Cryptocurrency payment company Ripple has released the XRP market report for the first quarter of 2024. The report highlights XRP trading volume soars. It also highlights on-chain performance updates and recent technical developments in the XRPL ecosystem.
Increase in volume of XRP spots
According to XRP Market Report Q1 2024 Officially published on the Ripple website on May 17, total centralized exchange (CEX) volume in March reached unprecedented levels, recording an increase to $2.93 trillion in spot volumes and $9.1 trillion in dollars in volume. volume of derivative products.
On the other hand, weekly volumes on decentralized exchanges (DEXs) soared 100% to $40 billion during Q4 2023.
Amid crypto market outperformance, XRP saw an increase in average daily volumes. The cryptocurrency surged to $865 million in the first quarter of 2024, a 40% increase from Q4 2023. The daily average open interest of XRP derivatives increased from $460 million in Q4 2023 to $500 million in Q1 2024.
XRP Market Report revealed that towards the end of the first quarter of 2024, the cryptocurrency had exhibited a “strong correlation with the general market,” highlighting XRP’s increased trading activities and strong engagement. However, at the start of the first quarter of 2024, notably in March and February, XRP experienced a significant decline.
Cryptocurrency has reached a low point in mid-February and peaked in March, highlighting a gradual decline to a potential bottom triggered by volatility. Following this slowdown, XRP quickly recovered towards the end of March; however, its volatility levels are still high, recording a high of 90%.
The report also revealed several exchanges that contributed to the increase in XRP volume. The largest crypto exchange in the world, Binancecontributed significant XRP volume, while the combination of Bitstamp and Upbit accounted for a significant percentage of XRP spot volume.
Additionally, XRP’s distribution volume remained relatively constant throughout the first quarter of 2024. Binance, Bybit, and Upbit were responsible for over 70% of XRP’s total trading volume during this period.
On-Chain Transactions Skyrocket
In addition to its increased volume in the first quarter of 2024, XRP has also seen an increase in on-chain activity. On-Chain Transactions surged to $231.3 million in Q1 2024 from $121 million in Q4 2023, reflecting an increase of more than 108% quarter-over-quarter (QoQ).
The average cost per transaction also decreased by 45% during this period. Additionally, XRP burned as transaction fees increased by over 101%, totaling 636,184 in 2024.
Additionally, volume on DEX (in USD) increased by over 5%, recording $57.6 million in Q1 2024, compared to $54.9 million in Q4 2023.
While recording an increase in on-chain activity, the XRP Ledger (XRPL) Ecosystem also saw a significant increase in development activities. Earlier this year, XRPL integrated Axelar, a multi-chain platform, to improve interoperability and expand XRPL’s functionality across more than 55 blockchains.
Moreover, XRPL in partnership with EasyAa leading Web3 application, for deploying decentralized applications (DApps) with smart contract capabilities on the ledger.
Featured image from Seiki Systems, chart from TradingView
