XRP News Today: Crypto's Tectonic Shift: Kraken's IPO Push and BlockDAG Surge Clash with XRP's Downturn and TAO Volatility

Kraken's third-quarter performance has underscored its rapid ascent as a crypto market leader, with revenue surging to $648 million-a 114% year-over-year increase-positioning the exchange as a key player ahead of its anticipated U.S. initial public offering (IPO), according to CoinDesk. The firm's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $178.6 million, a 124% quarter-over-quarter jump, while total trading volume climbed 23% to $561.9 billion, reported by Yahoo Finance. These figures, coupled with a $500 million funding round valuing the company at $15 billion, have bolstered speculation that Kraken could join Coinbase and other crypto firms in going public as early as next year, reported by TradingView.

Meanwhile, the crypto market is witnessing a notable shift in investor sentiment, with traders divesting from XRP and TAO tokens. XRP, Ripple's native asset, has plunged over 2.5% in the past 24 hours, trading near $2.18 as concerns mount over its ecosystem's stagnation. Total value locked in XRP-based decentralized finance (DeFi) projects has dwindled to $86 million, down from a year-to-date high of $102 million, while the XRP Ledger's decentralized exchange (DEX) volume has halved to $6.1 million, according to TradingView. Ripple's chief technology officer, David Schwartz, recently distanced himself from Evernorth, a new XRP-focused treasury vehicle, signaling institutional caution, according to a Crypto.News analysis.

In contrast, TAO (Bittensor) has seen a more optimistic trajectory, climbing past $438 and eyeing a potential breakout above $475. However, its gains have not been enough to offset broader market jitters, as investors pivot toward projects with clearer utility and growth potential, a CoinEdition article reports.

One such project is BlockDAG, which has captured market attention with a presale exceeding $430 million ahead of its Binance AMA on October 24. The project, which combines directed acyclic graph (DAG) architecture with proof-of-work security, has attracted over 4,500 developers and 300 decentralized applications (dApps) in development, CoinEdition reported. With its presale in Batch 31 and a price of $0.0015 per token, BlockDAG's growing ecosystem has positioned it as a potential top-25 cryptocurrency by 2026, a CoinMarketCap article notes.

Kraken's strategic moves further highlight the evolving crypto landscape. The exchange recently acquired Small Exchange, a CFTC-licensed derivatives platform, for $100 million, signaling its intent to expand into U.S. derivatives markets. Additionally, Kraken's tokenized equities platform has surpassed $5 billion in trading volume, with revenue from the product doubling as users leverage blockchain-enabled access to traditional assets, a Yahoo Finance story says.

The interplay between institutional confidence and retail sentiment is reshaping crypto's narrative. While Kraken's IPO preparations and BlockDAG's presale success reflect optimism, XRP's struggles and TAO's volatility illustrate the sector's inherent risks. As Coinbase prepares to report its own Q3 earnings on October 22, market participants will be watching for signs of broader adoption or further consolidation, as noted by CoinDesk.