Ripple’s XRP trading volume remained strong on top-tier exchanges in the first quarter of the year, with an average daily volume of nearly $3.2 billion. Despite a decrease in XRP Ledger (XRPL) activity, the sustained institutional and retail engagement was evident, according to a report released by Ripple on May 5.
The spot market data revealed intermittent volume spikes for XRP, especially in late January and early February when daily volumes exceeded $16 billion. While activity tapered off in March, Binance retained a dominant market share, accounting for approximately 40% of exchange volume. Other leading venues included Upbit (15%) and Coinbase (12%), with Bybit experiencing a decline in market share following a platform hack in February.
XRP trading continued to be heavily skewed towards stablecoin pairs, with USDT leading the way. The proportion of volume traded via fiat pairs saw a modest increase from 25% in the last quarter of 2024 to 29% in the first quarter of 2025, indicating a slight shift towards traditional currency rails. Despite the volatility in the market, XRP’s liquidity resilience and preference for stablecoin-based markets stood out.
In terms of trading behavior and pair composition, XRP outperformed other major altcoins relative to the broader market, with the XRP/BTC volume ratio climbing more than 10% during the quarter. This performance placed XRP above Cardano (ADA), BNB, and Solana (SOL) in terms of rolling average dollar volume.
At the end of the quarter, XRP was trading at $2.09, with a 30-day ADV of $2.8 billion and a 90-day ADV of $3.3 billion, trailing only Bitcoin (BTC) and Ethereum (ETH) in absolute trading activity.
XRP’s price trajectory saw sharp fluctuations throughout the quarter, starting below $2.00 and rallying to a multi-year high of $3.40 in early February before settling at $2.09 by the end of March. Realized volatility reflected these movements, reaching 150% at the beginning of the year, falling to near 100% during a period of market calm, and stabilizing around 130% for the rest of the quarter.
While exchange volume remained steady, on-chain activity on the XRPL declined in line with broader crypto network slowdowns. Total transactions fell by over 37% quarter-over-quarter to 105.5 million, with wallet creation dropping by 40% to 423,727. Despite the contraction in core metrics, DeFi activity on XRPL proved relatively more durable.
Overall, XRP trading volume remained steady in the first quarter, indicating continued investor demand or appetite for short-term trading opportunities. Despite market fluctuations, XRP’s performance and resilience in the face of challenges highlight its position in the cryptocurrency landscape.