A recent report from crypto analytics firm Messari has revealed that the XRP Ledger (XRPL) experienced remarkable growth in various areas of its protocol during the second quarter (Q2) of 2023. Despite ongoing legal issues with the US Securities and Exchange Commission (SEC), the circulating market cap of XRP saw a 42.5% increase in Q2 2023 compared to the same period last year. This growth is particularly impressive considering the impact of the SEC lawsuit, which has led many investors and users to switch to alternative platforms.
The surge in the price of XRP in the first quarter (Q1) contributed to this growth in market cap. However, there has been a pullback of 10.7% from $27.8 billion to $24.8 billion. Although the XRP platform experienced a decline in transaction volume quarter-over-quarter, there was a 12% increase in daily Non-Fungible Token (NFT) transactions, rising from 13,800 to 15,500. Despite being outperformed by Ethereum and Solana in decentralized finance (DeFi) and NFT ecosystems, the performance of the XRP platform in these areas was still impressive.
The report also highlighted some developments in the XRP space, particularly the expansion of XRPL sidechains. Two protocols known as Coreum and Root Network were recently unveiled, offering important programmability for XRPL developers and users. While Root Network focuses on driving metaverse innovation, Coreum focuses on enhancing security in the ecosystem.
Another area of growth for XRP was the increase in new address count. The number of new addresses reached 138,790, representing a 31.8% growth compared to the same period last year. The quarterly revenue also experienced significant growth, reaching $188,376, a 220% increase.
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Since its inception, the XRPL has provided developers and users with the benefits of speed, efficiency, and uptime. In addition, developers on XRPL receive extra incentives compared to other chains, making it easier and cheaper to deploy new decentralized applications (DApps).
In May of this year, the XRPL celebrated closing its 80 millionth ledger, with the 81 millionth ledger closing shortly afterward. The XRPL has also reached five years of integrated research programs through the University Blockchain Research Initiative (UBRI), with over 50 partner universities launching their own blockchain programs.
The future of the Ripple ecosystem is expected to experience further growth if Ripple wins the lawsuit against the SEC. However, if the SEC wins the lawsuit, there could be five more years of fear and panic within the ecosystem. Ripple Pro-attorney John Deaton has explained that in the event of a ruling against Ripple, there would be a prolonged period of legal battles and no resolution. Deaton, however, expects Ripple to win easily.
As of press time, XRP was trading around $0.471446 and showed a bullish market sentiment.
It is important to note that the information provided in this article is for informational purposes only and should not be considered as financial advice. Readers are advised to do their own research and analysis before making any investment decisions.
