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<p>XRP Ledger's decentralized exchange (DEX) has reported significant growth in the third quarter. Ripple CEO Brad Garlinghouse recently <a href="https://twitter.com/bgarlinghouse/status/1719731011225870843" rel="noopener noreferrer nofollow">drew attention</a> to the performance of the platform, highlighting an impressive threefold increase in trading volume on a quarter-over-quarter (QoQ) basis.&nbsp;</p>
<p>This growth, as shared in the company's market report, was primarily seen between July 12 to Aug. 17, with trading volumes occasionally reaching a notable $20-30 million in mid-August.</p>
<h2 id="on-chain-activity">On-chain activity</h2>
<p>The data from Ripple's Q3 2023 report offers a detailed insight into the activities of XRP Ledger's <a href="https://xrpl.org/decentralized-exchange.html" rel="noopener noreferrer nofollow">DEX</a>. The total trading volume on DEX for Q3 stood at a substantial $218.6 million, a considerable jump from Q2's $51.6 million. Though the number of transactions dipped slightly from 99.3 million in Q2 to 90.4 million in Q3, the average closing price for XRP rose from $0.48 to $0.55.&nbsp;</p>
<p>This decentralized exchange has been an integral component of the XRP Ledger since its inception in 2012, serving as a hub for users to trade tokens against XRP and other tokens.&nbsp;</p>
<p>It is also worth noting that spot trading experienced a significant uptick following the court's decision against <a href="https://u.today/ripple-v-sec-lawsuit-will-end-when-this-happens" rel="noopener noreferrer nofollow">the SEC</a>, reaching a peak volume of around $4 billion on July 13, only to stabilize at daily volumes of $300-400 million by quarter's end. Binance notably dominated the XRP market, securing an average of approximately 60% market share over Q3.</p>
<h2 id="whale-activity-surges">Whale activity surges</h2>
<p>After a challenging phase with a significant price dip in mid-August, XRP is showing signs of recovery. Data analytics firm Santiment <a href="https://u.today/as-xrp-price-recovers-whale-activity-and-wallet-holdings-surge" rel="noopener noreferrer nofollow">has noted</a> that XRP's price recently touched the $0.60 mark, a level it hadn't seen since its Aug. 16 downturn.&nbsp;</p>
<p>This price recovery is complemented by a spike in whale activity, suggesting that larger market players are taking renewed interest in the cryptocurrency.&nbsp;</p>
<p>Adding to the optimistic outlook, the number of wallets holding at least 10,000 <a href="https://u.today/1-billion-xrp-unlocked-by-ripple-xrp-price-reacts-with-3-drop" rel="noopener noreferrer nofollow">XRP</a> has reached an all-time high.</p>

Ripple CEO Spotlights Massive DEX Volume Boost

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