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.
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.
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’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.
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.