XRP trading volume continues to wane due to the overall bearish trend of the crypto market

XRP recorded a quarterly trading volume three times less than the volume recorded in the first quarter of 2021.

xrp-trading-volume-continues-to-wane-due-to-the-overall-bearish-trend-of-the-crypto-market

XRP/USD 4-hour chart | Source: TradingView

XRP trading volume sinks by $436B in quarterly low

The first quarter of 2022 has seen a decline in investor interest in Ripple’s XRP. This had a negative effect on the trading volume during the period.

The trading volume of XRP for the first quarter of 2022 was around $203.94 billion. This is a 68% drop in trading volume recorded in the same period of 2021. In the first quarter of 2021, XRP’s trading volume was around $640.70 billion.

The difference between the volume recorded in the first quarter of 2021 and 2022 is $436.75 billion.

The top 10 markets for XRP in the first quarter of 2022 have trading pairs with the stablecoin US Dollar Tether (USDT). In addition to Tether, XRP pairs with the Binance US Dollar (BUSD) enjoy impressive trading volumes on several exchanges.

In January 2021, XRP recorded a trading volume in the region of $212.56 billion. The highest trading volume in a day was $24 billion. In January 2022, falling investor interest caused the asset to hit a record trading volume of around $53.05 billion. The highest trading volume in a day was $3.61 billion.

In February 2021, the positive crypto market sentiment saw XRP record trading volumes of around $293.94 billion. The highest trading volume in a day was $34 billion. In February 2022, the asset recorded a trading volume of approximately $80.91 billion, with the best single-day trading volume of $6.15 billion.

In March 2021, $134.19 billion was recorded as trading volume. The highest one-day trading volume for the month was around $9.73 billion. In March 2022, $69.97 billion was recorded as trading volume. The highest trading volume in a day was $3.73 billion.

How will the drop in output affect Q1 2022?
XRP opened on January 1, 2022, with a trading price of $0.831, hit a quarterly high of $0.911, and closed the first quarter of the year at $0.814. Overall, there was a 2% drop from opening to closing prices in Q1 2022.

On the other hand, XRP opened on January 1, 2021, with a trading price of $0.220, hit a quarterly high of $0.745, and closed the first quarter of 2022 at $0.574. Overall, there was a 161% increase between opening and closing prices in Q1 2021.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS