XRP, the sixth largest cryptocurrency by market capitalization, is seeing a jump in its trading volumes. According to CoinMarketCap, the XRP trading volume, which represents the number of units exchanged by traders, jumped 92%.
Oftentimes, an increase in volatility tends to lead to a spike in trading volumes, which might signal investor positioning.
XRP slipped at the start of May as the broader markets became jittery following the latest First Republic Bank turmoil. At the time of writing, XRP was down 3.08% in the last 24 hours to $0.463.
In the first three months of 2023, XRP market volumes rose 46% as compared to the previous quarter, possibly due to the recovery in markets as well as large, volatile events that tend to spike volumes.
Decentralized exchange (DEX) volumes for XRP also rose 34% in the said time frame to $115 million, compared to Q4, 2022, per a Ripple Q1 report.
As reported, Ripple unlocked 1 billion XRP worth $469.6 million from escrow on May 1. This continues Ripple’s monthly XRP distribution strategy that began in December 2017.
XRPL browser-based DEX to launch in May
In early access, XRPL Labs launched a browser-based DEX accessing the native XRPL DEX. This would be the first desktop trading solution from XRPL Labs, the creators of Xumm, a noncustodial XRPL wallet.
The web DEX allows users globally to access the XRPL DEX securely and efficiently, bringing Xumm’s applications to browsers worldwide.
According to a recent announcement by Unhosted.exchange, the new DEX user interface will launch globally in May as early access ends.