• Ripple released its XRP Markets Report for Q1 2023, revealing a 60% increase in XRP sales from the previous quarter.
• On-chain activity and trading volumes of XRP have increased significantly on both centralized and decentralized exchanges.
• In regards to the SEC case against Ripple, the company expects a decision on summary judgment by 2023.
Ripple’s XRP Sales Rose by 60% in Q1 2023
Ripple recently published its XRP Markets Report for Q1 2023, which revealed that total sales of XRP, net of purchases, amounted to $361.06 million – an increase of 59.6% compared to the previous quarter ($226.31 million). This indicates a surge in demand for the cryptocurrency over the past few months.
Robust On-Chain Activity and Trading Volumes
The report also highlighted a robust level of on-chain activity on the XRP Ledger, as decentralized exchange volumes surged by 34% to reach $115 million compared to the previous quarter. Additionally, Average Daily Volume (ADV) of XRP on centralized exchanges increased by 46% to $1 billion, up from $698 million in the previous quarter – demonstrating an encouraging rise in usage and trade of XRP across both platforms.
SEC Case Against Ripple
In relation to the ongoing legal battle between Ripple and US securities regulator SEC, the report stated that “Ripple expects a decision on summary judgment in 2023 though timing is ultimately up to the Court”. The SEC had previously struck out expert testimony regarding “reasonable expectations” of an XRP purchaser as well as attempts at determining what may have caused price changes for this cryptocurrency asset over time.
Growing ODL Business
Since 2020, Ripple has been sourcing XRP from open markets with the aim of providing sufficient supply for their growing ODL business – indicating that they are actively involved in increasing liquidity within this sector.
The latest Q1 2023 reports from Ripple reveal a significant increase in sales along with strong levels of trading and usage across both centralized and decentralized exchanges – suggesting that investors remain confident about this digital asset despite recent legal developments involving its parent company Ripple Labs Incorporated (RLI). As such it will be interesting to see how these trends evolve throughout 2021 as decisions are made regarding future regulatory oversight related to RLI’s activities with respect to their native token XRP