Ripple President Monica Long praises XRP’s on-chain and exchange volume growth in Q1 2023, highlighting its resilience amidst financial market chaos and the closure of three primary banks servicing crypto businesses.
Why is it important?
XRP’s remarkable performance indicates growing investor confidence in the cryptocurrency and its potential for future success, despite challenges in the financial sector.
Details: XRP market volumes rose 46% QoQ in Q1, while BTC and ETH saw 12% increases and decreases, respectively. On-chain activity on the XRP Ledger remained strong, with decentralized exchange volumes up 34% to $115 million. Average daily XRP volume on centralized exchanges increased by 46%, reaching $1 billion.
On-chain transactions on XRPL grew by 9% to 116 million in Q1 2023. XLS-20, a driving force behind this growth, has seen over 1 million assets created on the ledger. Ripple’s net total XRP sales reached $361.06 million, up from $226.31 million in the previous quarter.
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