According to a recent report from crypto analytics platform Messari, The XRP Ledger (XRPL) has shown significant growth in various aspects of its protocol during the second quarter of 2023, despite concerns over the Ripple vs. SEC lawsuit.
The report reveals that the circulating market cap of XRP has increased by 42.5% year-to-date, although there was a 10.7% decline in Q2, from $27.8 billion to $24.8 billion.
The initial growth was driven by a surge in the asset’s price in the first quarter. While the transaction volume on the XRP platform decreased quarter-over-quarter, there was a noteworthy 12.7% increase in average daily nonfungible token (NFT) transactions, rising from 13,800 to 15,500.
Although Ethereum and Solana overshadow the XRPL in the decentralized finance (DeFi) and NFT ecosystems, there are indications that this trend is shifting.
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A key development in the XRP ecosystem highlighted by the Messari data is the expansion of XRPL sidechains.
Two notable protocols, Coreum and Root Network, were recently introduced, providing XRPL developers and users with desired programmability. Coreum focuses on ecosystem security, while Root Network drives metaverse innovations.
The XRPL also experienced a significant increase in the total new address count, reaching 138,790, a growth of 31.8% compared to the same period in 2022.
Additionally, quarterly revenue surged by 220.3% to $188,376.
Despite the ongoing SEC lawsuit, Ripple has seen efforts from developers within its ecosystem to drive utility adoption.
The progress made in essential operational aspects of the XRPL reflects its journey toward delivering sustainable value and utility.
Ripple’s distinct fundamentals, including its focus on real estate tokenization and dedicated research in blockchain technology, position it for substantial long-term growth and innovation.
While challenges persist, the growth witnessed in the XRPL’s protocol and ecosystem signifies progress in providing value and utility to its users.
