XRP Surges 55% QoQ, Outpaces Overall Crypto Market

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 hand

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Author: Jana Serfontein

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