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Why Is XRP Volume Being Highlighted in the Ripple Market Report?
Ripple issued their first-quarter 2024 market report for XRP. The research explains XRP's rising volume. It also discusses XRPL ecosystem technological advances and on-chain performance.
According to Ripple's Q1 2024 XRP market report, released on May 17, Centralized Exchanges (CEX) spot and derivatives volumes reached record highs of $2.93 trillion and $9.1 trillion, respectively, in March.
In contrast, DEX weekly volumes increased 100% to $40 billion in Q4 2023.
In the crypto market's overperformance, XRP's average daily volumes rose. The cryptocurrency rose 40% to $865 million in Q1 2024 from Q4 2023. Daily average XRP futures open interest rose from $460 million in Q4 2023 to $500 million in Q1 2024.
By the conclusion of Q1 2024, XRP had a “high correlation with the general market,” indicating increasing trade and involvement. In Q1 2024, especially March and February, XRP fell significantly.
The cryptocurrency dropped in mid-February and peaked in March, suggesting a volatility-driven bottom. At the end of March, XRP rebounded significantly, although its volatility remained high at 90%.
The report also listed numerous exchanges that raised XRP volume. Binance, the world's biggest crypto exchange, and Bitstamp and Upbit provided most of XRP's spot volume.
In the first quarter of 2024, XRP's distribution volume was basically steady. This time, Binance, Bybit, and Upbit accounted for almost 70% of XRP trade volume.
On-chain activity surged with volume in Q1 2024 for XRP. More than 108% more on-chain transactions occurred in Q1 2024 than in Q4 2023, reaching $231.3 million.
The average transaction cost dropped 45% over this time. XRP burnt for transaction fees increased by almost 101% to 636,184 in 2024.
In Q1 2024, DEX volume (in USD) climbed over 5% to $57.6 million from $54.9 million in Q4 2023.
Development activity in the XRP Ledger (XRPL) ecosystem increased with on-chain activity.
