The overall number of new addresses added to the XRP Ledger increased significantly, reaching 138,790, marking a 31.8% increase over the same period in 2022.Despite ongoing concerns about the Ripple vs. SEC litigation, The XRP Ledger (XRPL) has shown tremendous growth in several areas of its protocol during the second quarter of 2023, according to a recent study by crypto analytics platform Messari.
According to the research, XRP’s circulation market cap has climbed by 42.5% year to date. The asset’s price spike in the first quarter drove the growth; nevertheless, the market cap fell by 10.7% in the second quarter, from $27.8 billion to $24.8 billion.
Although transaction volume on the XRP platform fell quarter over quarter, there was a 12.7% increase in average daily nonfungible token (NFT) transactions, jumping from 13,800 to 15,500. While the XRPL has a substantial presence in the DeFi and NFT ecosystems, prominent competitors like Ethereum and Solana frequently outshine it. However, there are hints that this pattern is beginning to change.
The Messari data revealed another noteworthy development in the XRP ecosystem, particularly the rise of XRPL sidechains, with two notable protocols, Coreum and Root Network, recently deployed. These protocols are critical in providing XRPL developers and users with the desired programmability. Coreum prioritises ecosystem security, whereas Root Network concentrates on promoting metaverse innovation.The XRPL had a large increase in total new address count, reaching 138,790, a 31.8% increase over the same period in 2022. In addition, quarterly income increased by 220.3% to $188,376.
Despite the continuing SEC case, Ripple has seen efforts from developers inside its ecosystem to push utility usage. The XRPL’s growth in key operational aspects demonstrates its progress towards providing long-term value and utility. Ripple has distinct foundations that have the ability to fuel significant long-term development and innovation, with a focus on real estate tokenization and dedicated blockchain research.