CandleFocus Ripple Highlights XRP Price, Volatility, Spot Volumes and Others in Q3 2024 Markets Report
2024-11-02
Author: Content Editor
Ripple has released its Q3 2024 XRP Markets Report, which provides insights into the performance of XRP and factors impacting its price, volatility, and trading volumes. The report indicates that XRP's average daily volume (ADV) on top exchanges ranged from $600 million to $700 million, reflecting growing market interest despite price struggles. However, XRP's trading volume still trails behind Bitcoin and Ethereum. Despite this, XRP's ADV outpaces tokens like Binance Coin, Cardano, and Polkadot, indicating potential for further market presence. One notable development was a 27% increase in XRP price against Bitcoin, even as Bitcoin dominance rose. XRP experienced significant price volatility in the first half of Q3 but stabilized in the latter half. Ripple's report also highlights that XRP's spot exchange volume remained strong, with Binance, Bybit, and Upbit capturing significant shares. The data shows that XRP trading is concentrated in USDT pairs, reflecting the dominance of stablecoins in the cryptocurrency market. Additionally, fiat-paired trading for XRP saw an increase from 10% in Q2 to 14% in Q3.
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