Crypto News- In the fourth quarter of 2023, the XRP Ledger (XRPL) witnessed significant growth across various fronts, marking over a decade of operational excellence. As outlined in Messari’s recent report, this expansion propelled the collective market value of XRPL tokens by an impressive 47% quarter-over-quarter, amounting to a staggering $169 million.
With a repertoire of more than 3,300 distinct assets, XRPL showcased its diversity. However, amidst this rich ecosystem, the spotlight remained on its primary token, SOLO, commanding a formidable 45% share of the total market value. Notably, the top three tokens collectively held sway over 67% of the market capitalization.
XRP Ledger Activity Surges, Messari Report Indicates 169M Dollars Market Cap Increase
The native token of XRP Ledger, XRP, emerged as the sixth largest crypto asset by market capitalization, soaring to $33.7 billion. Witnessing a quarter-over-quarter surge of 21.2% in circulating market cap and a remarkable 93.6% increase year-over-year, XRP asserted its position as a significant player in the crypto sphere.
Throughout 2023, a distribution of 4 billion XRP took place, constituting 8% of the total XRP supply from the preceding year. While this distribution contributed to the burgeoning market cap, its impact paled in comparison to the substantial price surge, as per Messari’s insights.
Examining network activity in Q4 revealed a nuanced scenario. While active addresses on XRPL witnessed a decline of 31.3% quarter-over-quarter, transactions surged by 22.7% during the same period. Notably, despite this decrease in active addresses, a notable proportion of transaction activity stemmed from a select cluster of accounts funneling transactions to a singular destination.
Q4 2023: Insights into the XRP Ledger
On a parallel front, the realm of Non-Fungible Tokens (NFTs) experienced an exponential surge, with minting activities escalating by a staggering 491% quarter-over-quarter. This surge translated into a 170% increase in total NFT transactions, with Q4’23 alone witnessing a remarkable 3.4 million NFT mints, encapsulating over half of all mints since the inception of the XLS-20 standard in 2022.
Recent developments also shed light on payment mechanisms within the XRPL ecosystem. Revealed earlier this month, the compensation for XRPL EVM sidechain validators will be facilitated in XRP tokens. This disclosure, articulated by Ferran Prat Tió, co-founder and CEO of Peersyst Technology—the entity overseeing XRPL Ledger’s EVM-compatible sidechain—underscores the synergy between XRPL and emerging technologies like Ethereum Virtual Machine (EVM).
Operating as an autonomous network tethered to XRPL via a bridge, the EVM sidechain represents a pioneering stride, enabling Ethereum operations while harnessing XRP as its native token. This convergence of ecosystems underscores XRPL’s adaptability and resilience in embracing diverse technological landscapes.
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