Ripple released a solid first quarter XRP Market Report
During Q1 of 2023, the price of XRP appreciated 24% with ADV on centralized exchanges also scaling up to an average of $1.0B, up 46% from Q4 2022.
Salient points from the report included:
Ripple sold $361.06 million in XRP in Q1 versus $226.31 million in Q4 2022.
XRP Ledger on-chain activity was robust, with decentralized exchange volume increasing 34% to $115 million in Q1, quarter-on-quarter.
Average daily volume on centralized exchanges surged 46% to $1 billion in Q1.
Developers proposed a new interoperability standard (XLS-38d) for the XRP ledger. XLS-38d would allow users to transfer digital assets and data between blockchains, regardless of the underlying protocol or programming language.
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ripple vs. sec update
SEC vs. Ripple case updates will remain the focal point, with US regulatory activity and lawmaker chatter also needing consideration. However, investors should monitor Binance and Coinbase-related news as Coinbase heads into a battle against the SEC.
general crypto market update
However, the news of First Republic Bank (FRC) heading for receivership was XRP-positive, with the crypto market and Ripple remittance platform offering a viable alternative for depositors.
Overall, the crypto industry remains on the cusp of potential overarching regulations and scrutiny from regulators worldwide. This is especially true in the United States, where federal watchdogs are trying to clamp down on crypto in an operation called “Choke Point 2.0.”
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