XRP Sales Surge: Ripple Delivers Impressive Q1 2023 Results
• Ripple has reported a surge in total XRP sales, with net of purchases reaching $361.06 million in Q1 2023.
• Decentralized exchange volumes on the XRP Ledger increased by 34%, and centralized exchanges saw a 46% increase in ADV.
• NFTs continue to drive activity, and Bitso surpassed $3.3 billion in transactions between the US and Mexico through its ODL product.
Ripple’s Impressive Q1 2023 Results: XRP Sales Surge
Significant Increase in Total XRP Sales
Ripple delivered impressive Q1 2023 results, as the company reported a surge in total XRP sales. Net of purchases, the figure stood at $361.06 million, which marked a significant improvement from the previous quarter’s $226.31 million.
Strong On-Chain Activity
The XRP Ledger’s on-chain activity continued to perform well, with decentralized exchange volumes increasing by 34% to $115 million in Q1 2023 compared to Q4 2022. Additionally, average daily volume (ADV) on centralized exchanges saw a considerable jump of 46% to reach $1 billion in the first quarter.
XRP Markets Show Resilience
Despite experiencing setbacks in the financial sector, including the collapse of Silvergate and the shutdown of Signature Bank, XRP markets showcased resilience by recording a 46% quarter-over-quarter increase in volumes. This growth can be attributed to market recovery and large volatile events that tend to spike volumes.
Ripple’s Commitment To Innovation & Disruption
The exceptional performance of Ripple’s XRP in Q1 2023 is a testament to the company’s unwavering commitment to innovation and disruption as blockchain and cryptocurrency continue reshaping the financial industry .
Key Takeaways from Ripple Report
Ripple only sells XRP for ODL transactions and sources it from open markets since 2020; NFTs have driven activity on chain with over 1M assets minted; Bitso surpassed $ 3billion USD transaction between US & Mexico through ODL product; Proposed new regulatory regimes for crypto could provide clarity for industry