The post Ripple’s XRP Sales Rose by 60% in the First Quarter of 2023, Is This the SEC Effect? appeared first on Coinpedia Fintech News
On April 27, 2023, Ripple published its XRP Markets Report for Q1 2023. This report aims to offer transparency and prompt updates on the current condition of the cryptocurrency market, including the company’s quarterly XRP sales, significant XRP Ledger and XRP-related updates, as well as its perspective on market advancements from the preceding quarter
In the most recent quarter, Ripple’s total sales of XRP, which excludes any XRP that was purchased back, amounted to $361.06 million. This represents an increase compared to the previous quarter, during which Ripple sold $226.31 million worth of XRP. The percentage increase in XRP sales from the previous quarter to the most recent quarter is approximately 59.6%.
“Last quarter, total XRP sales by Ripple, net of purchases, were $361.06M vs. $226.31M in the previous quarter. Ripple has continued to sell XRP only in connection with ODL transactions. Since 2020, Ripple has sourced XRP from the open market to ensure there is a sufficient supply of XRP available for our growing ODL business,” the report read.
In Q1 2023, there was a robust level of on-chain activity on the XRP Ledger, as decentralized exchange volumes surged by 34% to reach $115 million, compared to the previous quarter. Additionally, the Average Daily Volume (ADV) of XRP on centralized exchanges increased by 46% to $1 billion, up from $698 million in the previous quarter. These figures indicate a significant rise in the trading and usage of XRP, both on decentralized and centralized platforms.
About the SEC case, the company said, “Specifically, the SEC’s expert’s testimony regarding the “reasonable expectations of an XRP purchaser” was struck from the record, along with their expert who attempted to determine what “caused” the price of XRP to change. Ripple expects a decision on summary judgment in 2023 though timing is ultimately up to the Court.”
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