Despite persistent concerns over Ripple vs. SEC filing, the XRP Ledger (XRPL) has shown significant growth in several areas of the protocol during the second quarter of 2023, according to a recent report from crypto analytics platform Messari.
The report shows that the circulating market capitalization of XRP (XRP) has increased by 42.5% so far this year. The growth was driven by the asset’s price rise in the first quarter; However, in Q2, the market capitalization fell by 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 notable 1[ads1]2.7% increase in average daily nonfungible token (NFT) transactions, which rose from 13,800 to 15,500. While XRPL has a strong presence in decentralized finance (DeFi) and NFT ecosystems, top competitors such as Ethereum and Solana often overshadow it. However, there are signs that this trend is beginning to reverse.
The Messari data revealed another significant development in the XRP ecosystem, namely the expansion of XRPL sidechains, with two notable protocols, Coreum and Root Network, recently introduced. These protocols play a crucial role in providing XRPL developers and users with the desired programmability. Coreum emphasizes ecosystem security, while Root Network focuses on driving metaverse innovations.
XRPL achieved a significant increase in the total number of new addresses, which reached 138,790, representing a growth of 31.8% compared to the same period in 2022. In addition, the quarterly revenue increased by 220.3%, reaching USD 188,376.
Related: Ripple Labs to revolutionize the real estate industry through tokenization
Despite challenges due to the ongoing lawsuit before the United States Securities and Exchange Commission (SEC), Ripple has seen efforts from developers in its ecosystem to drive utility adoption. The growth in significant operational aspects of XRPL reflects progress towards providing sustainable value and utility.
With its focus on property tokenization and dedicated research in blockchain technology, Ripple possesses distinct fundamental characteristics that have the potential to drive significant long-term growth and innovation.
Blade: Ripple, Visa join HK CBDC pilot