Messari’s Q2 2023 On-Chain Report highlights developments in XRP and the XRP Ledger (XRPL). XRP, the asset of the XRPL and used for fees and wallet reserves, has seen its price rise by more than 50% this year.
Massari reports that 42.5% of XRP’s market capitalization growth this year has been in the first quarter of 2023. Although XRP prices fell in May, the currency recovered in June but did not exceed its March 2023 highs.
The analytics firm also notes that the ongoing legal dispute between Ripple and the US Securities and Exchange Commission (SEC), has significantly affected XRP’s recent price movements.
The increase in revenue in June, which has exceeded the daily average by nearly 20 times for three straight days, coincided with the breaking news about the SEC’s lawsuit.
XRP revenue grew by 167.2% in the second quarter of 2023
the a report It features a visual representation that shows a significant 167.2% increase in quarterly XRP revenue during the second quarter. USD sales for the quarter increased by an impressive 220.3% to $188,376.
While XRPL metrics saw a decline in Q2 2023 compared to the previous quarter, similar to other major layer 1 networks, there were still significant developments within the XRP Ledger in the most recent quarter.
One notable development highlighted by Messari is the rise in average non-fungible token (NFT) transactions, which grew by 1,370.00 — or 12.7% — from 2013 to 2014.
Almost every category of NFT trading saw growth from Q1 to Q2, with NFTokenCreateOffer emerging as the dominant NFT trading by a large margin.
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XRPL Developments
The report also highlights the progress made by XRPL in various areas of development.
The recently launched Coreum and Root Network provides XRPL developers with increased software options for exploring security tokens and the metaverse.
In the second quarter of 2023, the Ethereum-compatible side chain and XLS-38d bridge were optimized. Developers are testing a new consensus mechanism and additional features that allow coins to be converted to ERC-20 tokens. In the second quarter of 2023, the XRPL network was also active.
On May 28, 2023, the number of transactions sent to approximately 523,000 addresses exceeded the daily average by nearly 11 times, setting a new record for address activity on XRPL.