Analyzing the Q3 report of Ripple is one of the best ways to understand the latest trends in the XRP market. The report, released recently by Ripple, reveals how the market performed between July and September, 2024. Here are the key insights.
XRP’s Q3 Performance Overview
The report primarily provides insights on the trading and market metrics of XRP, such as its price trends, volatility and trading volume.
According to the report, the Average Daily Volume of XRP remained within the range of $600M and $700M during Q3. This suggests that during the period traders were highly active.
While comparing the ADV of XRP to other tokens like Binance Coin, Cardano and Polkadot, the report highlights that XRP’s ADV surpassed most of its close competitors in Q3. However, it also reveals that XRP’s volume fell short of Bitcon and Ethereum.
XRP Market Scenario: An Overview
The price of XRP experienced nearly 27% growth against Bitcoin in Q3. In July, the XRP market witnessed around 27.30% against BTC. In the second month of this Q3, however, the price dropped by 0.51% against Bitcoin. In September, the market grew 1.27% against BTC. This shows that it was in the first month of this Q3 that the market experienced the most significant growth against Bitcoin.
On July 1, the price of XRP was $0.4768. By the end of the month, it reached $0.6226, indicating a 30.57% growth in July. Starting August at $0.6223, the price slipped to $0.5659 by month-end, marking a 9.06% drop. In September, XRP started at $0.5659 and rose to $0.6119 by month-end, marking an 8.12% rise.
Notably, in this Q3, the dominance of Bitcoin registered a 4.4% increase. In July, it saw a 2% rise. In August and September, it experienced changes of 1.7% and -0.15%, respectively.
Spot Exchange Volume and Market Share Changes
The report shows that the trading volumes of XRP on spot exchanges remained robust in Q3. It also adds that during the period Binance’s share of XRP trading slightly dropped, while Crypto.com’s share increased by around 6%.
Preference for USDT Pairs and Growing Fiat Pairs
The report notes that most XRP trading in Q3 was conducted using USDT paris. It also highlights that fiat-paired trading witnessed a notable surge of 4% during the period.
In conclusion, Ripple’s Q3 report showcases XRP’s steady market performance amid rising Bitcoin dominance and institutional interest.
Stay tuned to Coinpedia for more updates in the XRP market landscape!
Source: https://coinpedia.org/news/ripples-q3-2024-report-xrp-sees-increased-institutional-interest-and-market-gains/