Ripple’s eagerly anticipated quarterly XRP Markets Report report is out.
On Thursday (April 27, 2023), FinTech firm Ripple released its Q1 2023 XRP Markets Report, which aims to provide transparency and timely updates on the company’s perspective on the current state of cryptocurrency markets, which includes its quarterly XRP sales, relevant XRP Ledger and XRP-related announcements, and commentary on market developments from the previous quarter.
Here are some important takeaways from the report that XRP, XRPL, and ODL enthusiasts should find bullish:
- Total XRP sales by Ripple in Q1 2023 were $361.06M, compared to $226.31M in the previous quarter. Ripple continues to sell XRP only in connection with ODL transactions and has been sourcing XRP from the open market since 2020 to ensure there is sufficient supply for its growing ODL business.
- On-chain activity on the XRPL remained strong, with transactions increasing 9% to 116M compared to the previous quarter. NFTs continued to drive activity, and over 1 million assets have been minted on the Ledger since XLS-20 went live on mainnet.
- Bitso, the leading crypto exchange in Latin America, 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.
- The EU, UK, and UAE proposed new regulatory regimes for crypto, which could provide clarity for the industry. The EU’s final vote on the Markets in Crypto Assets regulation (MiCA) passed on April 20. The UK government introduced comprehensive regulatory proposals for a new regulatory regime for crypto. In the Middle East, the UAE passed a new law governing virtual assets, setting up the country’s initial regulatory regime for cryptocurrencies at the federal level.
- Despite broader financial turmoil, XRP markets remained resilient, with volumes up 46% quarter-over-quarter. BTC and ETH spot volumes were up 12% and down 12%, respectively QoQ. However, derivatives volumes tell a different story, with BTC and ETH up 14% and 20%, respectively QoQ.
- A new interoperability standard, XLS-38d, was proposed by XRP Ledger developers. The proposed standard aims to enable the transfer of digital assets and data between different blockchains, regardless of the underlying protocol or programming language used.