XRP Markets Report Q2 ’24: Ripple (XRP) Trading Volume Soars on Major Exchanges

Ripple recently unveiled its quarterly XRP Markets Report, a comprehensive document aimed at providing transparency and regular updates about the company's perspectives on crypto markets, significant developments concerning the XRP Ledger, and other market activities from the last quarter.

Cryptocurrency giant Ripple recently released its Q2 ’24 XRP Markets Report, providing updates on the company’s perspectives, legal victories, and market activities.

The report highlights several key developments. XRP prices showed significant volatility early in the quarter, fluctuating between $0.43 and $0.62. However, as the quarter progressed, XRP’s trading range stabilized around $0.50, with volatility dropping to 45%.

Trading volumes for XRP remained high, especially on Binance, Bybit, and Upbit, which together accounted for over 65% of total XRP volume. This indicates that these exchanges continue to be the primary hubs for XRP trading.

In terms of legal matters, Ripple celebrated its victory over the SEC on July 13, which marked a significant moment in the crypto landscape. The court clarified XRP as a non-security in the U.S. Ripple anticipates a final court decision on remedies for institutional sales before December 2020, but the primary ruling stands firm.

The company also faced another legal win in a 2018 lawsuit in California, where all class claims were dismissed by the court, leaving only a minor individual claim unresolved and deemed insignificant.

On the regulatory front, Ripple pointed out the upcoming 2024 U.S. elections and their impact on the future landscape of cryptocurrency regulation. To support candidates favorable to crypto causes, Ripple has allocated $50 million to Fairshake, a federal super PAC, highlighting the urgent need for transparent regulatory frameworks.

The report further dives into XRP markets, using data from CCData, Bloomberg, and Refinitiv Eikon. XRP prices began Q2 with a bullish note, rising from $0.43 on April 1 to reach highs of $0.62 on April 13, following a 45% surge in the first two weeks. However, the gains were short-lived as prices quickly reversed course.

After hitting lows of $0.43 on April 20, XRP prices attempted to recover but faced resistance at the $0.45 level. A brief period of consolidation followed, with XRP trading in a tight range between $0.43 and $0.45.

In the second half of May, XRP prices finally broke out of the consolidation and surged past the $0.45 resistance. The rally continued throughout the month, reaching highs of $0.62 on May 23.

However, the rally lost steam in early June as XRP prices began to decline once again. After hitting lows of $0.43 on June 12, XRP prices attempted to recover but faced resistance at the $0.45 level.

Trading volumes for XRP remained high throughout the quarter, especially on Binance, Bybit, and Upbit, which together accounted for over 65% of total XRP volume. This indicates that these exchanges continue to be the primary hubs for XRP trading.