XRP Ledger's decentralized exchange (DEX) has reported significant growth in the third quarter. Ripple CEO Brad Garlinghouse recently drew attention to the performance of the platform, highlighting an impressive threefold increase in trading volume on a quarter-over-quarter (QoQ) basis.
This growth, as shared in the company's market report, was primarily seen between July 12 to Aug. 17, with trading volumes occasionally reaching a notable $20-30 million in mid-August.
On-chain activity
The data from Ripple's Q3 2023 report offers a detailed insight into the activities of XRP Ledger's DEX. The total trading volume on DEX for Q3 stood at a substantial $218.6 million, a considerable jump from Q2's $51.6 million. Though the number of transactions dipped slightly from 99.3 million in Q2 to 90.4 million in Q3, the average closing price for XRP rose from $0.48 to $0.55.
This decentralized exchange has been an integral component of the XRP Ledger since its inception in 2012, serving as a hub for users to trade tokens against XRP and other tokens.
It is also worth noting that spot trading experienced a significant uptick following the court's decision against the SEC, reaching a peak volume of around $4 billion on July 13, only to stabilize at daily volumes of $300-400 million by quarter's end. Binance notably dominated the XRP market, securing an average of approximately 60% market share over Q3.
Whale activity surges
After a challenging phase with a significant price dip in mid-August, XRP is showing signs of recovery. Data analytics firm Santiment has noted that XRP's price recently touched the $0.60 mark, a level it hadn't seen since its Aug. 16 downturn.
This price recovery is complemented by a spike in whale activity, suggesting that larger market players are taking renewed interest in the cryptocurrency.
Adding to the optimistic outlook, the number of wallets holding at least 10,000 XRP has reached an all-time high.
Dan Burgin
U.Today Editorial Team
