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Blockchain company Ripple has reported that it sold over $361 million worth of XRP tokens in the first three months of 2023 (Q1), according to the XRP Markets Report.
Ripple’s Stunning Growth
Ripple’s figures were a significant increase over the previous quarter when it had recorded sales of $226 million worth of XRP. The company published the figures in its latest XRP Markets Report for Q1 2023. Ripple has focused on creating global payment products. Ripple stated in its report,
“Total XRP sales by Ripple in Q1 2023, net of purchases, were $361.06M v. $226.31M the previous quarter.”
In line with its vision, the company has developed the decentralized XRP payment system. Both Ripple and XRP are entirely different entities. However, Ripple uses XRP and its public blockchain to power the products it offers.
Ripple’s on-demand liquidity product fueled XRP’s exceptionally high sales for Q1 2023. Ripple’s on-demand liquidity helps users move funds around the world without requiring any intermediary or corresponding banking relationship.
Strong On-Chain Activity
Meanwhile, Ripple also reported strong on-chain activity, with its decentralized exchange volume rising by 34% from Q4 2022 and moving to $115 million.
“RP Ledger on-chain activity remained strong, with decentralized exchange volumes increasing 34% to $115M in Q1 2023 versus Q4 2022. XRP Average Daily Volume (ADV) on centralized exchanges jumped 46% in Q1 to $1B from $698M.”
Ripple has stated that it has sourced XRP from the open market in an effort to ensure enough supply for its expanding on-demand liquidity business. The 2023 XRP Markets Report also talked about new regulatory regimes proposed in the European Union (EU), the United Kingdom (UK), and the United Arab Emirates (UAE). These regulations will focus on crypto, licensing, and activity-based frameworks.
Developers also proposed a new interoperability standard (XLS-38d) for the XRP ledger. This standard would allow users to transfer digital assets and data between blockchains, irrespective of the programming language and the underlying protocol. XRP’s price had seen a significant increase in March, when it rose by over 20% almost overnight, reaching a high of $0.56 on the 29th of March. However, the price did register a drop shortly after. Currently, XRP is trading at $0.47.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.