As Ripple anticipates a decision on summary judgment in 2023, XRP emerges as the biggest gainer among major cryptocurrencies, increasing 2.86% in the last 24 hours, according to the company’s Q1 report.
Why is this important?
- Ripple’s Q1 report shows strong growth in sales and on-chain activity
- XRP’s positive momentum comes ahead of a possible resolution in the SEC lawsuit
- The report highlights the new interoperability standard (XLS-38d) proposed by Ripple developers
Details: Ripple’s Q1 2023 report revealed that net XRP sales reached $361.06 million, a 60% increase from the previous quarter, reflecting the growth of Ripple’s on-demand liquidity (ODL) payments solution. Global XRP volume increased by 42% quarter-on-quarter (QoQ), while on-chain activity on the XRP ledger (XRPL) rose for the second straight quarter, with transactions increasing by 9% to 116 million.
Brad Garlinghouse criticized the U.S. regulatory landscape
The report also highlighted the new interoperability standard (XLS-38d) proposed by Ripple developers, aimed at facilitating the transfer of digital assets and data between blockchains. Ripple CEO Brad Garlinghouse criticized the U.S. regulatory landscape but praised steps taken by other markets, such as Europe and UAE, to foster crypto activities.
Whales have started to trade heavily, as evidenced by the big jump in whale transactions, and XRP’s Open Interest (OI) reached $509.86 billion, increasing by 8.73% in the last 24 hours. However, XRP’s OI plummeted 30% on a month-to-date (MTD) basis.
