Ripple’s XRP Ledger (XRPL) has witnessed an unprecedented surge in network activity during Q1, primarily fueled by the increasing adoption of non-fungible tokens (NFTs), as stated in the network’s Q1 market report.
XRPL Emerges Among Top 10 Chains for NFT Volume and Transactions
The report reveals that since the network enabled support for these digital assets in November 2022, over one million NFTs have been minted on the XRPL. The Managing Director of SBI VC Trade, Tomohiko Kondo, has corroborated this, adding that XRPL has emerged among the top 10 chains for NFT volume and transactions.
Recent data from 3zy indicates that XRPL has over 2000 NFT collections, with a cumulative volume of over 22 million. Among the top collections on the network are XPUNKS, Bored Apes, XRP Clubs, XPECTAR, among others.
XRPL’s transactions surged 9% to 116 million during Q1, while decentralized exchange volumes increased 34% to $115 million. Moreover, traders on the network burnt 140,900 units of the asset in transaction fees, while the average transaction fees on the network remained negligible at 0.00121XRP.
During the same period, the average daily volume of XRP on centralized exchanges increased by 46%, from $698 million to $1 billion.
Ripple Purchases $2.6 Billion XRP in Q1, Records Positive Net Sale
As per the report, Ripple purchased around $2.6 billion worth of XRP during Q1. It also sold $2.93 billion XRP to its customers using its “On-Demand Liquidity” (ODL) payment system. This resulted in a positive net sale of $361.06 million, up from $226.31 million in the previous quarter.
The U.S. banking crisis in March caused Ripple to halt XRP’s purchases for a few days. However, the company has since resumed buying, expecting to continue making purchases as ODL adoption grows.
Although Ripple’s business continues to flourish, the SEC case against the company is yet to be resolved, with no specific determination date. The Court struck out SEC’s expert testimony about the reasonable expectations of XRP buyers in a 57-page opinion on March 6.
Ripple anticipates the Court will issue its summary judgment before the end of 2023.
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