XRPL Thrives in Q2 Despite SEC Lawsuit Concerns

In the midst of ongoing legal battles with the SEC, the XRP Ledger (XRPL) has shown remarkable growth in various aspects of its protocol during the second quarter of 2023.

XRPL Thrives in Q2 Despite SEC Lawsuit Concerns

According to a recent report from crypto analytics platform Messari, XRPL has seen an increase in total new address count, an expansion of sidechains, and notable developments in key metrics.

Steady Growth in New Address Count

Despite concerns surrounding the Ripple vs. SEC lawsuit, XRPL experienced a significant growth in total new address count, reaching 138,790—a remarkable 31.8% increase compared to the same period last year. This surge demonstrates growing interest and adoption within the XRPL ecosystem.

Market Cap and Price Performance

The circulating market cap of XRP has increased by 42.5% year-to-date, driven by a surge in the asset’s price during the first quarter. However, the market cap witnessed a slight decline of 10.7% in Q2, settling at $24.8 billion.

Rise of XRPL Sidechains

XRPL has witnessed the introduction of two notable sidechains: Coreum and Root Network. These protocols play a vital role in enhancing programmability and expanding the XRPL ecosystem’s capabilities. Coreum focuses on ecosystem security, while Root Network aims to drive metaverse innovations.

Key Metrics and Operational Growth

XRPL demonstrated positive growth in essential operational aspects. Average daily nonfungible token (NFT) transactions increased by 12.7%, signaling growing activity within the XRPL NFT ecosystem. Quarterly revenue surged by 220.3% to reach $188,376, reflecting the ecosystem’s progress in generating sustainable value.

XRPL: A Fortress

Despite the regulatory challenges Ripple faces, the steady state of the XRPL can be seen as efforts from developers and users within the XRPL ecosystem, contribute to driving utility adoption and showcasing the platform’s potential.

about XRPL

The XRP Ledger (XRPL) is an open-source decentralized blockchain platform that facilitates fast and low-cost cross-border transactions. As the backbone of the XRP cryptocurrency, XRPL provides a secure and efficient infrastructure for transferring value globally. With its consensus algorithm and unique features, XRPL aims to revolutionize the way money moves, offering benefits such as speed, scalability, and interoperability.