The overall number of new addresses added to the XRP Ledger increased significantly, reaching 138,790, an increase of 31.8% over the same period in 2022.
The XRP Ledger (XRPL) has seen substantial growth in many parts of its protocol during the second quarter of 2023, according to a recent analysis by crypto analytics platform Messari, despite the current Ripple v. SEC lawsuit.
The circulating market cap of XRP has increased by 42.5% year to date, according to the research. The asset’s price spike in the first quarter was the main driver of this growth. The market cap, which was $27.8 billion in Q1 and $24.8 billion in Q2, dropped 10.7% in Q2.
While the number of transactions on the XRP platform decreased from one quarter to the next, there was a notable 12.7% growth in nonfungible token (NFT) transactions on a daily average, going from 13,800 to 15,500. There are indications that the dominance of Ethereum and Solana over the XRPL in the decentralized finance (DeFi) and NFT ecosystems may be changing.
The rise of XRPL sidechains is another notable trend in the XRP ecosystem, according to the Messari statistics. Recently announced significant protocols are Coreum and Root Network. These protocols are essential for giving XRPL users and developers the needed programmability. While Root Network seeks to promote metaverse innovations, Coreum focuses on ecosystem security.
The overall number of new addresses in the XRPL has significantly increased, reaching 138,790, an increase of 31.8% over the same period in 2022. In addition, quarterly earnings increased by 220.3% to $188,376.
The current SEC litigation against Ripple has presented difficulties, but developers within the XRPL community have worked to promote utility usage. The XRPL’s expansion in key operational areas is an indication of its success in delivering long-term value and utility.
It is crucial to remember that the Ripple v. SEC litigation has a big impact on the regulatory landscape and how XRP is seen by the market. The outcome of the litigation might have an impact on how XRP and its ecosystem evolve and are used in the future.
Based on the facts at hand, the context given reflects the XRPL and Ripple ecosystem’s situation during the second quarter of 2023. It is crucial to take into account current developments and regulatory factors that could affect the trajectory of the XRPL and XRP in the future.