Amidst the ongoing Ripple vs. SEC legal battle, the XRP Ledger (XRPL) showcased notable advancements across various aspects of its protocol throughout the second quarter of 2023, as per a recent report published by crypto analytics platform Messari.
Despite some concerns, the report indicates that the circulating market cap of XRP experienced a substantial 42.5% year-to-date increase. This growth can be attributed to the surge in the asset’s price during the first quarter. However, in the second quarter, the market cap witnessed a decline of 10.7%, sliding from $27.8 billion to $24.8 billion.
While the XRP platform encountered a decrease in transaction volume from the previous quarter, there was a noteworthy 12.7% rise in average daily nonfungible token (NFT) transactions, jumping from 13,800 to 15,500. Despite being overshadowed by competitors like Ethereum and Solana in the decentralized finance (DeFi) and NFT ecosystems, the XRPL is exhibiting signs of a shifting trend.
The Messari report also revealed significant developments within the XRP ecosystem, particularly the expansion of XRPL sidechains. Two notable protocols, Coreum and Root Network, were recently introduced to enhance programmability for XRPL developers and users. Coreum places a strong emphasis on ecosystem security, while Root Network aims to drive metaverse innovations.
Furthermore, the XRPL witnessed a significant increase in the total number of new addresses, reaching 138,790, which represents a growth of 31.8% compared to the same period in 2022. Additionally, quarterly revenue surged by an impressive 220.3%, reaching $188,376.
Despite the challenges stemming from the SEC lawsuit, Ripple has seen proactive efforts from developers within its ecosystem to drive utility adoption. The growth observed in essential operational aspects of the XRPL indicates substantial progress in terms of sustainable value and utility provision.
Ripple stands out due to its focus on real estate tokenization and dedicated research in blockchain technology. These distinctive fundamentals have the potential to propel significant long-term growth and foster innovation within the industry.
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