• Ripple reported an impressive surge in total XRP sales in Q1 2023, net of purchases.
• The XRP Ledger’s on-chain activity saw a 34% increase in decentralized exchange volumes and a 46% jump in average daily volume (ADV) on centralized exchanges.
• Bitso announced that it had surpassed $3.3 billion in transactions between the US and Mexico using Ripple’s ODL product, while the EU, UK, and UAE proposed new regulations for cryptocurrencies.
Ripple Delivers Impressive Q1 2023 Results
Ripple has delivered impressive results for the first quarter of 2023, reporting a surge in total XRP sales. Decentralized exchange volumes on the XRP Ledger have increased by 34% compared to Q4 2022, while average daily volume (ADV) on centralized exchanges rose by 46%. These figures indicate resilience of the XRP markets despite setbacks in the financial sector such as Silvergate’s collapse and Signature Bank’s shutdown.
Net Total XRP Sales
Net of purchases, Ripple’s total XRP sales stood at $361.06 million for Q1 2023 – representing a significant improvement from its previous quarter figure of $226.31 million. This growth can be attributed to market recovery and large volatile events which tend to spike volumes.
Bitso Transacts Over $3 Billion USD with ODL Product
Bitso, Latin America’s leading crypto exchange announced that it had surpassed $3.3 billion in transactions between the US and Mexico through its institutional crypto solutions which utilized Ripple’s On-Demand Liquidity (ODL) product. This serves as testament to Ripple’s commitment to innovation and disruption within the financial sector through blockchain technology and cryptocurrency solutions.
New Regulations Proposed Across Europe & Middle East
The European Union (EU), United Kingdom (UK), and United Arab Emirates (UAE) have proposed new regulatory regimes for cryptocurrency services which could provide greater clarity within this industry if adopted into law. The EU voted on April 20th regarding their Markets in Crypto Assets regulation (MiCA).
Ripple is continuing its mission to revolutionize how we transact value through blockchain technology with impressive performance from its flagship asset XRP during Q1 2023 despite challenging circumstances faced by other traditional financial institutions within this space. With new regulations being proposed across Europe & Middle East, there is potential for further increases for adoption as well as security within this sector going forward into 2021