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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Best Owie
Best Owie
1 year ago
3 mins read
Ripple (XRP)

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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.

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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.

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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
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Best Owie
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.

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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. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

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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 with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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