• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Ripple (XRP)

Ripple’s Q1 Report Shows That Investors Are Still Bullish On XRP, Here’s Why

Best Owie by Best Owie
1 month ago
in XRP
Reading Time: 3 mins read

Ripple is a cryptocurrency firm that has been on the radar of United States regulators for years and its native token XRP has suffered greatly for it. However, despite the legal battle with the US Securities and Exchange Commission (SEC), Ripple has not backed down and it looks like investors are increasingly bullish on the cryptocurrency.

Ripple’s Q1 Report Exceeds Expectations

In a Q1 report that was posted by Ripple titled ‘Q1 2023 XRP Markets Report’, there has been tremendous growth for the firm in the first three months of 2023. The first thing that stands out from this report is that Ripple has been experiencing rapid adoption during this time period.

Related Reading: Bullish Momentum Expected For ARB As Arbitrum Completes DAO Airdrop

At a time when other cryptocurrencies were seeing a decline in new users and adoption, the crypto firm reports that over 114,000 new wallets were added in the first quarter of 2023. Furthermore, the number of transactions for this time period also crossed 116 million.

The decentralized exchange (DEX) volume for XRP also grew to over $114.5 million compared to the $85.7 million figure recorded in Q4 of 2022. However, transaction fees were higher compared to the previous quarter and its price did not perform as well, closing at an average price of $0.40 compared to $0.42 for Q4 2022.

Ripple (XRP)

Ripple sees impressive growth in Q1 2023 | Source: ripple.com

This rise in transaction fees, as well as the increased number of transactions, saw the total XRP burned for transaction fees reach 140,993 for Q1 2023 compared to 101,968 XRP for Q4 2022.

Non-fungible tokens (NFTs) contributed greatly to this volume as the report notes that over 1.2 million NFTs have been minted since XLS-20 went live on mainnet. Thus, Ripple has emerged as a Top 10 chain for NFT trading volume as well.

Community Turns Bullish On XRP

The expectations of the XRP community have returned to bullish territory given the numbers published in the quarterly report. It has instilled a sense of confidence given that it shows rapid adoption for Ripple despite its troubles over the years.

Ripple (XRP) price chart from TradingView.com

XRP price trending at $0.47 | Source: XRPUSD on TradingView.com

XRP’s price has also responded positively with a 2.34% gain in the last 24 hours, data from Coinmarketcap shows. Its trading volume also saw a similar uptrend, rising 2.31% on the day to reach$1.67 billion at the time of this writing.

Related Reading: Kaspa (KAS), Render (RNDR), Injective (INJ) See Upside Amid Market Crash, What’s Going On?

The token’s current price of $0.47 puts it well above its 50-day and 100-day simple moving averages, making it bullish in the mid to long-term. However, its price is threatened in the short term after falling below its 20-day moving average. The digital asset is now seeing resistance at $0.48, making it the point to beat if bulls are to try to reach $0.5 once again.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
Tags: RippleRipple usersxrpXRP PriceXRPLXRPUSDxrpusdt
Tweet123Share196ShareSend
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

Related Posts

XRP

XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement?

1 day ago
XRP

Whales Flock To XRP, Accumulate 52 Million Tokens In Just 3 Weeks – Here’s Why

1 day ago
Ripple XRP

XRP Bears Prevail As Asset Retreats From Recent Highs

4 days ago
XRP

XRP Aims For $0.50, Hinges on Breaking Through This Price Level

6 days ago
Ripple (XRP)

XRP Emerges As Top Performing Crypto With 55% Surge – Messari Report

1 week ago
XRP

XRP Ledger On Fire: Daily Transactions Skyrocket 10.7% In Q1 2023

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Traders Union published the list of Best Forex Brokers in...

    44 mins ago
  • Coinbase battles with SEC users are moving to Tradecurve

    2 hours ago
  • Cardano to hit 1$, Floki inu braces for price breakout and...

    2 hours ago
  • Ben Token Breaks $100 Million Market Cap, Could it Make it...

    3 hours ago
  • How Dogecoin, Pepe Coin, And DogeMiyagi Use Humour to Drive...

    3 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.