XRP’s Q1 Data Shocks Critics: Traders Remain Bullish

XRP’s Q1 Data Shocks Critics: Traders Remain Bullish

Time Stamp: April 29, 2023 10:15 AM
Source Node: 2618220
  1. XRP’s first-quarter report surpasses expectations, attracting traders.
  2. That’s despite constant legal battles with US regulators over the years.
  3. The crypto community remains bullish on the alternative token

XRP is a renowned crypto company that has, for the past years, been in legal fights with US regulators. That has seen its native coin, XRP, suffer a lot. Despite the SEC’s woes, XRP hasn’t backed down, and market participants are increasingly optimistic about the asset.

XRP’s Q1 Stats Surpass Expectations

XRP’s first-quarter market report indicated attractive growth for the company during the initial three months of this year (2023). A notable thing about the report is XRP has witnessed quick adoption within this period.

While other assets recorded declines in adoption and new investors, XRP confirms that more than 114,000 new crypto wallets joined the project in 2023 Q1. Moreover, the transaction count for this time frame exceeded 116 million.

XRP’s DEX (decentralized exchange) volume also grew to more than $114.5M compared to 2022 Q4 at $85.7M. Nonetheless, transaction fees remained higher than the previous quarter, and XRP’s price didn’t perform as needed, closing at around the $0.40 price range compared to 2022 Q4 at $0.42.

Source – CoinMarketCap

The transaction fees uptick plus increased transaction count saw XRP burned for transfer charges hitting 140,993 for 2023 Q1, more than 101,968 coins for 2022 Q4. Also, NFT contributed to the volume as the data showed more than 1.2 million non-fungible tokens mined since the mainnet launch of XLS-20. Therefore, XRP joined the top 10 list as far as NFT trading volume is concerned.

Crypto Community Bullish on XRP

The quarterly report had the XRP community turning bullish on the crypto project. It has ensured confidence, indicating increased adoption despite XRP’s challenges over the past years.

Source – TradingView

XRP reacted positively over the past day, gaining 2.34%. Also, it recorded upswings in trading volume, soaring by 2.31% to $1.67 billion at this publication. XRP trades at $047, well beyond the 50- and 100-day SMAs, indicating mid- to longer-term bullishness. Bulls should overcome the resistance near $0.48 to clear the path to $0.5.

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