000 as it awaits a reversal in fortunes. Seasonally, end of June can present challenges to risk-on markets but Bitcoin is being bought with conviction at lower $100,000s.

For investors it is a question of belief – is there another decline coming? Or will this consolidation break higher?

Today, we look at XRP and what its ecosystem is upto in our Hot Take.

Top-3 stories of the week:

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The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $3.25 trillion - UP 0.3%    

• Bitcoin price - $104,716 - UP 0.6%

• The dollar index (DXY) - 98.65 - UP 0.4%

• Bitcoin Dominance - 64.91% -  UP 0.1%

• Crypto Fear and Greed Index - 54 - Market is in Neutral State

THE HOT TAKE

XRP’s breakout moment

XRP is finally stepping into the spotlight after three spot ETFs launched in Canada this week, offering a fee-free, regulated path for investors. At the same time, the XRPL EVM sidechain went live, bringing smart-contract support and faster, cheaper transactions to the network. Cross-chain bridges now move XRP seamlessly across multiple blockchains, broadening its use beyond simple payments.

On-chain activity has picked up, showing that developers and institutions are putting XRP to work in real-world applications. With Ripple’s recent SEC settlement lifting major legal uncertainty and U.S. ETF filings already in motion, the road is clearing for broader adoption.

In today’s issue we explore how these high-level trends are aligning to make XRP a core pillar of institutional adoption.

Smart contracts come to XRP ledger

XRP Ledger's EVM-compatible sidechain is set to launch in the second quarter, as announced at the APEX 2025 conference. Meanwhile developer engagement is picking up, with XRPL EVM sidechain testnet showing early transaction spikes and smart-contract deployments. Built on the Cosmos SDK and secured by the IBC protocol, this sidechain brings full Ethereum-style smart-contract support to the XRP Ledger without sacrificing its famed speed and low fees. Developers can now write, deploy, and interact with dApps, DeFi protocols, and NFTs on XRPL just as they would on Ethereum, all while enjoying finality in under a second and transaction costs measured in fractions of a cent.

This launch makes it easy for XRP to link up with other blockchains - Ethereum, Cosmos, Solana and more, so moving assets back and forth is smoother than ever. Developers can stick with the tools they already know, like MetaMask and Hardhat, to build on XRP without learning a whole new setup. By this XRP has built the infra where anyone can create smart contracts, DeFi apps, NFTs or business solutions, all on the same high-speed network. This opens the door for more real-world projects and deeper integration with the rest of the chains.

XRP spot ETF debuts on TSX

Canadian asset managers 3iQ, Purpose and Evolve all launched spot XRP ETFs on the Toronto Stock Exchange this week, each offering a fee holiday for its first six months and full cold-storage custody for added security.

Meanwhile, US issuers are still waiting on US SEC approval, with public comments open for several spot XRP ETF filings and a decision due by October. That delay keeps a major source of demand on hold, but it also means that once a US ETF clears the finish line, we could see a fresh wave of buying. For now, the focus is on watching Canadian ETF flows, SEC milestones and whether XRP can use this quiet period to build up real-world use cases on its ledger.

On-chain adoption surges to multi-year highs

After Canada’s XRPQ ETF debut, on-chain activity on the XRP Ledger hit its highest level of the year - active addresses climbed from their three-month average to nearly 300,000 and wallets holding over one million XRP reached a record 2,700. Blockchain analytics firm Santiment also reported daily active addresses jumping from 32,000 on June 9 to 547,000 on June 10, a 1,609% surge that signals fresh interest from retail traders and institutions.

Trading volumes have also ticked higher, suggesting both retail and institutional participants are testing the waters ahead of a potential US spot XRP ETF decision. Together, these trends point to a maturing ecosystem where real-world use cases and legal clarity drive momentum for broader adoption.

Key takeaway

While XRP’s fundamentals are strengthening, we keep an eye on:

• ETF inflows and premium spreads. Early trading in Canada may exhibit arbitrage opportunities

• Sidechain throughput vs. security. Increased EVM traffic could uncover novel attack vectors or bottlenecks

• Regulatory shifts in the US. The timing and structure of a potential SEC-approved XRP ETF will shape institutional demand.

XRP’s rise won’t make headlines overnight - but its evolution into a low-cost, high-speed settlement and smart-contract platform, coupled with a regulated investment vehicle, marks a turning point. Over the next quarter, watch network metrics, cross-chain volumes, and ETF net inflows to see if XRP reinforces its strength to occupy the #3 market cap spot among all crypto assets.

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If you have any questions or feedback for us, write to us at [email protected]. You can check out the previous issues here.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.