Ripple’s Q1 2023 XRP Net Revenue Soars to $361 Million

Ripple has Report The first quarter of 2023 was strong, with XRP net income reaching $361.06 million, well above the previous quarter’s $226.31 million.

Source: Ripple’s report

On-chain activity XRP Ledger continues to perform well, with decentralized transaction volume growing 34% to $115 million in Q1 2023 compared to Q4 2022.

Source: and CoinMarketCap

The average daily volume (ADV) on centralized exchanges also increased by 46%, reaching $1 billion in the first quarter.

Source: Ripple’s report

Despite failures in the financial sector, including the collapse of Silvergate Bank and the closure of Signature Bank, the XRP market has shown impressive resilience, with volumes up 46% compared to the previous quarter.

This increase can be triggered by market rallies as well as high volatility events that tend to increase trading volume.

In contrast, BTC and ETH spot volumes rose 12% and fell 12%, respectively, while derivatives volumes increased for both assets.

The report also highlighted that some countries have introduced new regulatory frameworks to bring clarity to the cryptocurrency market.

In a recent tweet, Ripple CEO Brad Garlinghouse expressed his optimism about the global regulatory landscape, emphasizing that while the U.S. may be lagging behind, the European Union, the U.K. and the United Arab Emirates have recently implemented new crypto Monetary Regulatory Framework Activities.

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According to USA Today

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