web3.0Ripple'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.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
The above is the detailed content of Ripple's Q3 2024 XRP Markets Report Shows Growth in Market Interest Despite Price Struggles. For more information, please follow other related articles on the PHP Chinese website!
Michael Saylor Flags Bitcoin’s Volatility As A Feature, Not A BugAug 09, 2024 pm 03:27 PMThe MicroStrategy co-founder, Michael Saylor offered his insights on Bitcoin’s volatility in a recent interview on Bloomberg Open Interest.
XRP Price Prediction: XRP Likely to Slide LowerOct 26, 2024 pm 10:08 PMXRP price has crashed nearly 27% since forming a local top on September 29, 2024, at $0.664. With crypto markets sliding lower due to the Tether FUD
MoonTaurus (MNTR): A New Meme Coin Targeting 50x to 100x Returns by the End of the Bull RunAug 01, 2024 pm 12:08 PMInvestors eyeing outsized returns in the crypto market now have their sights set on MoonTaurus (MNTR). The meme coin, priced at $0.005 in the first phase of its presale
XRP Price Can Reach $25 if Bitcoin Hits $2.9 Million by 2050, VanEck PredictsAug 06, 2024 pm 03:34 PMThe crypto market has recently hit a roadblock, with Bitcoin and other assets facing major declines. Consequently, XRP has given up the $0.60 and $0.50 psychological thresholds, triggering angst among seasoned and new investors.
Defiance Launches Most Volatile US ETF Ever, Targeting Bitcoin Proxy MicroStrategyAug 16, 2024 am 06:27 AM- In a part of the US market for exchange-traded funds that has become known for increasingly risky products, a new offering has debuted that stands out in the crowd.
Harris Leads Trump on Polymarket as DNC Begins, but They Got Tied Earlier Amid VolatilityAug 20, 2024 am 03:49 AMPlus, bettors see RFK Jr. dropping out by November without a Trump endorsement, and China's 'bitcoin ban' is more complicated than what Justin Sun thinks.
Nvidia (NVDA) Stock Becoming More Volatile Than Bitcoin (BTC) and Ether (ETH)Jul 31, 2024 pm 06:43 PMBitcoin has exhibited a strong positive correlation with NVDA since late 2022.
Bitcoin vs Gold: Which Is the Better Safe Haven Asset?Aug 17, 2024 pm 09:02 PMGold consistently reduces portfolio volatility while improving returns, even with increased allocation. By simulating portfolio performance with varying allocations of gold (2.5% to 10%), it's evident that the metal bolsters returns without adding si
Hot AI Tools
Undresser.AI Undress
AI-powered app for creating realistic nude photos
AI Clothes Remover
Online AI tool for removing clothes from photos.
Undress AI Tool
Undress images for free
Clothoff.io
AI clothes remover
AI Hentai Generator
Generate AI Hentai for free.
Hot Article
Hot Tools
ZendStudio 13.5.1 Mac
Powerful PHP integrated development environment
mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),
SecLists
SecLists is the ultimate security tester's companion. It is a collection of various types of lists that are frequently used during security assessments, all in one place. SecLists helps make security testing more efficient and productive by conveniently providing all the lists a security tester might need. List types include usernames, passwords, URLs, fuzzing payloads, sensitive data patterns, web shells, and more. The tester can simply pull this repository onto a new test machine and he will have access to every type of list he needs.
WebStorm Mac version
Useful JavaScript development tools
DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software
