Requirement Volatility (RV), characterized by the uncertainty or alterations in software requirements during the development process, constitutes a critical hurdle in agile software development projects. This empirical study seeks to validate the effectiveness of Agile methodologies in mitigating RV. The study uses an interpretive approach and qualitative research methods such as semi-structured interviews and thematic analysis to understand the effects of RV and to find effective strategies for its management. Several factors, including unclear requirements, ineffective communication, market feedback, competition, stakeholder engagement, expertise shortage, regulatory compliance, and requirement ambiguity, contribute to RV. The manifestations of these factors are detrimental to project outcomes, leading to escalated project risks, lags, cost overruns, and deteriorated software quality. Despite these challenges, agile methodologies including Scrum, XP, and Kanban demonstrate their efficacy in managing RV, attributed to their inherent adaptability, collaboration emphasis, and iterative development process. Additionally, the emotional reactions of agile team members in response to fluctuating requirements are analyzed, and strategies to uphold morale and satisfaction levels are proposed. Efficient communication, proactive and continuous feedback from stakeholders, small and self-organizing teams, and inclusion of domain experts are identified as effective strategies to mitigate RV. While acknowledging potential limitations, such as the limited scope for generalizability and potential constraints in depth of analysis, the study concludes by offering recommendations for effective RV management and lays groundwork for further investigations in the domain of RV management within agile software development projects