Relative to Q1 2021, XRP’s trading volume remains drastically low during the Q1 of the ongoing year.
Analysis shows that XRP’s trading volume during the Q1 2022 stays at $203.94 billion. Less $436.75 billion, compared to Q1 2021. In the Q1 2021 XRP’s trading volume had reached $640.70, three times or 68% higher than this year’s corresponding period.
During January 2021, XRP had recorded a monthly trading volume of $212.56 billion, more than 2022’s entire Q1. The highest daily volume was $24 billion. On the other hand, the coin’s trading volume in January 2022 is $53.05 billion, with a highest daily trading volume recorded at $3.61 billion.
In February 2022, XRP’s trading volume stayed at $80.91, with a highest daily trading volume of $6.15 billion. During the same period in 2021 XRP’s trading volume was $293.94 billion as the highest single day trading volume was $34 billion.
Lastly, while during March 2021 the number stood at $134.19, in March 2022 the trading volume reached $69.97, with $3.73 billion as the highest single day trading volume, compared to $9.73 billion in March 2021.
The Main Reason Behind XRP’s Declining Trading Volume
Rather obvious, the main factor that has caused XRP’s trading volume to stay at the low levels, is market overall behaviour, largely determined by Bitcoin.
During the Q1 of year 2021, XRP reached a high of $0.745 from the low of $0.220 on January 1. An increase of a whopping 161%. It was despite the SEC’s lawsuit filed in December 2020. XRP grew largely because in the meantime Bitcoin had exploded.
On the contrary, the year 2022 saw Bitcoin hit historic lows, as the coin had a worst January ever, and has not recovered since. As a consequence of which XRP could only go as high as $0.911. An increase of mere 2% from the January 1st opening of $0.831.