With total XRP sales, net of acquisitions, hitting $361.06 million in the first quarter of 2023, Ripple has posted a good first quarter compared to the $226.31 million reported in the prior quarter.
On-chain activity on the XRP Ledger continued to run smoothly, with decentralised exchange volumes rising 34% to $115 million in Q1 2023 from Q4 2022.
The average daily volume (ADV) on centralised exchanges also increased by 46% in the first quarter to hit $1 billion.
Despite setbacks in the financial industry, including as Silvergate’s demise and the closure of Signature Bank, XRP markets showed resiliency with a 46% rise in volumes quarter over quarter. This surge can be linked to both market recovery and significant volatile events that frequently cause volume spikes.
Comparatively, spot volumes for BTC and ETH rose by 12% and fell by 12%, respectively, while derivatives volumes rose for both assets.
The study also emphasised that new legal frameworks have been put in place by a number of nations to clarify the bitcoin sector.
Brad Garlinghouse, CEO of Ripple, recently tweeted his optimism regarding the global regulatory environment, pointing out that while it might seem like the United States is lagging behind, the European Union, the United Kingdom, and the United Arab Emirates have all recently put in place new regulatory frameworks for cryptocurrency activities.
