XRP Whales React To Ripple’s XRP Q1 Report

XRP News: Ripple native crypto, XRP price has remained stagnant due to facing legal challenges from the U.S. Securities and Exchange Commission (SEC). The recent positive updates from the XRP lawsuit have helped the XRP price to surge. However, Ripple published its quarterly report showcasing strength amid erupting financial crisis.

Also Read: Ripple To Face Trouble From XRP Holders in Court? Attorney Suggests This

XRP Avg Daily Vol Spikes by 46%

Ripple CEO, Brad Garlinghouse issued XRP markets report stating that the United States might be moving backward in terms of updating regulatory frameworks, however, they are focusing on the positive. He added that over the last few months, the EU, UK, and UAE all have moved forward in building new rules and regimes for crypto activities.

As per the report, Total XRP sales by Ripple in quarter 1 2023, net of purchases turned out to be $361 million. However, it stood at around $226 million in the previous quarter.

It mentioned that XRP Ledger on-chain activity stood strong with decentralized exchanges volume surging by 34% to $115 million in comparison to quarter 4 of 2022. According to the data, XRP Average Daily Volume (ADV) on centralized exchanges spiked by 46% in quarter 1 to $1 billion from $698 million. Read More XRP News Here…

Also Read: Bitcoin Bull Run Imminent? Hong Kong Central Bank Issues Crypto Advisory For Banks

Ripple’s report highlighted that developers proposed a new interoperability standard for the XRP Ledger. It would enable users to move digital assets and data between blockchains.

As per the data provided by WhaleAlert, more than 151 million XRP tokens (Approx worth $71 million) were moved by crypto whales in the last 24 hours. The biggest transaction recorded by the tracker has been of moving 105 million XRP tokens (Approx worth $49 million) among whale wallets.

However, several whales were caught dumping XRP amid the recent price surge. Around 46 million XRP (approx worth $21 million) were moved to Bitstamp crypto exchange in multiple transactions.