XRPL Grows Despite SEC Lawsuit Concerns in Q2: Report

XRP Ledger Growth in Q2 2023

Despite ongoing uncertainty surrounding the Ripple vs. SEC lawsuit, The XRP Ledger (XRPL) has made impressive strides in multiple areas of its protocol during the second quarter of 2023, according to a recent report from crypto analytics platform Messari.

The report reveals that the circulating market cap of XRP (XRP) has increased by 42.5% year-to-date. This growth was primarily driven by the asset’s price surge in the first quarter; however, in Q2, the market cap declined 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 12.7% increase in average daily nonfungible token (NFT) transactions, rising from 13,800 to 15,500. The XRPL has a strong presence in decentralized finance (DeFi) and NFT ecosystems, however, it is often overshadowed by top competitors like Ethereum and Solana. Nevertheless, there are signs that this trend is beginning to shift.

The Messari data uncovered 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 are essential for providing XRPL developers and users with the desired programmability. Coreum focuses on enhancing ecosystem security, while Root Network is dedicated to driving metaverse innovations such as web 2.0 vs web 3.0, AI technology, Crypto.com Coin, Xmon Crypto, Fantom Crypto, FTX Crypto, Avax Crypto, Cosmos Crypto, Algo Crypto, and Cronos Crypto.

XRP Achieves Notable Milestones

The XRPL has seen some remarkable achievements in the past year, with the total number of new addresses rising to 138,790, an increase of 31.8% compared to the same period last year. Additionally, the quarterly revenue saw a 220.3% surge, reaching $188,376.

In spite of the SEC lawsuit, XRP has made progress in terms of utility adoption, as evidenced by the growth of key operational aspects of the XRPL. This reflects the progress of XRP in achieving its goal to provide sustainable value and utility.

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