Monica Long, the president of Ripple, has expressed her satisfaction with the growth rate observed for XRP on-chain and exchange volumes over the past three months.
She makes the point that despite the complete craze in the financial markets, bitcoin has held up well. The three main banks supporting crypto firms closed in Q1, 2023, necessitating the hunt for new partners. As a result, the fiat railroads to these banks, used by the bulk of the crypto industry to transfer money into and out of crypto, had to be rebuilt.
According to statistics from CryptoCompare, XRP market volumes rose 46% QoQ in Q1 despite broader financial instability. This is most likely due to a mix of the market recovery that followed and big volatile events that frequently result in volume spikes. On the other hand, on a quarterly basis, spot volumes for BTC and ETH increased by 12% and decreased by 12%, respectively.
With decentralised exchange volumes increasing 34% to $115 million in Q1, 2023, compared to Q4, 2022, on-chain activity on the XRP Ledger remained solid. In the first quarter, XRP’s average daily volume on centralised exchanges rose by 46%, from $698 million to $1 billion.
The two main exchanges in South Korea, Upbit and Bithumb, saw a spike in XRP trade volume at one point in March.
The number of XRPL on-chain transactions climbed to 116 million in Q1 2023 from 106 million the previous quarter, an increase of 9%. NFTs have continued to drive activity since XLS-20 went online on the mainnet, and more than 1 million assets have been generated on the ledger.
In Q1, 2023, Ripple sold $361.06 million worth of XRP in total, up from $226.31 million in the previous quarter, net of purchases.
The beginning of Ripple’s CBDC partnership in Montenegro was announced on Twitter by Anthony Welfare, a CBDC adviser for Ripple.
