XRP surpassed all other major altcoins in trading volume, with only Ethereum and Bitcoin outperforming it.
Ripple’s XRP recorded an average daily trading volume of approximately $3.2 billion on top-tier exchanges during the first quarter. Meanwhile, activity on the XRP Ledger (XRPL) declined noticeably.
As noted in a report Ripple released on May 5, the volume trend attributes to continued participation from both institutional and retail investors, even amid significant price fluctuations and a slowdown in on-chain activity.
Spot market data shows that XRP experienced intermittent volume surges, particularly in late January and early February, when daily trading volumes crossed $16 billion. As March approached, activity declined, although Binance continued to maintain a leading position, representing nearly 40% of the total exchange volume.
Other prominent trading platforms included Upbit, accounting for 15% of the volume, and Coinbase with 12%. Bybit’s market share experienced a significant drop following a platform breach that disrupted operations in February.
Trading Patterns and Market Pair Dynamics
XRP trading activity continued to concentrate predominantly in stablecoin pairs, with USDT leading the trend. The share of volume conducted through fiat currency pairs observed a slight increase, rising from 25% in the final quarter of 2024 to 29% in the first quarter of this year, suggesting a gradual shift toward conventional financial channels.
Overall, the volume trend has underscored XRP’s strong liquidity and the sustained preference for stablecoin-denominated trading. Compared to the broader market, it outpaced other major altcoins, with the XRP/BTC trading volume ratio increasing by over 10% throughout the quarter.
XRP outpaced Cardano (ADA), BNB, and Solana (SOL) in rolling average dollar trading volume, ranking higher than its peers.
By the end of the quarter, XRP traded at $2.09, with a 30-day average daily volume (ADV) of $2.8 billion and a 90-day ADV of $3.3 billion, ranking it just behind Bitcoin (BTC) and Ethereum (ETH) in total trading activity.
Market Volatility Trends and XRP Price Movement
XRP’s price movement traced a steep curve throughout the quarter. Beginning at a value below $2.00, the token surged to a multi-year peak of $3.40 in early February, before declining to $2.09 by the close of March.
Realized volatility mirrored these price fluctuations. It started the year at 150%, dropped to approximately 100% amid a phase of market stability, and then rebounded to settle around 130% for the remainder of the quarter.
Growing expectations of regulatory clarity surrounding XRP and the expansion of related products fueled the price surge. However, profit-taking activities and broader market adjustments influenced the subsequent decline.
Nevertheless, XRP’s value reflected an 89% rise in its average closing price at the end of the first quarter when compared to its average closing price in the fourth quarter of the previous year.
On-Chain Data Reflects Network Contraction
Although exchange volume remained stable, the XRPL observed a decline in on-chain activity, which consisted with broader slowdowns across crypto networks. Total transactions decreased by more than 37% quarter-over-quarter, reaching 105.5 million, while the number of newly created wallets fell by 40% to 423,727.
The amount of XRP burned through transaction fees recorded a 31% reduction, while the average cost per transaction in U.S. dollars doubled, as XRP’s market price rose.
In spite of the decline in fundamental metrics, DeFi activity on the XRPL remained comparatively resilient. The volume on decentralized exchanges experienced a 17% decrease, yet still outperformed on-chain indicators from Bitcoin, Ethereum, and other prominent blockchains.
Ripple’s USD stablecoin, RLUSD, exceeded a market capitalization of $90 million, while its cumulative decentralized trading volume surpassed $300 million.
Amid overall market challenges in the first quarter, XRP trading volume maintained a steady level, indicating a potential sustained demand or interest from investors in short-term trading opportunities.
