• Ripple delivered impressive Q1 2023 results, reporting a surge in total XRP sales.
• Decentralized exchange volumes on the XRP Ledger increased by 34%, while centralized exchanges saw an increase of 46%.
• NFTs and Bitso’s institutional crypto solutions are driving activity on the Ledger, while new regulatory regimes proposed by the EU, UK, and UAE could provide clarity for the industry.
Ripple Delivers Impressive Q1 2023 Results
Ripple has delivered impressive Q1 2023 results, reporting 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. On-chain activity on the XRPL remained strong with transactions increasing 9% to $115 million compared to the previous quarter. Additionally, average daily volume (ADV) on centralized exchanges saw a considerable jump of 46% to reach $1 billion during the first quarter of 2023.
XRP Markets Show Resilience
Despite experiencing setbacks in the financial sector, including the collapse of Silvergate and the shutdown of Signature Bank, XRP markets have shown resilience recording a 46% quarter-over-quarter increase in volumes attributed to market recovery and large volatile events that tend to spike volumes.
Ripple Committed to Innovation
The exceptional performance of Ripple’s XRP in Q1 2023 is testament to their unwavering commitment to innovation and disruption as blockchain and cryptocurrency continue to reshape the financial industry. The company sources XRP from open markets since 2020 ensuring sufficient supply for its growing ODL business and over one million assets have been minted on their Ledger since mainnet launch last year.
Bitso Institutional Crypto Solutions
Bitso, Latin America’s leading crypto exchange announced that it had surpassed $3.3 billion in transactions between US & Mexico through its institutional crypto solutions utilizing Ripple’s ODL product last year alone.
New Regulatory Regimes Proposed
The EU, UK & UAE have proposed new regulatory regimes for crypto which could provide clarity for companies operating within those regions if adopted; The EU passed its final vote on MiCA regulation April 20th this year