Despite ongoing concerns over the Ripple-SEC lawsuit, The XRP Ledger (XRPL) has shown significant growth in several areas of its protocol in the second quarter of 2023, according to a recent report from crypto analytics platform Messari.
The report shows that the circulating market cap of XRP (XRP) is up 42.5% year-to-date. The growth was driven by the asset’s price increase in the first quarter; However, in the second quarter, its market cap fell 10.7%, from $27.8 billion to $24.8 billion.
Although the XRP platform saw transaction volume drop quarter-on-quarter, there was a notable 12.7% increase in average daily non-fungible token (NFT) transactions, from 13,800 to 15,500. While the XRPL has a strong presence in decentralized finance (DeFi) and NFT ecosystems, it is often eclipsed by top competitors like Ethereum and Solana. However, there are signs that this trend is beginning to change.
Screenshot of the graphical representation of the overview of the most important key figures of the XRP ledger. Source: Messari
The Messari data uncovered another significant development in the XRP ecosystem, namely the expansion of XRPL sidechains, with the recent launch of two notable protocols, Coreum and Root Network. These protocols play a critical role in providing XRPL developers and users with the programmability they desire. Coreum prioritizes ecosystem security, while Root Network focuses on fostering Metaverse innovation.
The XRPL achieved a significant increase in the total number of new addresses to 138,790, representing a 31.8% growth compared to the same period in 2022. Additionally, quarterly revenue increased 220.3% to $188,376.
Related: Ripple Labs is revolutionizing the real estate industry through tokenization
Despite challenges from the ongoing Securities and Exchange Commission lawsuit, Ripple has seen efforts from developers in its ecosystem to drive utility adoption. The growth observed in key operational aspects of the XRPL reflects its progress in delivering sustained value and benefits.
With its focus on real estate tokenization and focused research in blockchain technology, Ripple has strong fundamentals that have the potential to drive significant long-term growth and innovation.
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