Ripple’s XRP Sales Soar 60% in Q1 2023: Is the SEC Behind It?
Ripple’s XRP Sales
• Ripple’s total sales of XRP, which excluded any XRP that was purchased back, amounted to $361.06 million in the first quarter of 2023
• On-chain activity on the XRP Ledger surged by 34% to reach $115 million, 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
Ripple Q1 2023 Markets Report
Ripple published its XRP Markets Report for Q1 2023. The report aimed to offer transparency and prompt updates on the current condition of the cryptocurrency market, including Ripple’s quarterly XRP sales, significant XRP Ledger and XRP-related updates, as well as its perspective on market advancements from the preceding quarter.
XRP Price Rally
In the most recent quarter, Ripple saw an increase in their sales compared to last quarter’s numbers. This percentage increase was approximately 59.6%. On-chain activity on decentralized exchanges saw a surge while Average Daily Volume (ADV) of XRP on centralized exchanges also saw a rise.
SEC Case Update
Ripple mentioned their ongoing case with SEC in their report and said that “the SEC’s expert’s testimony regarding the “reasonable expectations of an XRP purchaser” was struck from the record” They expect a decision on summary judgment in 2023 though timing is ultimately up to the Court.
Overall, Ripple had a successful first quarter as they reported an increase in their quarterly sales as well as an increase in trading volumes for both decentralized and centralized platforms. Despite their ongoing legal battle with SEC, it seems like Ripple is still doing well.