A recent report released by Ripple in its Q4 2023 XRP Markets Report unveiled that XRP experienced a substantial increase in daily trading volume, hitting roughly $600 million this quarter. According to the report, this surge represented a 75-100% growth compared to the lower trading volumes observed in Q3.
Notably, the Ripple report suggests a rejuvenation in investor interest and market activity for the altcoin, marking a notable shift from the previous quarter’s performance.
Ripple’s XRP Holdings And Other Crypto Volume In Q4 2023
Ripple’s Q4 report also provided insights into the company’s XRP holdings. As of September 30, 2023, Ripple’s total XRP holdings were more than 5.25 billion, stored in its wallets, plus another 41.3 billion XRP secured in on-ledger escrow.
However, by the close of December 2023, Ripple’s wallet holdings had slightly reduced to about 5.08 billion of this token, and the XRP in on-ledger escrow had also decreased to approximately 40.7 billion.
According to the report, Ripple’s access to the escrowed XRP is restricted until scheduled monthly releases occur, a mechanism that ensures the controlled release of tokens into the market.
Meanwhile, in addition to the surge in XRP’s trading volume, the Ripple markets report also revealed that other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), saw considerable increases in their trading volumes.
BTC volumes rose by 88% quarter-on-quarter (QoQ), while ETH recorded a 140% increase over the same period. These trends indicate a broader recovery and bullish sentiment across the crypto market during the quarter.
XRP’s Market Performance And Future Outlook
Despite the recent surge in trading volume, XRP’s market price has shown varying trends. In the last quarter of 2023, the altcoin traded above $0.60, but as of the latest price action, it hovers just above $0.5, indicating a decline.
Although there has been a 3.7% increase in the past week and a 2.2% rise in the past day, the asset is currently trading around $0.52.
Nevertheless, the community and analysts remain optimistic about its future potential. Crypto analyst Jaydee recently pointed out a historical pattern suggesting an imminent parabolic move for XRP. According to Jaydee, the altcoin is currently testing…