XRP’s monthly trading volume has fallen to its lowest point since before January 2018, according to a chart shared by crypto analyst Dark Defender. The chart, which covers nearly ten years of XRP’s trading activity, vividly tracks the impact of major legal events and product launches on the coin’s volume, highlighting significant changes over the years.
Trading volume trends over key milestones
XRP reached its previous all-time high in January 2018 amid already elevated trading volumes. Ripple, the fintech company behind XRP, introduced its cross-border payment solutions ODL and xRapid in October 2018, which appeared to trigger a temporary increase in activity.
The filing of the US Securities and Exchange Commission (SEC) lawsuit against Ripple in December 2020 marked the highest trading volume recorded in XRP’s history. Activity peaked through late 2020 and early 2021, with more participants engaging in the market during that period.
| Key Event | Date | Volume Trend |
|---|---|---|
| XRP all-time high | January 2018 | Elevated |
| ODL & xRapid launch | October 2018 | Temporary rise |
| SEC lawsuit filed | December 2020 | Volume peak |
| Hinman Documents released | June 2023 | Slight increase |
| Judge Torres’ ruling | July 2023 | Brief recovery |
| Penalty ruling | August 2024 | Minor reaction |
| RLUSD stablecoin launch | December 2024 | Low |
| Lawsuit formally ended | August 2025 | Remained low |
Volume declines after positive developments
After the peak that followed the SEC lawsuit, XRP’s trading volume began to decline steadily. In June 2023, the release of the Hinman Documents offered some legal clarity, while Judge Analisa Torres ruled in July 2023 that XRP is not a security. Both events led to temporary increases in volume, but these failed to reverse the underlying downward trend.
Ripple launched its stablecoin RLUSD in December 2024. When the court case formally ended in August 2025, trading activity had already dropped to historically low levels. Despite various product releases and legal victories, none managed to restore volume to earlier highs.
Current state of XRP trading activity
The latest available data shows XRP’s monthly trading volume hovering around 8.08 million. This is lower than every monthly reading prior to the January 2018 all-time high. The volume remains muted despite XRP’s price trading at relatively high levels compared to the past.
Participation peaked during the SEC lawsuit but has since declined with each product launch and legal win, leaving XRP at historic low trading volumes despite a high price.
Dark Defender directly questioned current market behavior, asking, “Who is buying while they sleep?” This comment referenced the persistent inactivity despite major news and price stability.
Recent observations and market reaction
In a recent post, Dark Defender called attention to the current state of the market, noting that data for September 2026 remains incomplete, but July and August 2026 are finalized. Both these months recorded the lowest full-period volumes since 2017.
He further pointed out, “XRP has never been this quiet at such a high price,” suggesting an unusual disconnect between price and trading activity.
Mini dictionary: Dark Defender, an active crypto analyst and chartist, is known for their detailed breakdowns of technical patterns, historical volume, and notable market events, particularly relating to XRP.
Long-term decline and community criticism
The decade-long chart highlights a consistent pattern: significant upswings in activity coincided with legal uncertainty, followed by years of declining engagement even as Ripple achieved important wins. Critics have underscored $XRP’s lackluster response to milestones, and the ongoing fall in trading volume remains a concern for the community.
