Ripple Has Reported To Raise $361 Million In Q1/2023 From XRP Sales
- Ripple has disclosed that it will engage in the act of selling XRP in order to satisfy the purchasing demand from large institutions.
- The overall trading volume on decentralized exchanges in the first quarter of 2023 reached $115 million, which is an increase of 34% compared to the fourth quarter of 2022. This indicates that transaction activity on the Ripple blockchain are also seeing a significant comeback.
The company Ripple stated that this sale of XRP aims to satisfy the purchasing demand from large institutions during the first quarter of 2023.
Ripple increased the amount of XRP it sold during the first three months of 2023 to $361 million, according to a new activity report that was published on April 28. This number represents a significant increase from the $226 million that was sold during the same time period in the previous year.
Ripple asserts that this is evidence of the increasing demand for the company’s payment system, since institutional customers will utilize XRP to facilitate worldwide cross-border money transactions without the requirement for information to be provided through bank middlemen.
The overall trading volume on decentralized exchanges in the first quarter of 2023 reached $115 million, which is an increase of 34% compared to the fourth quarter of 2022. In addition, the trading activity on the Ripple blockchain has also dramatically returned. During the same time period, the daily trading volume on centralized exchanges increased by 46%, going from $698 million to $1 billion.
The securities case that Ripple is engaged in with the United States Securities and Exchange Commission (SEC) is another piece of noteworthy news. The company provided an update in March stating that it had submitted an extra document to the court, citing a recent judgement by a New York judge about another crypto asset that the SEC declared as a security but did not reveal it. The update came after the judge in New York ruled that the SEC had violated federal securities laws by failing to disclose the information. Create an argument that can win people over.
The corporation further states that everything is still in the hands of the court, despite the fact that it is still hoping to hear the ultimate judgement on the dispute with the SEC in 2023.
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