Ripple releases its quarterly XRP Markets Report to promote transparency and provide updates on crypto market trends, including XRP sales, XRPL developments, and regulatory insights. As a major XRP holder, Ripple emphasizes open communication and industry-wide trust-building.
Key Highlights
- XRP Sales: Net sales reached $361.06M** (Q1 2023), up from **$226.31M (Q4 2022).
- XRPL Activity: Transactions rose 9% YoY; DEX volumes surged 34% to $115M.
- Regulation: EU, UK, and UAE advanced crypto licensing frameworks.
- Innovation: Proposed XLS-38d interoperability standard to enable cross-chain asset transfers.
Crypto Market Overview
Q1 2023 saw significant macroeconomic turbulence, including the collapse of Silicon Valley Bank (SVB) and Credit Suisse, which disrupted crypto liquidity. Despite this, XRP markets remained resilient, with trading volumes up 46% ($1B daily average).
Banking Crisis Impact
- USDC briefly de-pegged to $0.85 before recovering.
- Crypto firms faced debanking, forcing rapid relocation of fiat rails.
- Regulatory scrutiny intensified, dubbed "Operation Choke Point 2.0" by industry observers.
👉 How did XRP outperform BTC and ETH?
Global Crypto Regulation
| Region | Development |
|--------|------------|
| EU | MiCA licensing regime approved (April 2023). |
| UK | Proposed comprehensive crypto regulations. |
| UAE | Federal virtual asset law enacted; Dubai’s VARA published rulebooks. |
| US | SEC issued Wells notices to Coinbase and Paxos; CFTC sued Binance. |
XRPL On-Chain Metrics
| Metric | Q1 2023 | Q4 2022 |
|----------------------|---------------|---------------|
| Transactions | 116M | 106M |
| XRP Burned (Fees) | 140,993 | 101,968 |
| Avg. Cost/Tx (USD) | $0.000484** | **$0.000403 |
| DEX Volume (USD) | $115M** | **$86M |
- NFTs: Over 1M minted since XLS-20 launch.
- Trustlines: 8.3M active (down from 9.1M in Q3 2022).
Ripple’s XRP Sales & ODL Growth
- Net Sales: 0.44% of global XRP volume.
On-Demand Liquidity (ODL):
- Partner Bitso processed $3.3B US-Mexico transactions (2022).
- Temporary liquidity disruptions due to banking crisis; operations normalized swiftly.
Sales Breakdown ($M)
| Category | Q1 2023 | Q4 2022 |
|----------------|---------|---------|
| ODL Sales | 2,930.87| 2,964.28|
| Purchases | 2,569.81| 2,737.97|
| Net Sales | 361.06| 226.31|
👉 Why is ODL critical for cross-border payments?
XRP Price & Escrow Updates
- Price: +24% in Q1; $0.40 avg. closing price.
Escrow:
- 3B XRP released (1B/month).
- 2.1B XRP relocked in new contracts.
XRPL Community & Development
Ecosystem Growth
- Messari added XRPL protocol coverage.
- XRPL Commons launched to support developer education.
- 1,500+ apps now integrated with XRPL.
Technical Upgrades
- XLS-38d: Cross-chain bridge proposal.
- AMM & Sidechains: Nearing security review phase.
FAQs
1. Why did XRP sales increase in Q1 2023?
Ripple’s ODL demand drove higher net sales ($361M), though purchases offset most volume.
2. How does XRP’s transaction cost compare to Ethereum?
At $0.000484/tx, XRP is ~1,000x cheaper than ETH’s avg. fee.
3. What’s next for XRPL interoperability?
XLS-38d could enable cross-chain DeFi and tokenized asset transfers.
Data Sources: CCData, XPMarket, CoinMarketCap.