Amid the prevailing bearish trend in the crypto market, XRP has stayed afloat above other assets with impressive gains. A report from a leading crypto market intelligence product provider, Messari, revealed the Ripple native currency XRP took the lead in the overall crypto market in Q1.
XRP Takes The Lead In Overall Crypto Market
According to data from Messari, XRP outperformed other crypto assets with a 55% surge on a quarter-on-quarter (QoQ) basis.
From the report, the market cap of XRP 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 exceeded the cumulative crypto market cap that witnessed a 46% surge within the same period.
Messari’s report also showed that XRP kicked off the year with a trading price of $0.35 as of January 1. With the increasing volatility in the crypto market during the beginning of 2023, XRP rallied progressively through the days. As of January 23, XRP’s price hit $0.43 before retracting due to the influence of the bears. The token closed in January with a 19.71% increase in value.
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. However, XRP ended February with a 7.27% drop as the price hit $0.37.
Then XRP’s price rally took a more aggressive look in March. The price of XRP ranged from the beginning of March. But it gained momentum from March 21 as XRP broke the resistance level at $0.400.
XRP sustained its volatility and pushed higher with a more bullish stance through the remaining days in March. The token rallied beyond the $0.500 region and progressed higher.
Messari noted that XRP hit a 10-month high of $0.5850 on March 29, following a two-week price surge of 56%. This price rally was peculiar to XRP, although most crypto assets posted a decline during the period.
Finally, XRP closed with a price of $0.54 on March 31, a 43% price surge for the month. The feat pushed the token to an overall price gain of 55% in Q1 2023.
XRP Performance Analysis 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%.
-Featured image from Pixabay and chart from Tradingview.com