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According to the latest XRP Markets Report, Ripple, a blockchain company developing global payment products, sold over $361 million of XRP tokens in Q1. 

$361 million is a significant increase from the previous quarter, which saw sales of $226.31 million. 

These numbers were made available in Ripple’s regular XRP Markets Report release, which occurs every quarter to provide transparency and updates on the company’s perspective regarding the state of the cryptocurrency markets. 

The report covers Ripple’s quarterly XRP sales, XRP Ledger updates, and relevant XRP-related news, along with commentary on market trends from the previous quarter. Ripple’s most recent report was released on April 27.

Overcoming headwinds

The report highlighted that although the banking crisis had a negative impact on cryptocurrency liquidity, it also caused some disruption to the liquidity available for Ripple’s on-demand liquidity (ODL) product.

However, customer flows quickly recovered, and Ripple continued to report strong sales through ODL in their most recent report. 

Despite the liquidity issues, the XRP Ledger (XRPL) on-chain activity remained resilient, and decentralized exchange volumes increased by 34% to $115 million. This indicates that despite the challenges faced by the cryptocurrency industry, Ripple’s products and the XRP Ledger continued to perform well.

Ripple’s net sales, after purchases, accounted for only 0.44% of the global XRP volume at the end of the quarter, according to CryptoCompare TopTier (CCTT) volumes. 

However, Ripple faced some disruption during the banking crisis, which forced them to halt XRP purchases for a few days.

Despite this, the company has resumed purchasing XRP and plans to continue doing so as the adoption of their on-demand liquidity (ODL) product grows.

Continuous growth

Also highlighted in the report was a 9% increase in transactions to 116 million compared to the previous quarter’s 106 million. 

The issuance of non-fungible tokens (NFTs) continued to fuel this activity, resulting in over 1 million assets being created on the Ledger since XLS-20 went live on mainnet. 

As the end of Q2 approaches, it is apparent that macro uncertainty will persist.

However, it is anticipated that companies that have established a foundation that prioritizes creating real-world utility will continue to demonstrate growth despite the current climate.

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