Ripple Secures $361 Million from XRP Sales in Q1/2023

According to Ripple's latest operational report released on April 28, the company announced it sold $361 million worth of XRP during the first quarter of 2023, marking a significant increase from the $226 million sold during the same period last year.

Ripple attributes this surge to growing demand from institutional buyers for XRP, as these entities use the cryptocurrency to facilitate global cross-border payments without relying on traditional banking intermediaries.

Ripple's Business Performance in Q1/2023:

Source: Ripple

Blockchain Activity Shows Strong Revival

Additionally, trading activity on the Ripple blockchain has rebounded robustly. In Q1/2023, the total trading volume on decentralized exchanges reached $115 million, up 34% compared to Q4/2022. Meanwhile, daily trading volumes on centralized exchanges surged by 46%, increasing from $698 million to $1 billion during the same period.

XRP On-Chain Data for Q1/2023:

Source: Ripple

Legal Battle with SEC

Another noteworthy development is the ongoing securities lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC). In March, Ripple submitted additional documentation to the court referencing a recent ruling by a New York judge regarding another crypto asset the SEC had classified as a security, yet failed to provide convincing arguments.

Ripple remains hopeful for a final ruling on the SEC case within 2023, though it emphasizes that the outcome is entirely at the court’s discretion.