Cryptocurrency

2024

Spot

Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024. The report sheds light on <a href="https://www.newsbtc.com/news/market-turmoil-not-for-xrp-130-volume-spike-stuns-investors/" target="_blank" rel="noopener nofollow">XRP’s soaring trading volume</a>. It also highlights updates on the on-chain performance and recent technical developments of the XRPL ecosystem.&nbsp; 
<h2 id="b-xrp-spot-volume-surges-b">XRP Spot Volume Surges</h2> 
According to the <a href="https://ripple.com/insights/q1-2024-xrp-markets-report/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" target="_blank" rel="noopener nofollow">Q1 2024 XRP market report</a> published officially on Ripple’s website on May 17, the total volume of Centralized Exchanges (CEX) in March has surged to unprecedented levels, recording an increase to $2.93 trillion in spot volumes and a $9.1 trillion in <a href="https://www.newsbtc.com/analysis/xrp/xrp-derivatives-volume-soars-by-over-200-could-this-signal-a-price-breakout/" target="_blank" rel="noopener nofollow">derivatives volume</a>. 
On the other hand, the weekly volumes of Decentralized Exchanges (DEX) have spiked by 100% to $40 billion over the fourth quarter of 2023.&nbsp; 
Amidst the crypto market’s overperformance, <a href="https://www.newsbtc.com/all/xrp-records-massive-80-surge-in-trading-volume-can-price-reach-a-new-ath/" target="_blank" rel="noopener nofollow">XRP recorded a rise in average daily volumes</a>. The cryptocurrency surged to $865 million in Q1 2024, a 40% increase from <a href="https://www.newsbtc.com/analysis/xrp/heres-how-xrp-trading-volume-fared-in-q4-2023/" target="_blank" rel="noopener nofollow">Q4 2023</a>. The daily average XRP derivatives open interest increased from $460 million in Q4 2023 to $500 million in Q1 2024.&nbsp; 
<a href="https://www.newsbtc.com/analysis/xrp/ripples-q1-report-shows-that-investors-are-still-bullish-on-xrp-heres-why/" target="_blank" rel="noopener nofollow">XRP’s market report</a> revealed that towards the end of Q1 of 2024, the cryptocurrency had exhibited a “high correlation with the general market,” emphasizing XRP’s increased trading activities and robust engagement. However, at the beginning of Q1 2024, particularly in March and February, XRP witnessed a <a href="https://www.newsbtc.com/analysis/xrp/ripple-behind-xrp-price-crash/" target="_blank" rel="noopener nofollow">significant decline</a>.&nbsp; 
The cryptocurrency hit a <a href="https://www.newsbtc.com/news/xrp-price-retreats-to-0-50-as-whale-unloads-30-million-tokens-details/" target="_blank" rel="noopener nofollow">low point</a> in mid-February and peaked in March, highlighting a gradual decline to a potential bottom triggered by volatility. Following this downturn, <a href="https://www.newsbtc.com/analysis/xrp/xrp-set-for-major-upswing-top-analyst-reveals-timing-for-10-20-price-milestone/" target="_blank" rel="noopener nofollow">XRP</a> quickly recovered towards the end of March; however, its volatility levels were still as high as ever, recording a high of 90%.&nbsp; 
The report also disclosed several exchanges that contributed to XRP’s increased volume. The world’s largest crypto exchange, <a href="https://www.newsbtc.com/analysis/xrp/94-million-xrp-exits-binance/" target="_blank" rel="noopener nofollow">Binance</a>, contributed a significant volume of XRP, while the combination of Bitstamp and Upbit accounted for a large percentage of XRP’s spot volume.&nbsp; 
Moreover, XRP’s distribution volume has remained relatively constant throughout the first quarter of 2024. Binance, Bybit, and Upbit have been responsible for more than 70% of the total trading volume in XRP during this period.&nbsp; 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/SGMzdQpx/" width="1835" height="883"> 
<h2 id="b-on-chain-transactions-skyrocket-b">On-Chain Transactions Skyrocket</h2> 
In addition to its increased volume in Q1 2024, XRP has also witnessed an increase in on-chain activity. <a href="https://www.newsbtc.com/analysis/xrp/xrp-daily-transactions-surpass-ethereum/" target="_blank" rel="noopener nofollow">On-chain transactions</a> skyrocketed to $231.3 million in Q1 2024 from $121 million in Q4 2023, reflecting more than a 108% increase Quarter over Quarter (QoQ). 
The average cost per transaction also decreased by 45% during this period. Additionally, the XRP burned for transaction fees surged by more than 101%, totaling 636,184 in 2024.&nbsp; 
Furthermore, the volume on DEX (in USD) rose by over 5%, recording $57.6 million in Q1 2024 from $54.9 million in Q4 2023.&nbsp; 
While recording an increase in on-chain activity, the <a href="https://bitcoinist.com/ripplep-artners-with-hashkey-dx-for-xrpl-solutions/" target="_blank" rel="noopener ">XRP Ledger (XRPL) ecosystem</a> also witnessed a significant spike in developmental activities. Earlier this year, XRPL integrated Axelar, a multi-chain platform, to improve interoperability and expand XRPL’s features across more than 55 blockchains. 
Moreover, <a href="https://bitcoinist.com/xrp-ledger-partnership-to-integrate-smart-contracts/" target="_blank" rel="noopener ">XRPL partnered with EasyA</a>, a leading Web3 app, to deploy decentralized applications (DApps) with intelligent contract capabilities on the ledger.&nbsp; 
Featured image from Seiki Systems, chart from TradingView

Ripple Market Report: Why Is XRP Volume Getting The Spotlight?

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