XRP Outperforms Other Crypto Assets in Q1 2023
According to a report from Messari, a leading crypto market intelligence product provider, XRP outperformed other crypto assets with a 55% surge on a quarter-on-quarter (QoQ) basis. The report revealed that XRP took the lead in the overall crypto market in Q1. From the report, the market cap of XRP grew by a whopping 59.9% in the first quarter of the year. Notably, the growth rate for XRP’s market cap exceeded the cumulative crypto market cap which witnessed a 46% surge within the same period.
XRP’s Impressive Performance in Q1 2023
Messari’s report also showed that XRP kicked off the year with a trading price of $0.35 as of January 1, gradually rallying through the days before closing in January with a 19.71% increase in value. Although the second month wasn’t quite eventful for XRP as the price gradually dipped to $0.36 amid the downtrend in the overall crypto market. XRP’s price rally took a more aggressive look in March with the token sustaining its volatility and pushing higher with a more bullish stance. This price rally was peculiar to XRP, although most crypto assets posted a decline during the period, pushing the token to an overall price gain of 55% in Q1 2023. Messari noted that XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%.
XRP Network Activity Metrics in Q1 2023
Besides the XRP’s price performance, the Messari report also highlighted other performance indicators for the token. The data shows an increase in XRP’s overall network activity metrics in Q1. The total active addresses and average daily transactions surged by 13.9% and 10.7%, respectively, on a QoQ basis. The total active addresses grew from the receiving addresses, which increased from 47,000 to 55,000 through a 17.1% surge. But XRP sending addresses dropped by 7.2%.
XRP has managed to stay afloat above other assets with impressive gains amid the prevailing bearish trend in the crypto market.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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