Ripple, a cryptocurrency payment company, has recently published the first-quarter 2024 market report for XRP. The report focuses on the notable increase in trading volume for XRP and provides insights into on-chain performance and technical advancements within the XRPL ecosystem.<\/p>\n
The officially released Q1 2024 XRP market report by Ripple on May 17 reveals a significant surge in trading volumes. Centralized Exchanges (CEX) witnessed a spike, with spot volumes reaching $2.93 trillion in March and derivatives volumes hitting $9.1 trillion. Additionally, Decentralized Exchanges (DEX) recorded a 100% increase in weekly volumes to $40 billion compared to the fourth quarter of 2023.<\/p>\n
XRP showed a rise in average daily volumes, reaching $865 million in Q1 2024, marking a 40% rise from Q4 2023. The daily average XRP derivatives open interest also increased from $460 million in Q4 2023 to $500 million in Q1 2024. The market report indicated a high correlation with the general market towards the end of Q1 2024.<\/p>\n
Despite experiencing a decline in March and February, XRP rebounded by the end of March, displaying ongoing high volatility levels. Various exchanges, including Binance, Bitstamp, and Upbit, contributed significantly to XRP’s increased volume during this quarter.<\/p>\n
The distribution volume of XRP remained steady throughout Q1 2024, with major exchanges like Binance, Bybit, and Upbit accounting for over 70% of the total trading volume.<\/p>\n
Alongside the surge in trading volume, XRP also observed a notable increase in on-chain activity in Q1 2024. On-chain transactions doubled to $231.3 million from $121 million in Q4 2023, reflecting a more than 108% Quarter over Quarter (QoQ) growth.<\/p>\n
The average cost per transaction decreased by 45%, and XRP burned for transaction fees surged by over 101%, totaling 636,184 in 2024. Additionally, DEX volume in USD rose by over 5% to $57.6 million in Q1 2024.<\/p>\n
The XRPL ecosystem witnessed a rise in developmental activities, with integrations like Axelar and partnerships with EasyA to enhance interoperability and deploy decentralized applications with intelligent contract capabilities on the ledger.<\/p>\n
Featured image from Seiki Systems, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Ripple, a cryptocurrency payment company, has recently published the first-quarter 2024 market report for XRP. The report focuses on the notable increase in trading volume for XRP and provides insights into on-chain performance and technical advancements within the XRPL ecosystem. Surge in XRP Spot Volume The officially released Q1 2024 XRP market report by Ripple […]<\/p>\n","protected":false},"author":1,"featured_media":11946,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ripple's XRP Trading Volume Surge Highlighted in Market Report - Bitrabo","description":"Ripple, a cryptocurrency payment company, has recently published the first-quarter 2024 market report for XRP. The report focuses on the notable increase in tra"},"footnotes":""},"categories":[316],"tags":[496,1962,575,597,734,517],"class_list":["post-11945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-market","tag-report","tag-ripple","tag-spotlight","tag-volume","tag-xrp"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=11945"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/11946"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=11945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=11945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=11945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}