Ripple’s Q3 report provides valuable insights into the latest trends in the XRP market. Covering July through September 2024, it sheds light on XRP’s trading activity, price movements, and competition in the broader crypto market. Here’s a closer look at the key takeaways.
The report reveals that XRP’s Average Daily Volume (ADV) ranged between $600 million and $700 million throughout Q3, indicating high trading interest and activity. This strong volume shows that XRP continued to capture trader attention during the quarter.
Compared to other major tokens like Binance Coin, Cardano, and Polkadot, XRP’s ADV was notably higher. However, it still trailed behind the volumes of major assets like Bitcoin and Ethereum, indicating room for growth.
XRP showed a significant price increase against Bitcoin, gaining nearly 27% over Q3. July marked the strongest month, with XRP’s price rising about 27.3% against BTC. In August, the price saw a slight decline of 0.51% against Bitcoin, while September brought a modest recovery with a 1.27% gain. This trend suggests that XRP’s best performance relative to Bitcoin occurred early in the quarter.
XRP’s price fluctuated notably over the quarter. Starting at $0.4768 on July 1, it surged to $0.6226 by month-end, marking a 30.57% increase. However, in August, the price dropped 9.06% from $0.6223 to $0.5659. September saw an upward trend, with XRP rising 8.12% to close the month at $0.6119.
Notably, in this Q3, the dominance of Bitcoin registered a 4.4% increase. In July, it saw a 2% rise. In August and September, it experienced changes of 1.7% and -0.15%, respectively. This trend shows Bitcoin’s ongoing influence, even as XRP maintained steady performance.
Shifting Exchange Market Shares for XRP
Spot trading volumes for XRP remained strong on major exchanges during Q3. Binance’s share of XRP trading dipped slightly, while Crypto.com’s share grew by around 6%. This shift suggests changing preferences among XRP traders, as more users turned to Crypto.com for their trading needs.
Tether (USDT) continued to be the preferred trading pair for XRP in Q3. However, the report notes a 4% increase in fiat-paired trading, reflecting a growing interest in trading XRP directly against fiat currencies like the USD.
Ripple’s Q3 report highlights XRP’s stable market performance amidst Bitcoin’s rising dominance and increased institutional interest in crypto. With strong trading volume, resilient price movements, and evolving market dynamics on exchanges, XRP continues to attract attention.
The future looks promising for XRP. Stay tuned to Coinpedia for more updates!
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