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Ripple recently released its Q3 2024 $XRP Markets Report, discussing the performance of $XRP and metrics affecting its price, volatility, and trading volumes.
The report, based on data from top sources like Bloomberg, CCData, and Refinitiv Eikon, reveals a detailed look at the $XRP market amid a quarter of major price movements and a rise in Bitcoin dominance.
$XRP Trading Volume and Market Activity
According to Ripple, $XRP’s average daily volume (ADV) on top exchanges ranged between $600 million and $700 million, confirming a growth in market interest despite prevalent price struggles.
The ADV chart confirms that $XRP’s trading volume trails behind Bitcoin and Ethereum. $XRP boasts a 7-day ADV of $812 million, with the 30-day 90-day and 365-day figures respectively sitting at $511 million, $675 million and $687 million.
Although $XRP’s ADV outpaces other tokens such as Binance Coin (BNB), Cardano (ADA) and Polkadot (DOT), it still lags behind major assets like BTC and ETH. This indicates room for $XRP’s market presence to expand further.
One of the noteworthy developments in the previous quarter was the 27% increase in $XRP price against Bitcoin. This growth occurred even as Bitcoin dominance rose by 3%, clinching a new cycle peak.
$XRP Price Volatility Peaks and Stabilizes
$XRP experienced notable price volatility in the first half of Q3, with realized volatility surpassing 110% in mid-August. This volatility resulted from a rapid price surge, where $XRP’s value oscillated between $0.40 and $0.65.
The increased fluctuation attracted traders, pushing trading volumes upward. However, the latter half of Q3 saw a decline in volatility, stabilizing around 60%, as $XRP’s price remained more range-bound.
This switch from high volatility to a more controlled price movement suggests that the $XRP market reacted swiftly to external conditions, but later entered a consolidation phase.
Exchange Volume Trends and Market Share
Ripple’s report reveals that $XRP’s spot exchange volume remained strong compared to previous quarters, with Binance, Bybit, and Upbit capturing a significant share.
The first half of Q3 saw average daily volumes reaching $750 million, which then leveled off before spiking again towards the end of September.
While Binance retained the largest share of $XRP trading volume, its market share slightly declined by 3 percentage points. On the other hand, Crypto.com’s share rose by 6 percentage points.
The data further confirms that $XRP trading continues to be largely concentrated in USDT pairs, reflecting the stablecoin’s dominance as a trading base in the cryptocurrency market. Interestingly, fiat-paired trading for $XRP also saw a rise, increasing from 10% in Q2 to 14% in Q3.
