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XRP XRP trading volumes shrink to historical lows: The deep logic behind market calmness
XRP trading volumes have plunged to their lowest level before January 2018. This is not a trivial statistical footnote, but a market signal worthy of in-depth examination. Cryptocurrency analyst Dark Defender (@DefendDark) documented this phenomenon through a detailed trading volume chart covering nearly a decade of XRP history.
Evolution of trading volume under legal and product milestones
This chart maps monthly XRP trading volume to major legal and product information nodes in Ripple's history, clearly showing traders 'reactions to each event:
- When the lawsuit was initiated: Everyone was present; trading volume peaked!
- When lawsuit wins: Half of the people left.
- At the end of the lawsuit: The rest also left.
Today, XRP trading volumes are even lower than when they hit a record high in 2018. So, who buys in sleep?
surged at the worst time
XRP's previous all-time high came in January 2018. Trading volumes were already at high levels before entering this period. Subsequently, Ripple launched ODL and xRapid products in October 2018, a product milestone that triggered a clear volume response on the chart.
In December 2020, the SEC filed a lawsuit, and trading volume exploded. The chart shows that this peak is the most active trading period on record for XRP, and the highest trading volume histogram is concentrated from the end of 2020 to the beginning of 2021.
Victory brought a decline in trading volumes
After these events, trading volumes began to fall. In June 2023, the Hinman Document was released; in July 2023, Judge Torres ruled that XRP was not a securities, and trading volume briefly rebounded; in August 2024, the ruling on fines was made, triggering another round of small reactions; In December 2024, Ripple's stablecoin RLUSD was launched; in August 2025, the lawsuit was officially concluded, but by this time trading volume was already at a very low level.
Position of current trading volume
The current monthly trading volume is approximately 8.08 million. This figure suggests that current activity is lower than any monthly reading recorded by XRP before reaching a record high in January 2018. Every product launch, every legal victory, and every solution reached has a reaction, but none has reversed the decline in transaction volume.
Dark Defender asked a direct question about this situation: "Who buys in sleep?"
Follow-up observations
Dark Defender provided additional explanations on the current data in subsequent posts. The data for September 2026 is the data for the month to date, so its histogram is incomplete. He suggested focusing on data for July and August 2026, which are complete months and are lower than any complete month recorded since 2017.
He highlighted one feature of the current environment: "XRP has never been so quiet at high prices."
Conclusion pointed to by the chart
This chart covers XRP trading volume data for the past decade. Participation peaked at the worst of the legal situation and continued to decline with every positive development that followed. Trading volumes are currently at historically low levels relative to prices.
Dark Defender does not provide specific price targets, but XRP has been criticized for its poor response to major market events, a phenomenon highlighted by this chart that shows a long-term downward trend in trading volumes.
