Global XRP trading volume and volatility exploded in the second quarter, up 98%, despite ongoing SEC lawsuit
According to Ripple’s Q2 report, XRP daily trading volume has skyrocketed amid an ongoing legal case involving Ripple and the U.S. Securities and Exchange Commission.
Our latest XRP Markets Report is live! From governmental action on crypto to inflation concerns and endless NFT possibilities, we take a look back at an eventful Q2. https://t.co/jPJkGjvhDu
— Ripple (@Ripple) July 29, 2021
XRP trading volume doubled in Q2 to $4 billion despite ongoing SEC lawsuit
According to XRP market reports, daily trading volume in Q2 2021 doubled to $4.49 billion from $2.26 billion recorded in the first three months of the year, logging a 98% quarter-over-quarter increase.
XRP had a high trading volume for the quarter, reflecting overall market sentiment. Notably, Ripple native token also had four days with the highest trading volume in its entire history. It started Q2 with a bang. During the first two weeks of April, the XRP price skyrocketed by an eye-popping 245% and reached a multi-year peak of $1.96. During this time, the entire crypto market is in a Bitcoin-led bull run, reaching an all-time high of $64,800 in mid-April.
XRP Daily Trading volume | Source: Ripple
XRP price fell 30% from its local high within a week and then succumbed to the broader crypto market correction in mid-May. Due to these messy moves, volatility XRP volatility has skyrocketed to 11.5%, much higher than Bitcoin and Ethereum.
Ripple acknowledges that despite the gains in daily trading volume for XRP, the market largely remained volatile:
“There was no shortage of events that were reported to contribute to market volatility in Q2 — notably ransomware attacks, environmental concerns, Elon Musk’s tweets, and regulatory scrutiny, among others. The second quarter of 2021 saw significant increases in crypto market capitalization followed by a steady decrease.”
In a different twist, in the second quarter of Ripple’s total XRP sales, net buying increased to $157.92 million from $150.34 million from the previous quarter. Ripple noted that increasing regulatory crackdowns from various jurisdictions had had an impact. In addition, the company also acknowledged the impact of high inflation on the crypto market.
Trading volume will be a positive sign for Ripple, as the SEC lawsuit initially affected the price of XRP. The case is currently in a discovery phase involving exchanging information like documents and taking deposition testimony. Furthermore, fact discovery will end by August 31.
- General Manager Of RippleNet: Central Banks Won’t Adopt The XRP Ledger Overnight, So… Waiting!
- Ripple Launched A New On-Demand Liquidity (ODL) Payment Corridor Between Japan And The Philippines