• Ripple reported a surge in total XRP sales in Q1 2023, with net of purchases standing at $361.06 million.
• Decentralized exchange volumes on the XRP Ledger increased by 34% and ADV on centralized exchanges saw a 46% jump in the first quarter.
• Despite experiencing setbacks, XRP markets showcased resilience with a 46% increase in volumes due to market recovery and large volatile events.

Ripple’s Impressive Q1 2023 Results

Ripple has delivered impressive results for their Q1 2023 fiscal report, showcasing a surge in total XRP sales. Net of purchases, the figure stood at $361.06 million which was an improvement from the previous quarter’s $226.31 million. This growth can be attributed to market recovery and large volatile events that tend to spike volumes despite experiencing setbacks such as the collapse of Silvergate and Signature Bank shutdowns.

On-Chain Activity

The XRP Ledger has seen an increase in on-chain activity with decentralized exchange volumes increasing by 34% to $115 million compared to Q4 2022. Additionally, average daily volume (ADV) on centralized exchanges jumped by 46%, reaching $1 billion in the first quarter of the year. These figures represent Ripple’s commitment to innovation and disruption within the financial industry as blockchain and cryptocurrency continue to reshape it.

XRP Purchases & NFT Activity

Ripple only sells XRP in connection with ODL transactions and sources its supply from open markets since 2020 for its growing ODL business operations. NFTs have also been driving activity on-chain as over one million assets have been minted since XLS-20 went live on mainnet. Bitso, a leading crypto exchange in Latin America, announced that it had surpassed $3.3 billion USD worth of institutional crypto solutions through its use of Ripple’s ODL product between US & Mexico for 2022 alone..

Regulatory Clarity

The EU, UK & UAE proposed new regulatory regimes for cryptos which could provide clarity for the industry this year — The EU’s final vote on Markets In Crypto Assets (MiCA) regulation passed April 20th while UK government introduced comprehensive legislation which is currently under consultation until July 9th this year..

Overall, Ripple has delivered impressive results with their Q1 2023 report showing significant growth across all areas including total sales value & on-chain activity levels; while they experienced setbacks such as Silvergate collapse & Signature Bank shutdown — they still managed to showcased resilience & drive change within blockchain & cryptocurrency industries going forward..