Ripple's Q3 2024 XRP Markets Report Shows Growth in Market Interest Despite Price Struggles

The report, based on data from top sources like Bloomberg, CCData, and Refinitiv Eikon, reveals a detailed look at the XRP market amid a quarter of major price movements and a rise in Bitcoin dominance.

Ripple (XRP) Markets Q3 2024 Report: Performance, Metrics, and Trends

In the recent Q3 2024 XRP Markets Report, Ripple provides an in-depth analysis of XRP's performance, covering key metrics that influence its price, volatility, and trading volumes.

The report, compiling data from top sources such as Bloomberg, CCData, and Refinitiv Eikon, offers a comprehensive overview of the XRP market during a quarter that witnessed significant price movements and a rise in Bitcoin dominance.

XRP Trading Volume and Market Activity

According to Ripple, XRP's average daily volume (ADV) on top exchanges hovered between $600 million and $700 million, indicating a growth in market interest despite XRP's ongoing price struggles.

The ADV chart shows that XRP's trading volume lags behind Bitcoin and Ethereum. With a 7-day ADV of $812 million, XRP's 30-day, 90-day, and 365-day figures stand at $511 million, $675 million, and $687 million, respectively.

While XRP's ADV surpasses that of other tokens like Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT), it still trails major assets like BTC and ETH, suggesting potential for further expansion in XRP's market presence.

One of the notable developments in the previous quarter was the 27% increase in XRP price against Bitcoin. This growth occurred even as Bitcoin dominance rose by 3%, reaching a new cycle peak.

XRP Price Volatility Peaks and Stabilizes

XRP experienced significant price volatility in the first half of Q3, with realized volatility surpassing 110% in mid-August. This volatility was largely driven by a rapid price surge, where XRP's value oscillated between $0.40 and $0.65.

The increased fluctuation attracted traders, pushing trading volumes upward. However, the latter half of Q3 saw a decline in volatility, stabilizing around 60%, as XRP's price remained more range-bound.

This shift from high volatility to a more controlled price movement suggests that the XRP market reacted swiftly to external conditions, but later entered a consolidation phase.

Exchange Volume Trends and Market Share

Ripple's report also highlights that XRP's spot exchange volume remained strong compared to previous quarters, with Binance, Bybit, and Upbit capturing a significant share.

The first half of Q3 saw average daily volumes reaching $750 million, which then leveled off before spiking again towards the end of September.

While Binance retained the largest share of XRP trading volume, its market share slightly declined by 3 percentage points. On the other hand, Crypto.com's share rose by 6 percentage points.

The data further shows that XRP trading continues to be largely concentrated in USDT pairs, reflecting the stablecoin's dominance as a trading base in the cryptocurrency market. Interestingly, fiat-paired trading for XRP also saw a rise, increasing from 10% in Q2 to 14% in Q3.

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