XRP Dominates The Market: ADV On Centralized Exchanges Surged by 46% In Q1 2023, Report

0 7

XRP, the sixth-largest cryptocurrency by market capitalization, has recorded significant gains in the first quarter of 2023. Despite a drop from its yearly high of $0.590, XRP dominated the crypto market with total sales in Q1 2023 of $361.06M, net of purchases, compared to $226.31M in the previous quarter.

XRP Shines In Q1, Records Impressive Growth And Performance

According to the Q1 report by Ripple, XRP Ledger (XRPL) on-chain activity remained strong, with decentralized exchange volumes increasing by 34% to $115M in Q1 2023 versus Q4 2022. Furthermore, XRP Average Daily Volume (ADV) on centralized exchanges jumped 46% in Q1 to $1B from $698M, indicating high demand for the cryptocurrency.

XRP

knife

While financial turmoil dominated the markets in Q1 of 2023, the token recorded a 46% increase in volumes compared to the previous quarter, according to the report. This increase can be attributed to market recovery and large volatile events spike volumes.

Furthermore, according to the data released by Ripple, the XRPL’s on-chain activity remained strong in Q1 2023. The total number of transactions increased to 116,341,516, up from 106,429,153 in the previous quarter. The average cost per transaction (in XRP) also increased slightly to 0.00121 from 0.00096 in Q4 2022, while the average cost per transaction was $0.000484.

In addition, the XRPL burned 140,993 tokens for transaction fees in Q1 2023, reflecting an increase from the previous quarter. The average XRP closing price during the period was $0.40, slightly lower than the previous quarter’s $0.42.

The XRPL’s decentralized exchange (DEX) volumes also increased in Q1 2023, with $114,567,441 traded on DEX, up from $85,772,947 in the previous quarter. The number of trust lines remained stable at 8,317,321, while the number of new wallets created was 140,558.

Moreover, The XRP Ledger’s on-chain activity remains robust, with Ripple’s latest report revealing that transactions increased by 9% in Q1 2023 to 116 million, compared to 106 million in the previous quarter. NFTs have emerged as a key driver of activity, with over one million assets minted on the Ledger since XLS-20 went live on the mainnet.

Rising Above The Rest

The report also notes that due to the recent banking crisis, Ripple temporarily stopped purchasing XRP for several days due to the disruption. However, the company has since resumed purchases and plans to continue purchasing XRP as ODL (On-Demand Liquidity) adoption grows.

In addition, during Q1 2023, three billion XRP were released out of escrow, with one billion released each month, in line with prior quarters and the official escrow arrangement. Of the three billion XRP, 2.1 billion were returned and subsequently put into new escrow contracts throughout the quarter, ensuring the stability and predictability of XRP’s supply.

At the time of writing, XRP is trading at $0.4640, representing a decline of 2.5% over the past 24 hours. In the wider time frames, XRP is experiencing a downturn, with 5%, 8%, and 3% decreases in the seven-day, fourteen-day, and 30-day timeframes, respectively.

XRP

Featured image from Unsplash, chart from TradingView.com

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,085.24
ethereum
Ethereum (ETH) $ 3,532.80
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 601.56
solana
Solana (SOL) $ 183.54
staked-ether
Lido Staked Ether (STETH) $ 3,530.88
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.600374
dogecoin
Dogecoin (DOGE) $ 0.140737
the-open-network
Toncoin (TON) $ 7.15
cardano
Cardano (ADA) $ 0.442354
avalanche-2
Avalanche (AVAX) $ 32.61
tron
TRON (TRX) $ 0.134511
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,098.25
chainlink
Chainlink (LINK) $ 14.94
polkadot
Polkadot (DOT) $ 6.42
bitcoin-cash
Bitcoin Cash (BCH) $ 399.42
near
NEAR Protocol (NEAR) $ 6.34
uniswap
Uniswap (UNI) $ 8.14
litecoin
Litecoin (LTC) $ 73.80
dai
Dai (DAI) $ 0.999982
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,687.00
matic-network
Polygon (MATIC) $ 0.54832
internet-computer
Internet Computer (ICP) $ 10.79
kaspa
Kaspa (KAS) $ 0.179228
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.51
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.10592
monero
Monero (XMR) $ 163.97
blockstack
Stacks (STX) $ 1.99
mantle
Mantle (MNT) $ 0.881344
render-token
Render (RNDR) $ 7.19
dogwifcoin
dogwifhat (WIF) $ 2.80
filecoin
Filecoin (FIL) $ 4.78
injective-protocol
Injective (INJ) $ 27.81
arbitrum
Arbitrum (ARB) $ 0.802625
maker
Maker (MKR) $ 2,885.21
hedera-hashgraph
Hedera (HBAR) $ 0.074421
immutable-x
Immutable (IMX) $ 1.69
crypto-com-chain
Cronos (CRO) $ 0.09522
okb
OKB (OKB) $ 42.44
cosmos
Cosmos Hub (ATOM) $ 6.51
bittensor
Bittensor (TAO) $ 353.70
vechain
VeChain (VET) $ 0.030789
bonk
Bonk (BONK) $ 0.000033
arweave
Arweave (AR) $ 34.17
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.8525
the-graph
The Graph (GRT) $ 0.220457
floki
FLOKI (FLOKI) $ 0.000209
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,952.31
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,579.46
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,664.72
lido-dao
Lido DAO (LDO) $ 1.95
theta-token
Theta Network (THETA) $ 1.66
thorchain
THORChain (RUNE) $ 4.89
notcoin
Notcoin (NOT) $ 0.016047
bitget-token
Bitget Token (BGB) $ 1.15
ondo-finance
Ondo (ONDO) $ 1.09
fantom
Fantom (FTM) $ 0.540919
aave
Aave (AAVE) $ 99.77
coredaoorg
Core (CORE) $ 1.64
jasmycoin
JasmyCoin (JASMY) $ 0.03042
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.145008
celestia
Celestia (TIA) $ 6.74
pyth-network
Pyth Network (PYTH) $ 0.36783
algorand
Algorand (ALGO) $ 0.160065
sei-network
Sei (SEI) $ 0.392764
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,524.18
mantra-dao
MANTRA (OM) $ 1.38
quant-network
Quant (QNT) $ 76.46
gatechain-token
Gate (GT) $ 7.85
elrond-erd-2
MultiversX (EGLD) $ 36.87
flow
Flow (FLOW) $ 0.656371
beam-2
Beam (BEAM) $ 0.019558
gala
GALA (GALA) $ 0.026568
msol
Marinade Staked SOL (MSOL) $ 220.30
kucoin-shares
KuCoin (KCS) $ 10.00
axie-infinity
Axie Infinity (AXS) $ 6.43
bitcoin-sv
Bitcoin SV (BSV) $ 47.87
popcat
Popcat (POPCAT) $ 0.954497
eos
EOS (EOS) $ 0.611905
flare-networks
Flare (FLR) $ 0.020347
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,590.52
ethereum-name-service
Ethereum Name Service (ENS) $ 27.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.08
dydx-chain
dYdX (DYDX) $ 1.46
bittorrent
BitTorrent (BTT) $ 0.00000090644286
ordinals
ORDI (ORDI) $ 41.47
akash-network
Akash Network (AKT) $ 3.57
neo
NEO (NEO) $ 12.10
mog-coin
Mog Coin (MOG) $ 0.000002