Amid the prevailing bearish trend in the crypto market, XRP continued to float above other assets with impressive gains. A report from Messari, a leading provider of crypto market information products, revealed that the Ripple currency XRP took the lead in the overall crypto market in the first quarter.
XRP takes the lead in the overall crypto market
According to data from MessariXRP outperformed other crypto assets with a 55% quarter-over-quarter (QoQ) increase.
The report shows that XRP’s market cap grew by a whopping 59.9% in the first quarter of the year. The value increased from $17.4 billion on January 1 to $27.4 billion on March 31.
Notably, the growth rate for XRP’s market cap outperformed the cumulative crypto market cap which saw a 46% increase over the same period.
from Messari report also showed that XRP started the year with a trading price of $0.35 as of January 1. With the increasing volatility in the crypto market in early 2023, XRP gradually recovered over the days. As of January 23, the price of XRP reached $0.43 before being pulled back due to the influence of the bears. The token closed in January with a 19.71% increase in value.
The second month was not really eventful for XRP as the price gradually dropped to $0.36 amid the downtrend in the overall crypto market. However, XRP ended February down 7.27% as the price hit $0.37.
Then the XRP price rally looked more aggressive in March. The price of XRP varied from the beginning of March. But it gained momentum from March 21 when XRP broke the resistance level at $0.400.
XRP maintained its volatility and pushed higher with a more bullish stance for the remaining days in March. The token surged past the $0.500 region and moved higher.
Messari noted that XRP hit a 10-month high of $0.5850 on March 29, following a two-week price increase of 56%. This price increase was characteristic of XRP, although most crypto assets showed a decline during the period.
Finally, XRP closed at a price of $0.54 on March 31, a price increase of 43% for the month. The performance pushed the token to a total price gain of 55% in Q1 2023.
XRP performance analysis in Q1 2023
In addition to 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 the first quarter. The total number of active addresses and average daily transactions increased by 13.9% and 10.7% quarter on quarter, respectively.
The total number of active addresses grew from the receiving addresses, which increased from 47,000 to 55,000 by an increase of 17.1%. But XRP shipping addresses fell 7.2%.
– Featured image from Pixabay and chart from Tradingview.com