Ripple, recently announced that it has sold more than $361 million worth of XRP tokens in the first quarter of 2023. The blockchain company, reported a substantial surge in sales in Q1 2023, in comparison to the previous quarter’s sales figure of $226.31 million.
Ripple’s sales in Q1 were associated with its on-demand liquidity product, which facilitates customers to transfer money globally without requiring correspondent banking relationships.
Increased On-Chain Activity
According to the XRP Markets Report, on-chain activity on the XRP Ledger remained robust, with decentralized exchange volume surging by 34% from the fourth quarter of 2022 to $115 million. Sourcing XRP and Sales Volume Ripple said that it has been sourcing XRP from the open market to ensure sufficient supply for its growing on-demand liquidity business.
The company’s total sales of XRP, net of purchases, ended the quarter at 0.44% of global XRP volume.
Long-term Holders Confident in XRP
The chart by Santiment demonstrates how a group of whales holding XRP coins ranging from one million to ten million units have been purchasing the dip since last week.
The blockchain company noted that on-chain data shows long-term holders of XRP are becoming increasingly confident in the token’s price prospects. Currently, XRP is trading at $0.4699 with a trading volume of $1,653,696,603 in past 24-hours. Total marketcap for XRP is at around $24,326,350,247 with 2.47% increase in its price from the previous day.
XRP has stayed above $0.40 for 30 consecutive trading days, demonstrating bullish momentum. Long-term holders are holding on to their XRP, while whales are buying the dip, suggesting that XRP’s price could continue to rise heading into May.
The post Ripple’s Q1 2023 Sales Report Shows Strong Growth in On-Chain Activity and XRP Market Performance appeared first on Ripple Coin News.
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Author: Gracie Perez
