Ripple has reported a strong Q1 2023 with total XRP sales, net of purchases, reaching $361.06 million, a significant increase compared to the $226.31 million recorded in the previous quarter.
The XRP Ledger on-chain activity continued to perform well, with decentralized exchange volumes increasing by 34% to $115 million in Q1 2023, compared to Q4 2022.
The average daily volume (ADV) on centralized exchanges also jumped by 46% to reach $1 billion in the first quarter.
Despite setbacks in the financial sector, including the collapse of Silvergate and the shutdown of Signature Bank, XRP markets demonstrated resilience with a 46% quarter-over-quarter increase in volumes. This growth can be attributed to a combination of market recovery and large volatile events that tend to spike volumes.
Comparatively, BTC and ETH spot volumes increased by 12% and decreased by 12% respectively, while derivatives volumes for both assets increased.
The report also highlighted that several countries had introduced new regulatory frameworks to provide clarity for the cryptocurrency market.
In a recent tweet, Ripple's CEO, Brad Garlinghouse, expressed his optimism about the global regulatory landscape, emphasizing that while the United States may appear to be lagging behind, the European Union, the United Kingdom, and the United Arab Emirates have all recently implemented new regulatory frameworks for cryptocurrency activities.
U.Today Editorial Team
Dan Burgin
