Overview
• Ripple recently released its XRP Markets Report for Q1 2023, showing a 59.6% increase in total sales of XRP compared to the previous quarter.
• The Average Daily Volume (ADV) of XRP on centralized exchanges increased by 46% to $1 billion, up from $698 million in the previous quarter.
• The SEC case against Ripple is still ongoing, with a decision on summary judgement expected sometime in 2023.
Ripple’s Q1 Results
On April 27, 2023, Ripple published its XRP Markets Report for Q1 2023. This report aims to offer transparency and prompt updates on the current condition of the cryptocurrency market, including the company’s quarterly XRP sales, significant XRP Ledger and XRP-related updates, as well as its perspective on market advancements from the preceding quarter. In the most recent quarter, Ripple’s total sales of XRP (excluding any purchased back) amounted to $361.06 million – an increase compared to the previous quarter when Ripple sold $226.31 million worth of XRP. The percentage increase in XRP sales from one quarter to another was approximately 59.6%.
XRP Activity
In Q1 2023 there was a robust level of activity on the XRP Ledger as decentralized exchange volumes surged by 34% to reach $115 million compared to that of the previous quarter. Additionally, Average Daily Volume (ADV) of XRP on centralized exchanges increased by 46% reaching $1 billion up from $698 million in the previous quarter – indicative of a rise in trading and usage ofX RP both on decentralized and centralized platforms.
The SEC Case Against Ripple
The SEC has been taking legal action against Ripple since December 2020 for alleged security law violations related to their sale and promotion of digital assets known as “XRPs” or “XRapid” tokens . The company has responded stating that they do not believe that these tokens were securities under U.S law at any point during their sale or promotion activities . At present , testimonies given by SEC experts regarding what would be considered “reasonable expectations for an investor purchasing XRPs“ have been struck down along with those attempting to determine what „caused“ price changes associated with this token . A decision is expected later this year though exact timing is dependent upon court proceedings .
Conclusion
Overall , it appears that despite ongoing legal issues ,the use and trading volume associated with Ripple’s native asset –X RP – continues to grow significantly . This suggests strong faith amongst investors who continue using this currency despite potential regulatory risks associated with their investment decisions .
