February 23, 2024

Blockchain company Ripple reported that it sold over $361 million worth of XRP tokens in the first three months of 2023 (Q1), according to the XRP Markets report.

Ripple’s Stunning Growth

Ripple’s figures represent a notable increase from the previous quarter, when it recorded $226 million worth of XRP sales. The firm published these figures in its latest Q1 2023 XRP Market Report. Ripple focuses on creating global payment products. In its report, Ripple said,

“Ripple’s total XRP sales (net of purchases) in Q1 2023 were $361.06 million, compared to $226.31 million in the previous quarter.”

According to its vision, the company developed a decentralized XRP payment system. Ripple and XRP are completely different entities. However, Ripple uses XRP and its public blockchain to power the products it offers.

Ripple’s on-demand liquidity product drove unusually high XRP sales in the first quarter of 2023. Ripple’s On-Demand Liquidity helps users move funds globally without any intermediaries or corresponding banking relationships.

Strong on-chain activity

Meanwhile, Ripple also reported strong on-chain activity, with its decentralized transaction volume up 34% from Q4 2022 to $115 million.

“RP Ledger on-chain activity remains strong, with decentralized transaction volume up 34% to $115 million in Q1 2023 compared to Q4 2022. Average daily volume of XRP on centralized exchanges in Q1 (ADV) jumped 46% to $1 billion from $698 million.”

Ripple says it has procured Ripple To ensure adequate supply for its expanding on-demand liquidity business. The XRP Market Report 2023 also talks about new regulatory regimes proposed by the European Union (EU), United Kingdom (UK), and United Arab Emirates (UAE). These regulations will focus on encryption, permission and activity-based frameworks.

The developers have also proposed a new interoperability standard (XLS-38d) for the XRP Ledger. The standard will allow users to transfer digital assets and data between blockchains regardless of programming language and underlying protocol. The price of XRP has surged in March, rising more than 20% almost overnight, reaching a high of $0.56 on March 29. However, prices did drop shortly after. Now, Ripple It is trading at $0.47.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.