Ripple is a cryptocurrency company that has been on the radar of US regulators for years and its native token XRP has taken a big hit. However, despite the legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple has not backed down and it seems investors are growing bullish on the cryptocurrency.
Ripple’s Q1 Report Exceeds Expectations
In a first quarter report that was job by Ripple titled ‘Q1 2023 XRP Markets Report’, there has been tremendous growth for the company in the first three months of 2023. The first thing that stands out from this report is that Ripple has seen rapid adoption over the this period.
At a time when other cryptocurrencies were seeing a decline in new users and adoption, the crypto company reports that over 114,000 new wallets were added in Q1 2023. Additionally, the number of transactions for this period also exceeded 116 million.
Decentralized exchange (DEX) volume for XRP also increased to more than $114.5 million from the $85.7 million figure recorded in the fourth quarter of 2022. However, transaction fees were higher. high 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 increase in transaction fees, along with the increase in the number of transactions, saw the total XRP burned for transaction fees reach 140,993 XRP for the first quarter of 2023, compared to 101,968 XRP for the fourth quarter of 2022.
Non-fungible tokens (NFTs) have been a big contributor to this volume, as the report notes that over 1.2 million NFTs have been issued since XLS-20 went live on the mainnet. Thus, Ripple also became one of the top 10 chains for NFT transaction volume.
Community Turns Bullish on XRP
The expectations of the XRP community have returned to bullish territory given the figures published in the quarterly report. It has instilled a sense of confidence as it shows rapid adoption for Ripple despite its issues over the years.
XRP price trending at $0.47 | Source: XRPUSD on TradingView.com
The price of XRP has also reacted positively with a gain of 2.34% in the last 24 hours, according to data from Coinmarketcap. Its trading volume also saw a similar upward trend, rising 2.31% on the day to $1.67 billion at the time of this writing.
The token’s current price of $0.47 puts it well above its 50- and 100-day simple moving averages, making it bullish over the medium 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 experiencing resistance at $0.48, making it the point to beat if the bulls attempt to reach $0.5 again.
