Overall sales for XRP climbed dramatically in the first quarter of 2023, going from $226.31 million to $361.06 million in accordance with the report published by Ripple.
It also covered the on-chain activities of the XRP Ledger, whose volumes with decentralized exchange volumes surged by 34% to $115 million in Q1 2023 compared to Q4 2022.
On centralized exchanges, the token’s Average Daily Volume [ADV] jumped 46% in Q1 to $1 billion from $698 million.
In spite of a string of financial disasters brought on by the demise of Silvergate and Signature Bank, the report asserted that the Ripple-backed coin has held up well.
Despite broader financial turmoil, in Q1, volumes in XRP markets were up 46% QoQ, likely due to a combination of a subsequent recovery in markets as well as large volatile events which tend to spike volumes
As reported by TronWeekly, Ripple published its Q4 2022 report where its net sales of XRP via On-Demand Liquidity [ODL] reached $226.31 million.’
According to the report, a total of $2.96 billion in XRP was sold by Ripple through On-Demand Liquidity [ODL] corridors, of which $2.74 billion was redeemed back and $2.1 billion was placed back into escrow accounts.
However, the figure was down by 27% from its previous quarter where the sales stood at $310 million.
The latest report acknowledged the increase in sales from the previous quarter and stated that Ripple has continued to sell XRP only in connection with ODL transactions.
Ripple Sold XRP Only In Terms Of ODL Transactions
“Since 2020, Ripple has sourced XRP from the open market to ensure there is a sufficient supply of the token available for our growing ODL business,” it added.
Next, it highlighted new regulatory frameworks brought out by several nations to provide clarity for the cryptocurrency market.
John Deaton, a pro-Ripple supporter, and a lawyer, recently predicted a successful outcome for the crypto industry’s campaign for regulatory clarity from the US Securities and Exchange Commission [SEC].
Deaton lent his support to Coinbase’s Writ of Mandamus, which represents another official step in the process of asking the SEC for clear regulations for the crypto business.
The lawyer claimed that SEC attorneys lacked the required good faith to claim that XRP secondary market sales—which were made totally independently of Ripple—were also securities.
Further, Deaton stated that Ripple’s summary judgment brief is already an extremely well-written appellate brief.