NFTs Drive Ripple’s XRPL to New Highs in Q1 2023
Network activity on Ripple’s XRP Ledger (XRPL) soared to new heights during the first quarter and was mainly driven by non-fungible tokens (NFTs), according to its Q1 market report.
According to the report, over 1 million NFTs have been minted on the Ledger since the network-enabled support for these digital assets in November 2022.
NFT trading is gaining popularity on XRPL
The CEO of SBI VC Trade, Tomohiko Kondo, confirmed this, add that Ledger was among the top 10 chains for NFT volume and transactions.
For context, 3zy data shows over 2000 NFT collections on XRPL with a cumulative volume of over 22 million. The data further indicates that the top gatherings on the network include XPUNKS, Bored Apes, XRP Clubs, XPECTAR, etc.
Bithomp data further confirmed 3zy’s data.
XRPL transactions and DEX volume increases
According to the report, transactions on XRPL increased by 9% to 116 million during the first quarter, while decentralized exchange volumes increased by 34% to $115 million.
Meanwhile, traders on the network burned 140,900 units of the asset in transaction fees, while the average transaction fees on the network remain negligible at 0.00121XRP.
The average daily volume of XRP on centralized exchanges increased by 46% between Q4 2022 and Q1 2023, to $1 billion from $698 million.
Ripple sold more XRP than it bought in Q1
According to the report, Ripple bought around $2.6 billion of the XRP coin during the first quarter. However, the company also reported selling $2.93 billion of XRP to its customers using the “On-Demand Liquidity” (ODL) payment system.
This means the company recorded positive net sales of $361.06 million, up from $226.31 million in the previous quarter.
Meanwhile, the crypto company halted XRP’s purchases for several days due to the US banking crisis in March. It added that buying activity has since resumed and the company expects to continue buying as ODL adoption grows.
Ripple expects a summary judgment in the SEC case in 2023
While Ripple continues to thrive, the SEC case against the company remains unresolved with no specific decision date. The court issued a 57-page opinion on March 6 striking down the SEC’s expert testimony on the reasonable expectations of XRP buyers.
The crypto payment company expects the court to deliver its summary judgment before the end of 2023.
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