Ripple’s XRP recorded a quarterly trading volume that was three times lesser than the volume recorded in the first quarter of 2021.
According to Be[In]Crypto Research, the first quarter of 2022 saw a decline in investor interest in Ripple’s XRP.
This had a negative effect on trading volume over the period.
The trading volume of XRP in the first quarter of 2022 was approximately $203.94 billion.
This was a 68% dip in the trading volume recorded across the same period in 2021. In the first quarter of 2021, the trading volume of XRP was around $640.70 billion.
The difference between the volume recorded during the first quarter of 2021 and 2022 was $436.75 billion.
What caused the decrease in the trading volume of XRP?
The top-10 markets for XRP in the first quarter of 2022 featured the trading pairs with the United States Dollar Tether (USDT) stablecoin. In addition to Tether, XRP has pairs with Binance United States Dollar (BUSD) which also raked in impressive trading volume on several exchanges.
In January 2021, XRP recorded a trading volume in the region of $212.56 billion. The single-day high volume was $24 billion. In January 2022, decreased investor interest led the asset to record a trading volume of around $53.05 billion. The single-day high volume was $3.61 billion.
In February 2021, positive crypto market sentiment saw XRP record a trading volume of approximately $293.94 billion. The single-day high volume was $34 billion. In February 2022, the asset recorded a trading volume of around $80.91 billion with a best single-day volume of $6.15 billion.
In March 2021, $134.19 billion was recorded as trading volume. The single-day high volume for the month was around $9.73 billion. In March 2022, $69.97 billion was recorded as trading volume. The single-day high volume was $3.73 billion.
How did the decline in volume affect Q1 2022?
XRP opened on Jan. 1, 2022, with a trading price of $0.831, reached a quarterly high of $0.911, and closed the first quarter of the year at $0.814. Overall, there was a 2% decrease from the opening to the closing price in Q1 2022.
On the other hand, XRP opened on Jan. 1, 2021, with a trading price of $0.220, reached a quarterly high of $0.745, and closed the first quarter of 2022 at a price of $0.574.
Overall, there was a 161% increase between the opening and closing price in Q1 2021.
Disclaimer
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