• Ripple reported total XRP sales of $361.06 million in Q1 2023, a significant improvement from the previous quarter’s $226.31 million.
• XRP Ledger’s on-chain activity increased by 34%, with decentralized exchange volumes reaching $115 million in Q1 2023.
• Average daily volume (ADV) on centralized exchanges saw a considerable jump of 46% to reach $1 billion in the first quarter.
Ripple Delivers Impressive Q1 2023 Results: XRP Sales Surge
Ripple has delivered impressive results for their first quarter of 2023, reporting a surge in total XRP sales and increased growth in decentralized exchange volumes on the XRP Ledger. Despite experiencing setbacks in the financial sector, XRP markets showed resilience with a 46% increase in volumes compared to the previous quarter.
Net of Purchases
Net of purchases, Ripple reported total XRP sales at $361.06 million for Q1 2023, which marked a significant improvement from the previous quarter’s $226.31 million figure. Additionally, on-chain activity on the XRPL saw an increase of 9%, with transactions rising to $115 million compared to last quarter’s figures.
Average Daily Volume (ADV)
The average daily volume (ADV) on centralized exchanges also saw a considerable jump of 46% to reach $1 billion during this period – showing that despite some financial sector setbacks such as Silvergate’s collapse and Signature Bank’s shutdown, XRP markets remain resilient and have been able to capitalize on volatile events that tend to spike volumes significantly.
Commitment To Innovation
The exceptional performance of Ripple’s XRP is testament to their unwavering commitment to innovation and disruption within the industry. The company has been sourcing XRP from open markets since 2020 and is continuing to drive change through its products such as ODL (On-Demand Liquidity), which Bitso recently announced had surpassed $3.3 billion in transactions between US and Mexico during 2022 alone .
Regulatory Clarity
Regulatory clarity is also being provided through new regulatory regimes proposed by EU, UK and UAE governments recently – such as Markets In Crypto Assets regulation passed by EU parliament earlier this month – all helping shape blockchain & cryptocurrency technology into becoming more mainstream than ever before!