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Ripple President Monica Long has expressed delight at the rate of growth seen for XRP on-chain and exchange volumes in the last quarter.
She points out that cryptocurrency has remained resilient despite the absolute mania in the financial markets. The fiat rails to these banks, used by the majority of the crypto sector to move money into and out of crypto, had to be rebuilt as a result of the following closures of the three primary banks servicing crypto businesses in Q1, 2023, which necessitated the search for new partners.
Despite the absolute mania in financial markets in Q1, crypto remains resilient – what a quarter for XRP on-chain / exchange volumes 👀! Check out our quarterly markets report for data on Ripple's XRP purchases, XRPL technical updates and more: https://t.co/HXdUn0VqoA
— Monica Long (@MonicaLongSF) April 28, 2023
Despite broader financial turmoil, XRP market volumes increased 46% QoQ in Q1 based on data from CryptoCompare, most likely as a result of a combination of the market recovery that followed and significant volatile events that tend to cause volume spikes. On the other hand, spot volumes for BTC and ETH were up 12% and down 12%, respectively, on a quarterly basis.
On-chain activity on XRP Ledger continued to be robust, with decentralized exchange volumes rising 34% to $115 million in Q1, 2023, compared to Q4, 2022. On centralized exchanges, the average daily volume of XRP increased by 46% in the first quarter, from $698 million to $1 billion.
At one point in March, XRP took the top spot in terms of trading volume on South Korea's two major exchanges, Upbit and Bithumb.
In Q1, 2023, XRPL on-chain transactions increased 9% to 116 million from 106 million in the previous quarter. Since XLS-20 went live on the mainnet, NFTs have continued to fuel activity, and over 1 million assets have been created on the ledger.
Net of purchases, total XRP sales by Ripple in Q1, 2023, were $361.06 million, as opposed to $226.31 million in the prior quarter.
In related news, Anthony Welfare, a CBDC advisor for Ripple, announced on Twitter the kickoff of Ripple's CBDC collaboration in Montenegro.
Alex Dovbnya
Valeria Blokhina
