Ripple [XRP] gains positive momentum ahead of a possible resolution in the SEC lawsuit

  • Ripple’s Q1 report revealed strong growth in sales and on-chain activity.
  • XRP was the biggest gainer among major cryptos at press time, increasing by 2.86% in the last 24 hours.

Ahead of a possible resolution in the widely publicized lawsuit involving United States Securities and Exchange Commission (SEC), Ripple [XRP] released its first-quarter earnings report for 2023. The report revealed key information connected to financials, on-chain activity and technical updates surrounding XRP.

Read Ripple’s [XRP] Price Prediction 2023-24

Ripple stated that it was anticipating a decision on summary judgment in 2023 but didn’t mention any specific month or period.

How did XRP fare in Q1 2023?

Ripple registered an impressive performance in Q1 2023 as net XRP sales reached $361.06 million, marking a jump of 60% from the previous quarter. This reflected the growth of Ripple’s on-demand liquidity (ODL) payments solution.

Moreover, global XRP volume increased 42% quarter-on-quarter (QoQ).

The on-chain activity on the XRP ledger (XRPL) increased for the second straight quarter, as transactions increased by 9% to 116 million. The rise was powered by strong growth in non-fungible token (NFT) landscape and decentralized exchange (DEX) trading volumes.

Since the launch of XLS-20 in 2022, over one million NFT’s have been minted on XRPL, while DEX volumes increased by 34% to $115 million in Q1 2023.

On the flip side, the number of new wallets dropped sharply in Q1, triggering concerns about adoption.

The report also highlighted the new interoperability standard (XLS-38d) proposed by Ripple developers, aimed at facilitating transfer of digital assets and data between blockchains.

Ripple CEO Brad Garlinghouse criticized the U.S. regulatory landscape while sharing the report on Twitter. However, he praised steps taken by other markets like Europe and UAE to foster crypto actvities.

Whales on the move

XRP was the biggest gainer among major cryptos at press time, increasing by 2.86% in the last 24 hours, per CoinMarketCap data. According to Santiment, large addresses have started to trade heavily, evidenced by the big jump in whale transactions.

By looking at the uptick in the number of wallets holding between 10 million to 100 million coins, it became clear that whales were accumulating.

Source: Santiment

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XRP futures performance

XRP’s Open Interest (OI) reached $509.86 billion as per Coinglass, increasing by 8.73% in the last 24 hours. Open Interest, which refers to the total number of active trading positions, is a reliable measure of speculative interest in an asset.

However, XRP’s OI plummeted 30% on a month-to-date (MTD) basis.

Source: Coinglass

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