Ripple Market Report: Why Is XRP Volume Getting The Spotlight?

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As a researcher with extensive experience in the cryptocurrency market, I find Ripple’s Q1 2024 XRP market report an intriguing read. The surge in trading volume and on-chain activity is a clear indication of XRP’s growing popularity and engagement within the crypto community.

Ripple, the payment firm specializing in cryptocurrencies, has made public the market analysis for XRP during Q1 2024. The document offers insights into the significant surge in XRP’s trading activity. Furthermore, it covers advancements in its on-chain functionality and recent technological innovations within the XRP Ledger platform.

XRP Spot Volume Surges

Based on Ripple’s Q1 2024 market report, publicly available on their website as of May 17, the trading volumes at centralized exchanges (CEXs) reached new heights in March. The spot volumes amounted to a remarkable $2.93 trillion, while derivatives volumes hit an impressive $9.1 trillion.

As a researcher studying the decentralized exchange (DEX) market, I’ve noticed an intriguing development: during the last quarter of 2023, weekly trading volumes surged by an astounding 100% to reach an impressive $40 billion.

As an analyst examining the crypto market’s growth in Q1 2024, I noticed that XRP experienced a significant surge in average daily trading volumes. The cryptocurrency reached impressive heights of $865 million in terms of daily traded value, marking a substantial 40% increase compared to the previous quarter’s $619 million. Additionally, there was a noteworthy rise in XRP derivatives open interest, climbing from $460 million in Q4 2023 to an impressive $500 million in Q1 2024.

As a researcher studying the cryptocurrency market, I’ve discovered that towards the final weeks of Q1 in 2024, XRP displayed a strong correlation with the broader market. This was evident through heightened trading activities and robust user engagement. Contrastingly, during the initial months of Q1, specifically in March and February, XRP experienced a considerable downturn.

Mid-February saw a low point for the cryptocurrency market, which was then followed by a peak in March. This trend signaled a gradual decline towards a potential bottom, driven by market volatility. Subsequently, XRP experienced a swift recovery near the end of March. However, its volatility remained elevated, reaching a maximum of 90%.

The report revealed numerous transactions that boosted XRP‘s trading activity. Notably, Binance, the leading cryptocurrency exchange globally, handled a substantial amount of XRP trades. Moreover, Bitstamp and Upbit collaboratively accounted for a considerable portion of XRP’s spot market volume.

During the initial quarter of 2024, XRP‘s distribution volume showed a steady trend. Approximately 70% of the overall trading volume in XRP was handled by Binance, Bybit, and Upbit.

Ripple Market Report: Why Is XRP Volume Getting The Spotlight?

On-Chain Transactions Skyrocket

In the first quarter of 2024, XRP experienced not only a significant expansion in volume but also heightened activity on its blockchain. The value of on-chain transactions surged to $231.3 million from $121 million marking a remarkable 108% rise compared to the previous quarter.

During this timeframe, the typical expense for each transaction dropped by a significant 45%. Moreover, the amount of XRP consumed as transaction fees experienced a substantial increase of over 101%, reaching a total of 636,184 in the year 2024.

In Q1 2024, the DEX volume surged past the $57.6 million mark, representing a more than 5% increase from the $54.9 million recorded in Q4 2023.

As the XRP Ledger (XRPL) experienced a surge in on-chain transactions, the ecosystem likewise saw a notable upswing in developmental endeavors. Notably, this year, XRPL incorporated Axelar, a versatile multi-chain platform, to enhance interoperability and broaden XRPL’s functionalities across over 55 blockchains.

Additionally, XRPL teamed up with EasyA, a prominent Web3 application, to enable the deployment of Decentralized Applications (DApps) equipped with sophisticated smart contracts on their platform.

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2024-05-18 22:12