• Ripple experienced a surge in total XRP sales of $361.06 million in Q1 2023, compared to $226.31 million in the previous quarter.
• The XRP Ledger’s on-chain activity continued to perform well, increasing by 34% and average daily volumes (ADV) on centralized exchanges saw a 46% jump to reach $1 billion.
• Bitso announced that it had surpassed $3.3 billion in transactions between the US and Mexico in 2022 through its institutional crypto solutions, utilizing Ripple’s ODL product.

Ripple Delivers Impressive Q1 2023 Results: XRP Sales Surge

XRP Markets Show Resilience

Ripple has reported an impressive increase in total XRP sales of $361.06 million for Q1 2023, compared to the previous quarter’s figure of $226.31 million. On-chain activity on the XRPL remained strong as well, with decentralized exchange volumes increasing by 34%, and average daily volume (ADV) on centralized exchanges reaching $1 billion – a 46% jump from the previous quarter. Despite experiencing setbacks such as Silvergate’s collapse and Signature Bank’s shutdown, XRP markets showed resilience with a 46% increase in volumes due to market recovery and large volatile events that tend to spike volumes.

Ripple Continues To Drive Innovation

The performance of Ripple’s XRP token is indicative of the company’s commitment to innovation and disruption within the financial industry. In order to ensure sufficient supply for its growing ODL business, Ripple has been sourcing XRP from open markets since 2020 while only selling it in connection with ODL transactions. Additionally, over one million NFT assets have been minted on the Ledger since XLS-20 went live on mainnet – another testament to Ripple’s progressiveness within blockchain technology and cryptocurrency adoption across different sectors worldwide.

Bitso Surpasses Milestone Through ODL Product

Leading crypto exchange Bitso has achieved an impressive milestone through its institutional crypto solutions utilizing Ripple’s ODL product – surpassing $3.3 billion worth of transactions between the US and Mexico during 2022 alone! This demonstrates how effective Ripple’s products are at enabling cross-border payments at scale and highlights how much potential there is for mainstream adoption if regulatory clarity can be provided by jurisdictions such as the EU, UK and UAE who have proposed new regulatory regimes for cryptocurrency recently with MiCA passing its final vote on April 20th this year.[/html]

Conclusion

In conclusion, Ripple delivered impressive results throughout Q1 2023 which saw significant increases in total XRP sales alongside increased activity both on-chain and off-chain across different platforms including decentralized exchanges as well as centralized ones such as Bitso’s institutional crypto solutions that surpassed a major milestone of over $3 billion worth of transactions between two countries alone! Furthermore, proposed regulations from various jurisdictions could provide much needed clarity into cryptocurrency regulations which would further facilitate mainstream adoption going forward into 2021 and beyond!