Ripple, the New York-regulated, San Francisco-based blockchain development firm, has published its latest quarterly XRP Markets Report. It offers updates on the state of the market including commentary on price movement for Q2 2017.
XRP finished the quarter at $0.263, a stunning QoQ increase of 1159% and YTD growth of 3977%. At its peak on May 17, XRP reached $0.394, up 6012% this year and 1787% this quarter.
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XRP/FIAT volumes in Q2 were 21 times greater than XRP/BTC volumes in Q1. While some of this can be attributed to growth in USD and EUR pairs at Bitstamp and Kraken, the bulk of this transition was due to increased activity on Korean exchanges.
On May 14th, Coinone became the first exchange to list KRW/XRP. Bithumb and Korbit followed suit shortly thereafter. Since then KRW has represented 52.1% of total daily volume, easily surpassing every other cross, including BTC.
As XRP began to rally in early May, it decoupled from ETH and simultaneously began trading more closely with BTC. As ETH finally began to rally, and XRP and BTC stabilized in early to mid-June, a clear divergence occurred. Likely due to its increased listings, XRP’s correlation to BTC steadily climbed to nearly 50% and simultaneously dropped to -40% against ETH.
Q2 saw an elevated level of activity, and average 30-day rolling volatility peaked at 36.1% on April 20th. In June, however, markets came back to relative normality and volatility retraced to 8.03% to end the quarter.