Ripple’s XRP Sales Soar 60% in Q1 2023: Is This the SEC’s Doing?
• Ripple released its XRP Markets Report for Q1 2023 which included 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.
• The total sales of XRP increased by 59.6% compared to the previous quarter and on-chain activity rose significantly with a 34% increase in decentralized exchange volumes.
• Regarding the SEC case, Ripple expects a decision on summary judgment in 2023 though timing is ultimately up to the Court.
Overview of Ripple’s Q1 2023 XRP Market Report
Ripple recently published its XRP Markets Report for Q1 2023 which offers insights into the cryptocurrency market including details about their sales of XRP, significant ledger and related updates, and perspectives on current advancements in the market. The report revealed an increase of 59.6% in total sales compared to the previous quarter along with a rise in on-chain activity with an increase of 34% in decentralized exchange volumes. Additionally, there was an average daily volume (ADV) of XRP on centralized exchanges that increased by 46%.
Ripple’s Sales Of XRP
Ripple’s total sales of XRP during Q1 2023 amounted to $361.06 million after excluding any purchased back amounting to an increase compared to their previous quarter at $226.31 million worth sold. This indicates that their sale is increasing steadily quarter over quarter likely due to their usage within ODL transactions or On Demand Liquidity services which are used by companies like MoneyGram who use it for international payments faster than traditional methods.
On Chain Activity On The Ledger
The report also noted a surge in decentralized exchange volumes by 34% reaching $115 million indicating a large uptick in trading and usage both on decentralized and centralized platforms such as ADV increasing from 698 million up to 1 billion USD worth being traded each day across these platforms respectively.
SEC Case Against Ripple
In regards to the SEC case against Ripple, they expect a decision sometime this year though it ultimately depends upon what choice the court makes regarding summary judgement for allegations made against them concerning whether or not their token should be classified as security rather than utility token under US Law
Overall this data appears positive for Ripple’s future despite ongoing legal issues they may face and could suggest more trust being placed within them by institutional investors leading potentially more money coming into their platform as well as bigger partnerships continuing throughout this year that will further help build confidence amongst users looking towards investing into cryptocurrency markets