Ripple reportedly sold over $361M worth of XRP tokens in the first quarter of 2023.
In its XRP Markets Report, Ripple revealed that XRP’s trading volume was up by 46% since Q4 2022 despite the financial turmoil caused by the collapse of several US banks in the previous months.
According to the firm, the average daily traded volume of XRP on centralized exchanges surged from $698M to $1B in Q1 2023. Similarly, XRP’s trading volume on decentralized exchanges stood at $115M, up by 34% since Q4 2022. Ripple added,
“On-chain activity on XRPL remained strong this quarter, as transactions increased 9% to 116M, NFTs continue to drive activity and over 1 million assets have been minted on the Ledger since XLS-20 went live on mainnet.”
However, the number of new wallets on Ripple’s Ledger blockchain decreased from 228K to 140K. The average cost per XRP transaction also increased by roughly 26% since Ripple’s last quarterly report.
Referring to its ongoing lawsuit against the SEC, Ripple estimates the court will decide on the outcome before 2024, adding,
“Ripple expects a decision on summary judgment in 2023 though timing is ultimately up to the Court.”
The XRP token witnessed a small increase in its price since Ripple published the XRP Markets Report. As of writing, the token is priced at $0.47, up by roughly 33% since December 2022.
Written by
Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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