In the face of ongoing concerns surrounding the legal battle between Ripple and the SEC, the XRP Ledger (XRPL) showcased remarkable growth across various aspects of its protocol in the second quarter of 2023, as indicated by a recent report published by the crypto analytics platform Messari.
XRPL demonstrates growth in Q2 despite lingering concerns over SEC lawsuit
According to the report, the circulating market capitalization of XRP, currently priced at $0.47, has witnessed a year-to-date surge of 42.5%. While the asset’s value soared in the first quarter, the market cap experienced a decline of 10.7% during Q2, settling at $24.8 billion from its previous $27.8 billion.
Despite a decrease in overall transaction volume on the XRPL platform during the second quarter, there was a notable 12.7% increase in average daily nonfungible token (NFT) transactions, with numbers climbing from 13,800 to 15,500. While competitors like Ethereum and Solana often overshadow XRPL in the realms of decentralized finance (DeFi) and NFT ecosystems, there are emerging signs of a shifting trend.
As per the Messari report, the XRP ecosystem has witnessed another noteworthy development, specifically the expansion of XRPL sidechains, with the recent introduction of two prominent protocols, Coreum and Root Network. These protocols have a vital role in providing XRPL developers and users with the desired programmability. Coreum prioritizes ecosystem security, while Root Network aims to drive innovations in the metaverse.
In addition, they experienced a substantial increase in the total number of new addresses, which rose to 138,790, reflecting a remarkable growth of 31.8% compared to the same period in 2022. Furthermore, quarterly revenue demonstrated an impressive surge of 220.3%, reaching $188,376.
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