👉👉👉 #Q3 2024 Insights: Ripple Analyzes $XRP Price, Volatility, and #MarketActivity
The latest report, drawing insights from #Bloomberg , CCData, and Refinitiv Eikon, offers a comprehensive look at XRP’s market trends during a quarter marked by significant price fluctuations and a rise in Bitcoin dominance.
XRP Trading Volume and Market Activity
- Ripple reports XRP’s average daily volume (ADV) on leading exchanges between $600 million and $700 million, highlighting rising market interest despite price pressures. XRP’s ADV for 7 days stands at $812 million, with 30-day, 90-day, and 365-day figures at $511 million, $675 million, and $687 million, respectively. Though XRP’s trading volume trails behind Bitcoin & Ethereum, it exceeds that of Binance Coin ($BNB ), Cardano ($ADA ), and Polkadot (DOT), suggesting potential for further market expansion.
- A key highlight this quarter was a 27% increase in XRP’s price against Bitcoin, even as Bitcoin’s dominance climbed by 3% to a new peak.
XRP Price Volatility & Stabilization
- XRP experienced significant price volatility in early Q3, with realized volatility exceeding 110% in mid-August due to rapid price swings between $0.40 and $0.65. This attracted high trading volumes, but by the latter part of Q3, volatility eased to around 60% as XRP’s price range stabilized, marking a transition from high fluctuation to consolidation.
Exchange Volume Trends & Market Share
- According to Ripple’s findings, XRP’s spot exchange volume remained strong, with Binance, Bybit, and Upbit leading. Early Q3 daily volumes averaged $750 million, later stabilizing before surging again in late September. Binance held the largest share of XRP’s trading volume, though its market share declined by 3%, while Crypto.com’s share rose by 6%. XRP trading continues to be heavily USDT-paired, reflecting stablecoin dominance, with fiat-paired trades increasing from 10% in Q2 to 14% in Q3.
These trends illustrate XRP’s evolving market dynamics amid broader shifts in the crypto landscape.
