Ripple’s XRP trading volume on top-tier exchanges all through the primary quarter, with common day by day volume (ADV) holding almost $3.2 billion, whereas XRP Ledger (XRPL) activity decreased.
In keeping with a Might 5 report by Ripple, the volume development displays sustained institutional and retail engagement regardless of sharp worth swings and moderating on-chain activity.
Spot market information reveals XRP posted intermittent volume spikes, significantly throughout late January and early February when day by day volumes exceeded $16 billion. Activity tapered off into March, though Binance retained a dominant market share, accounting for about 40% of alternate volume.
Different main venues included Upbit (15%) and Coinbase (12%). Bybit’s share declined considerably after a platform hack disrupted activity in February.
Trading conduct and pair composition
XRP trading remained closely skewed towards stablecoin pairs, led by USDT. The proportion of volume traded by way of fiat pairs elevated modestly from 25% in the final quarter of 2024 to 29% in this 12 months’s first quarter, indicating a gentle shift towards conventional foreign money rails.
Total, the volume sample highlights XRP’s liquidity resilience and ongoing desire for stablecoin-based markets. It outperformed different main altcoins relative to the broader market, with the XRP/BTC volume ratio climbing greater than 10% throughout the quarter.
This efficiency positioned XRP above Cardano (ADA), BNB, and Solana (SOL) in phrases of rolling common greenback volume.
At quarter-end, XRP traded at $2.09, with a 30-day ADV of $2.8 billion and a 90-day ADV of $3.3 billion, trailing solely Bitcoin (BTC) and Ethereum (ETH) in absolute trading activity.
Volatility circumstances and worth efficiency
XRP’s worth trajectory adopted a pointy arc via the quarter. Beginning beneath $2.00, the token rallied to a multi-year excessive of $3.40 in early February earlier than retracing to $2.09 by the top of March.
Realized volatility mirrored these strikes, starting the 12 months at 150%, then falling to close 100% throughout a interval of market calm, earlier than rebounding to stabilize round 130% via the remainder of the quarter.
The worth run-up was pushed by anticipation round XRP-related regulatory readability and product enlargement, although profit-taking and broader market recalibrations contributed to the following pullback.
Nonetheless, XRP’s closing worth at the top of the primary quarter represented an 89% enhance in its common closing worth in comparison with final 12 months’s fourth quarter.
On-chain metrics present contraction
Whereas alternate volume held agency, on-chain activity on the XRPL declined in line with broader crypto community slowdowns. Complete transactions fell by over 37% quarter-over-quarter to 105.5 million, whereas pockets creation dropped 40% to 423,727.
XRP burned as transaction charges decreased by 31%, and common transaction prices in US {dollars} doubled as a result of enhance in XRP’s worth.
Regardless of the contraction in core metrics, DeFi activity on XRPL proved comparatively extra sturdy. Decentralized exchanges’ volume declined 17%, outperforming on-chain metrics from Bitcoin, Ethereum, and different main blockchains.
RLUSD, Ripple’s USD stablecoin, surpassed $90 million in market cap with over $300 million in cumulative decentralized trading volume.
Regardless of the broad market woes in the primary quarter, XRP trading volume remained steady, suggesting what may very well be buyers’ demand or urge for food for short-term trading.
