Network activity on Ripple’s XRP Ledger (XRPL) surged to new highs during the first quarter and was mainly driven by non-fungible tokens (NFTs), according to a Q1 market report.
According to the report, more than 1 million NFTs have been minted in the ledger since the network supported these digital assets in November 2022.
NFT trading is gaining popularity on XRPL
The General Manager of SBI VC Trade, Tomohiko Kondo, confirmed this, adding Ledger was among the top 10 chains for NFT volume and transactions.
For context, 3zy data More than 2,000 NFT pools are offered on XRPL with a cumulative volume of over 22 million. The data also shows that the top pools on the network include XPUNKS, Bored Apes, XRP Clubs, XPECTAR, etc.
Bithumb data More 3zy data confirmed.
XRPL transactions and DEX volume increase
According to the report, transactions on XRPL increased by 9% to $116 million during the first quarter, while decentralized exchange volumes increased by 34% to $115 million.
Meanwhile, traders on the network burned 140,900 units of assets in transaction fees, while the average transaction fee on the network remained negligible at 0.00121XRP.
Average daily XRP volume on centralized exchanges increased by 46% between Q4 2022 and Q1 2023, to $1 billion from $698 million.
Ripple sold more XRP than it bought in the first quarter
According to the report, Ripple purchased about $2.6 billion in XRP during the first quarter. However, the company also reported selling $2.93 billion in XRP to its customers using an “on-demand liquidity” (ODL) payment system.
This means that the company posted a positive net sale of $361.06 million, up from $226.31 million in the previous quarter.
Meanwhile, the cryptocurrency halted XRP purchases for several days due to the US banking crisis in March. Purchasing activity has since resumed, she added, and the company expects to continue purchasing as ODL adoption grows.
Ripple expects a summary ruling in the SEC case in 2023
While Ripple continues to thrive, the SEC case against the company remains unresolved without an exact date. The court issued a 57-page opinion on March 6 striking out the SEC’s expert testimony on the reasonable expectations of buyers of XRP.
The cryptocurrency payment company expects the court to deliver its summary ruling before the end of 2023.
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