A recent report from Messari showed that Ripple’s XRP surged more than 55% in the first quarter of 2023, outperforming the entire cryptocurrency market.
according to a Messari’s report, Ripple’s XRP outperformed the entire cryptocurrency market in the first quarter of 2023, growing by more than 55% quarter-on-quarter (QoQ). Messari revealed that XRP’s market capitalization increased from $17.4 billion on January 1 to an impressive $27.4 billion on March 31, a surge of 59.9% in the first quarter. While XRP’s market capitalization increased by 59.9%, its price surged 55% in the first quarter.
The entire cryptocurrency market grew by just 46% during the same period.
XRP started the year at $0.35, but rose sharply in a market-wide rally, reaching a high of $0.43 on Jan. 23. However, the price of the asset faced resistance at this price and rose by 19.71% at the end of January.
However, Ripple’s native token fell as low as $0.36 in February, but ended the month at $0.37. XRP lost 7.27% in February.
XRP moves in March
XRP moved with strong bullish momentum in March, gaining 20% overnight on March 22. Ripple’s XRP was on the verge of reaching its very bullish target of $0.50, but ultimately failed to reach a high of $0.49.
The asset rallied on the U.S. banking crisis and expectations of a rate hike by the Federal Reserve. The price rallied further amid speculation that Ripple’s case with the SEC would soon end.
XRP was on track to end March with a bang when it surged to a 10-month high of $0.58 on March 29, witnessing a 56% solo flight in just two weeks. The asset fought off several bearish attacks, closing March at $0.54. XRP gained 43% during the March rally and ended the first quarter with a 55% price increase. Against the backdrop of stunning growth in the first quarter, Ripple reported that it sold over $361 million worth of XRP tokens in the first three months of 2023.
Q2 has yet to prove too profitable for XRP, at the time of writing, Changed hands for $0.46.
Things are looking up for Ripple
This week, Ripple scored a victory in its ongoing legal battle with the SEC. A court has denied the SEC’s request to seal documents related to statements by former SEC official William Hinman about ether. Hinman, the former director of the SEC’s Division of Corporate Finance, spoke cautiously in 2018, suggesting that Ether is not a security.
Hinman’s statements are significant to the case because they set a precedent for digital assets like XRP.
Ripple further announced the acquisition of Metaco, a well-known cryptocurrency custodian, for $250 million. In a move seen as a positive sign for the future of Ripple and Metaco, Ripple will take sole responsibility for Metaco while still allowing current CEO Adrien Traccani to manage operations independently. Traccani has been instrumental in helping Metaco get to where it is today.
Ripple president Monica Long stated that customers will benefit greatly from the deal:
Adding these capabilities to Ripple’s already growing product offering means we can continue to support customers as they look to embrace the true potential of cryptocurrencies and blockchain in real-world applications.
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.