Summary of Article:
– Ripple released its XRP Markets Report for Q1 2023 which shows a 60% increase in the sale of XRP compared to the previous quarter.
– On-chain activity on the XRP Ledger showed a significant rise, with decentralized exchange volumes increasing by 34% and average daily volume (ADV) on centralized exchanges increasing by 46%.
– The SEC case is still ongoing with Ripple expecting a decision on summary judgment in 2023.
Ripple’s Q1 2023 Market Report
Ripple recently released its XRP Markets Report for the first quarter of 2023, offering transparency and updates on the current condition of the cryptocurrency market. This report revealed that Ripple had sold $361.06 million worth of XRP during this quarter, representing a 59.6% increase from sales in the previous quarter ($226.31 million).
Significant Increase in On-Chain Activity
The report also documented a significant rise in on-chain activity for this quarter, with decentralized exchange volumes surging by 34% to reach $115 million and average daily volume (ADV) on centralized exchanges increasing by 46%, up from $698 million in the previous quarter. These figures indicate that there was an overall increase in trading and usage of XRP both on decentralized and centralized platforms.
SEC Case Status Update
Regarding the ongoing SEC case against Ripple, there have been some developments since last year’s filing—specifically, some testimony regarding “reasonable expectations of an XRP purchaser” were struck from records as well as an expert who attempted to determine what “caused” price changes was not accepted into evidence. Currently, Ripple is expecting a decision on summary judgment in 2023 but it is ultimately up to the Court to decide when this will happen.
Conclusion: Is This The SEC Effect?
It remains unclear if these increases are due to speculation about Ripple’s legal battle or if they can be attributed solely to other factors such as increased interest and adoption of cryptocurrencies as digital assets among retail investors or institutional players entering crypto markets en masse . At any rate, it appears that traders remain confident despite unresolved legal issues involving Ripple and its native token—XPR—as evident from its performance over Q1 2023