Ripple (XRP), which continues its legal struggle with the US Securities and Exchange Commission (SEC), has announced the first quarter report of 2023.
Ripple, the sixth largest cryptocurrency, stated in its report that it made significant gains in the first quarter of 2023 and sold a significant amount of XRP.
“Total XRP sales, excluding acquisitions by Ripple, in the first quarter of 2023 was $361.06 million. XRP sales were $226.31 million in the previous quarter.
XRP Average Daily Volume (ADV) on centralized exchanges increased from $698 million to $1 billion in Q1."
Evaluating the effects of the events in the first quarter of 2023 on the crypto money market, Ripple stated that despite the banking crisis, cryptocurrencies, including XRP, remained resistant.
Also touching on global crypto regulations, the Ripple report “EU, UK and UAE proposed new regulatory regimes for crypto focusing on licensing and activity-based frameworks.” said.
Ripple CEO Brad Garlinghouse evaluated the first quarter report in his post on his Twitter account.
Comparing the USA with other countries, Ripple CEO said:
“The US may be going backwards, but I want to focus on the positive.
In the last few months, the EU, UK and UAE have moved forward with new regulatory frameworks and regimes for crypto activities.”
*Not investment advice.