Ripple is a cryptocurrency company that has been on the radar of regulators in the United States for years, and its own token XRP has suffered greatly. However, despite the legal battle with the US Securities and Exchange Commission (SEC), Ripple has not backed down and it seems that investors are becoming increasingly optimistic about the cryptocurrency.
Ripple’s Q1 Report Beats Expectations
In a Q1 report, that was Posted Titled “Q1 2023 XRP Markets Report” by Ripple, there has been tremendous growth for the company in the first three months of 2023. The first thing to note in this report is that Ripple has experienced rapid adoption during this period.
At a time when other cryptocurrencies saw a decline in new users and adoption, the crypto company reports adding more than 114,000 new wallets in the first quarter of 2023. In addition, the number of transactions for this period also exceeded 116 million.
Decentralized exchange (DEX) volume for XRP also grew to more than $114.5 million, compared to the $85.7 million figure recorded in Q4 2022. However, transaction costs were higher compared to the previous quarter and the price didn’t do as well. average price of $0.40 compared to $0.42 for Q4 2022.
Ripple sees impressive growth in Q1 2023 | Source: ripple.com
This rise in transaction fees, as well as the increased number of transactions, caused the total XRP burned for transaction fees to reach 140,993 for Q1 2023 compared to 101,968 XRP for Q4 2022.
Non-fungible tokens (NFTs) have greatly contributed to this volume as the report notes that more than 1.2 million NFTs have been minted since XLS-20 went live on mainnet. Thus, Ripple has also emerged as a Top 10 chain for NFT trading volume.
Community turns bullish on XRP
Expectations from the XRP community have returned to bullish territory given the numbers released in the quarterly report. It has instilled a sense of confidence as it shows rapid adoption for Ripple despite its problems over the years.
XRP price trending at $0.47 | Source: XRPUSD on TradingView.com
The price of XRP also reacted positively, gaining 2.34% in the past 24 hours, according to data from Coinmarketcap. Trading volume also saw a similar upward trend, rising 2.31% on the day to $1.67 billion at the time of writing.
The token’s current price of $0.47 places it well above the 50-day and 100-day simple moving averages, making it bullish in the medium to long term. However, the price is under near-term threat after falling below the 20-day moving average. The digital asset is now seeing resistance at $0.48, making it poised to beat as bulls try to reach $0.5 again.
