• Ripple reported its XRP Market Report for Q1 2023, which showed a 59.6% increase in XRP sales compared to the previous quarter.
• On-chain activity on the XRP Ledger increased significantly, with decentralized exchange volumes up 34% and ADVs of XRP on centralized exchanges up 46%.
• The SEC’s case against Ripple is still ongoing, with a decision expected at some point in 2023.
Ripple’s Q1 2023 XRP Markets Report
Ripple released its latest quarterly report on April 27th, 2023 about their performance in the markets during the first quarter of 2023. This report provides insight into the current state of cryptocurrency markets and outlines the company’s sales of XRP from this quarter as well as significant updates regarding its ledger and related activities.
XRP Sales Increase by 60%
In Q1 2023, Ripple’s total sales of XRP (excluding purchased back coins) amounted to $361 million – an increase of approximately 59.6 % compared to the previous quarter’s $226 million figure. According to the report, these figures indicate that Ripple has been selling more XRP as part of their On-Demand Liquidity (ODL) operations since 2020 in order to ensure there is sufficient supply available for their growing business.
Robust Activity on XRP Ledger
The first quarter saw strong levels of activity on the XRP Ledger; decentralized exchange volumes rose 34 % to reach $115 million while Average Daily Volume (ADV) was up 46 % at $1 billion when compared with Q4 2022 figures ($698 million). This demonstrates a considerable rise both in terms of trading and usage for this cryptocurrency across both centralized and decentralized platforms.
SEC Case Against Ripple
Regarding its legal troubles with the U.S Securities & Exchange Commission (SEC), Ripple stated that certain testimonies by SEC experts have been struck from record while they wait for a summary judgment decision sometime later next year (2023). As it stands now, this could potentially be one reason why investors are increasingly buying more XRP tokens due to speculation over how this case will end up playing out – positive or negative for Ripple?
Ripple’s latest market report revealed that it sold significantly more tokens than before this past quarter – an increase of nearly 60 % from prior ones – indicating growing demand for their product despite legal issues concerning securities regulations looming over them. On-chain activity also shot up considerably as traders flocked towards both centralized and decentralized exchanges; signifying an overall bullish sentiment towards cryptocurrencies such as XRP which could be further bolstered if/when things go favorably with regards to their legal disputes in court.