Despite lingering concerns over the Ripple vs. SEC lawsuit, The XRP Ledger (XRPL) has demonstrated significant growth in multiple areas of its protocol during 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) has increased by 42.5% year-to-date. The growth was 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 network experienced a decline in transaction volume QoQ, there was a notable 12.7% QoQ increase in average daily non-fungible token (NFT) transactions, rising from 13,800 to 15,500. While XRP’s XRPL has a strong presence in decentralized finance (DeFi) and NFT ecosystems, its influence has often been overshadowed by top competitors like Ethereum (ETH) and Solana (SOL). However, there are signs of this trend starting to shift.
The Messari data uncovered another significant development in the XRP ecosystem, namely the expansion of XRPL sidechains. Recently, two notable protocols, Coreum and Root Network, were 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.
The XRPL achieved several notable milestones, including a significant increase in the total new address count, which reached 138,790, representing a growth of 31.8% compared to the same period last year. Additionally, the quarterly revenue surged by 220.3% to reach $188,376.
Related: Ripple Labs to revolutionize real estate industry through tokenization
Despite facing challenges due to the SEC lawsuit, XRP has seen efforts from developers within its ecosystem to drive utility adoption. The growth witnessed in essential operational aspects of the XRPL reflects the progress of XRP towards its goal of providing sustainable value and utility.
With its focus on real estate tokenization and dedicated research in blockchain technology, XRP possesses distinctive fundamentals that have the potential to drive substantial long-term growth and innovation.
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