- Ripple has released its quarterly XRP Markets Report to provide updates on the state of crypto markets.
- In Q1 2023, Ripple sold more than $361 million worth of XRP tokens, an increase from the previous quarter.
Ripple Labs Reports Increased XRP Sales in Q1 2023
Ripple has published its latest XRP Markets Report, which provides an overview of the state of the crypto market and updates on the company’s sales and activities related to XRP. The report emphasizes the importance of proactive communication and transparency in the industry, encouraging others to follow suit.
XRP Sales and On-chain Activity
Ripple reveals that it continued to sell XRP solely in connection with its global transaction product, with sales reaching $361.06 million in Q1 2023, up from $226.31 million in the previous quarter. The sales were made through the on-demand liquidity product, which allows clients to move money around the world without the need for correspondent banking relationships.
XRP Ledger on-chain activity remained strong, with decentralized exchange volume increasing by 34% from Q4 to $115 million. Ripple sources XRP from the open market to ensure sufficient supply for the growing on-demand liquidity business. In Q1, Ripple’s total sales net of purchases amounted to 0.44% of global XRP volume.
New Regulatory Frameworks
The report also discusses proposed regulatory frameworks for crypto in the EU, UK, and UAE, with a focus on licensing and activity-based frameworks. Ripple believes that regulation is essential for the long-term growth and success of the industry and supports clear, consistent, and principles-based regulations.
Market Developments and Macro Uncertainty
The report notes that Q1 was a turbulent quarter for financial markets, with significant blows dealt to banks and institutions. Despite this, XRP and other crypto markets remained resilient. Ripple believes that macro uncertainty will continue in Q2, but those who build on a foundation of prudent risk management and real-world utility will continue growing once the world emerges from the current climate.
Ripple’s latest XRP Markets Report highlights the company’s continued sales of XRP in connection with its global transaction product and the strong on-chain activity on the XRP Ledger. The report also discusses proposed regulatory frameworks and notes the macro uncertainty that will continue in Q2. Overall, Ripple emphasizes the importance of proactive communication and transparency in the industry and urges others to follow suit.