Ripple (XRP) trading volume sinks

Investor interest in Ripple’s XRP fell in the first quarter of 2022. It had a detrimental impact on trade volume during the term.

In the first quarter of 2022, the trading volume of XRP was around $203.94 billion.

It was a 68 percent decrease in trade volume over the same period in 2021. The trading volume of XRP in the first quarter of 2021 was approximately $640.70 billion.

The difference in volume between the first quarters of 2021 and 2022 was $436.75 billion. The trading pairs with the United States Dollar Tether (USDT) stablecoin were among the top-10 markets for XRP in the first quarter of 2022. In addition to Tether, XRP has trading pairs with Binance United States Dollar (BUSD), which has seen significant trading volume on several platforms.

In January 2021, XRP had a trading volume of around $212.56 billion. The highest single-day volume was $24 billion. Reduced investor interest resulted in a trading volume of roughly $53.05 billion in January 2022. The highest single-day volume was $3.61 billion.

The asset had a trading volume of approximately $80.91 billion in February 2022, with a best single-day volume of $6.15 billion.

The trade volume in March 2021 was $134.19 billion. The month’s single-day high volume was roughly $9.73 billion. The trade volume in March 2022 was $69.97 billion. The highest single-day volume was $3.73 billion.

Tribalism around bitcoin

The $2 trillion economies is being held back by “tribalism” surrounding bitcoin and other cryptocurrencies. According to CoinGecko data, tens of thousands of cryptocurrencies are currently in circulation, valued at $2 trillion.

Some digital monies have a devoted following, most notably bitcoin, whose ardent supporters refere to as “maximalists.”

Twitter co-founder Jack Dorsey and MicroStrategy CEO Michael Saylor are two of the so-called maximalists who solely support bitcoin and not other cryptocurrencies.

Ripple is frequently associated with XRP, a cryptocurrency used by the company for cross-border payments. The business holds the bulk of the 100 billion XRP tokens in circulation, which it regularly releases from an escrow account to keep prices consistent.

Ripple is fighting the Securities and Exchange Commission in court on allegations that it improperly sold more than $1 billion in XRP in an unregistered securities offering. According to the corporation, XRP should classify as a virtual currency rather than a security.

The post Ripple (XRP) trading volume sinks appeared first on FinanceBrokerage.