A recent Messari report reveals Ripple’s XRP surged by over 55% in Q1 2023, outperforming the overall cryptocurrency market.
According to a report by Messari, Ripple’s XRP outpaced the overall crypto market in Q1 2023, having grown by over 55% quarter-on-quarter (QoQ). Messari revealed XRP’s market capitalization increased from $17.4 billion on January 1 to an impressive $27.4 billion on March 31, representing a Q1 surge of 59.9%. While XRP’s market cap grew by 59.9%, its price surged by 55% during the first quarter.
The overall cryptocurrency market only observed an increase of 46% during the same period.
XRP started the year at $0.35 but gained immensely during a market-wide rally to reach a high of $0.43 on January 23. The asset’s price, however, faced resistance at this price and ended January with an increase of 19.71%.
Ripple’s native token, however, declined in February to a price of $0.36 but closed the month off at $0.37. XRP witnessed a decline of 7.27% during February.
XRP Moved in March
XRP moved with strong bullish momentum during March, registering an overnight growth of 20% on March 22. Ripple’s XRP was on its way to hitting its very bullish target of $0.50 but ultimately fell short, reaching a high of $0.49.
The asset gained on the back of the US banking crisis and anticipation of an interest rate hike by the US Federal Reserve. The price further grew as speculation circulated that Ripple’s case with the SEC would soon come to an end.
XRP was on track to end March with a bang when it soared to a 10-month high of $0.58 on March 29, having witnessed a solo run of 56% in just two weeks. The asset fought off a few bearish attacks to close March at $0.54. March’s rally saw XRP gain 43%, ending the first quarter with a price increase of 55%. Against the backdrop of its stunning Q1 growth, Ripple reported that it sold over $361 million worth of XRP tokens during the first three months of 2023.
Q2 has not proved too profitable for XRP yet, which, at the time of writing, exchanged hands at $0.46.
Things Are Looking Up for Ripple
Ripple had a victory this week in its ongoing legal battle against the SEC. A court denied the SEC’s request to seal documents related to former SEC official William Hinman’s statements about Ether. Hinman, the former director of the SEC’s Division of Corporate Finance, delivered a prudent speech in 2018, suggesting that Ether was not a security.
Hinman’s statements are significant to the case as they provide a precedent for a digital asset like XRP.
Ripple further announced it made a $250 million acquisition of Metaco – a well-known crypto custodian. Seen as a positive sign for the future of both Ripple and Metaco, the move sees Ripple take on sole responsibility at Metaco while still allowing current CEO Adrien Traccani to manage operations independently. Traccani has been instrumental in getting Metaco where it is now.
Customers would benefit significantly from this deal, says Monica Long, the President of Ripple:
Adding these capabilities to Ripple’s already growing product solutions means we can continue to support customers as they look to embrace the true potential of crypto and blockchain in real-world applications.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.