Ripple’s Q1 Report Shows That Investors Are Still Bullish On XRP, Here’s Why
April 28 2023 - 7:00PM
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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. 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 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. 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
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