According to a Messari report, XRP outperformed the overall crypto market in Q1, having rallied by over 55% to a high of $0.54.
Despite the recent downtrend, XRP is still registering gains this year. Most recently, a report from Messari confirmed that the asset outperformed the overall crypto market in Q1 2023, having rallied by 55% quarter-on-quarter (QoQ).
According to Messari, XRP’s market cap saw an impressive increase from $17.4 billion on Jan. 1 to $27.4 billion on March 31, marking a 59.9% surge in Q1 2023. This increase beats the 46% increase observed by the overall crypto market cap within the same time frame. Meanwhile as opposed to the 59.9% surge in market cap, XRP’s price increased by 55% in Q1.
The report stressed that XRP began the first quarter of this year with a value of $0.35, as observed on Jan. 1. Riding on the ensuing market-wide rally, the asset hit a high of $0.43 on Jan. 23 before facing resistance at the territory. XRP eventually closed January with an impressive 19.71% increase.
February was less favorable for the asset, as the bears took control of the broader market scene. XRP was battered back to $0.36 but quickly engineered a comeback that saw it close February at $0.37, with a 7.27% decline that month.
XRP Gained 43% in March
The asset’s response to this downtrend materialized in March. As previously reported by The Crypto Basic, XRP’s bullish run started gaining momentum on March 21, leading to a 24-hour increase of 11% that day. The price surge came on the back of speculations that the Ripple vs. SEC case might be coming to an end.
Building on the sustained momentum, the asset soared to a 10-month high of $0.5850 on March 29, having rallied by 56% in just two weeks. Notably, this massive rally from XRP was a solo run, with the asset posting impressive gains while other cryptocurrencies fell flat during that period.
After fighting off a series of attacks from the bears, XRP eventually closed March at $0.54, marking a 43% increase that month. Overall, the asset’s price ended Q1 2023 with a 55% increase. March was XRP’s most favorable month since September 2022. A report from Kaiko revealed that the March rally was majorly driven by retail investors.
Meanwhile, at the time of reporting, XRP is currently looking to recover the losses of April, its worst month this year so far. Presently, the asset is trading for $0.4609, up 2.93% in the past 24 hours. XRP seeks to solidify its position above the $0.46 zone.
In addition to its price actions, Messari also called attention to XRP’s deflationary trend, which is evidenced in its burning mechanism. The Crypto Basic previously reported that over 11 million XRP has been burned to date, citing data from XRPSCAN.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.