Ripple Surges Ahead, XRP Sales Up 46% in Q1 2023

• Ripple reported a surge in total XRP sales in Q1 2023.
• The XRP Ledger’s on-chain activity increased by 34%, with an average daily volume (ADV) on centralized exchanges of $1 billion.
• Regulatory regimes for crypto have been proposed by the EU, UK, and UAE, which 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. Decentralized exchange volumes on the XRP Ledger have increased in Q1 2023 and markets have shown resilience with a 46% increase in volumes. Net of purchases, the figure stood at $361.06 million compared to the previous quarter’s $226.31 million.

On-Chain Activity Remains Strong

The XRP Ledger’s on-chain activity continued to perform well, with decentralized exchange volumes increasing by 34% to $115 million in Q1 2023 and an average daily volume (ADV) on centralized exchanges of $1 billion. Bitso, a leading crypto exchange in Latin America announced that it exceeded $3.3 billion in transactions between US and Mexico last year through its institutional crypto solutions utilizing Ripple’s ODL product.

XRP Resilience Despite Setbacks

Despite experiencing setbacks in the financial sector including Silvergate collapse and Signature Bank shutdown ,XRP markets showed resilience recording a 46% quarter-over-quarter increase in volumes due to market recovery and volatile events that result in spike of volumes . This growth can be attributed to market recovery and large volatile events that tend to spike volumes..

Ripple Committed To Innovation & Disruption

The exceptional performance of Ripple’s XRPin 1Q2023 is testament to company’s unwavering commitment to innovation and disruption as blockchain & cryptocurrency continue reshaping financial industry & revolutionizing value transaction space .

New Regulatory Regimes For Crypto Proposed

The EU ,UK & UAE proposed new regulatory regimes for crypto which could provide clarity for industry . The EU’s final vote on Markets In Crypto Assets regulation (MiCA ) passed April 2021st . The UK government introduced comprehensive regulatory framework for cryptocurrencies proposing classification system based upon degree of investor protection required .