XRPL Shows Strong Growth and Innovations in Q2 2023

The XRP Ledger (XRPL) has shown significant growth in multiple areas of its protocol during the second quarter of 2023, according to a recent report by crypto analytics platform Messari.

The report indicates that XRP’s market capitalization has increased by 42.5% year-to-date. The increase was prompted by the asset’s price increase in the first quarter; however, in the second quarter, market capitalization decreased by 10.7%, from $27.8 billion to $24.8 billion.

Although the XRP platform experienced a decline in transaction volume quarter-over-quarter, average daily nonfungible token (NFT) transactions increased by 12.7%, from 13,800 to 15,600.

While the XRPL has a strong presence in the decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, it is often overshadowed by top competitors such as Ethereum and Solana.

Nonetheless, there are indications that this trajectory is beginning to change. Messari data revealed an additional significant development in the XRP ecosystem, namely the expansion of XRPL sidechains with the recent introduction of two notable protocols, Coreum and Root Network.

Screenshot of graphic representation of XRP Ledger key metrics overview. Source: Messari

These protocols play an essential role in granting XRPL developers and users the intended programmability. Coreum prioritizes ecosystem security, whereas Root Network focuses on fostering metaverse innovations.

The XRPL accomplished a significant increase in the total number of new addresses, which reached 138,790, a 31.8% increase over the same period in 2022. In addition, quarterly revenue increased by 220.3% to $188,376.

Despite confronting obstacles due to the ongoing Securities and Exchange Commission (SEC) lawsuit, developers within Ripple’s ecosystem have made efforts to promote utility adoption.

The expansion of the XRPL’s fundamental operational aspects demonstrates its progress in delivering sustainable value and utility.

Ripple possesses distinctive fundamentals that have the potential to drive substantial long-term growth and innovation, with a focus on real estate tokenization and dedicated research in blockchain technology.