Despite ongoing concerns about the Ripple vs. SEC lawsuit, 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 from crypto analytics platform Messari.
The report shows that the market cap traded for XRP (XRP) has increased by 42.5% year-to-date. Growth was driven by higher asset prices in the first quarter; However, in the second quarter, the market capitalization decreased by 10.7%, from $27.8 billion to $24.8 billion.
Although the XRP platform saw a decline in transaction volume on a quarterly basis, there was a significant increase of 12.7% in average non-fungible token (NFT) transactions, rising from 13,800 to 15,500. While XRPL has a strong presence in Decentralized finance (DeFi) and NFT ecosystems, are often overshadowed by top competitors such as Ethereum and Solana. However, there are signs that this trend is beginning to shift.
Messari data revealed another significant development in the XRP ecosystem, namely the expansion of XRPL side chains, with two notable protocols, Coreum and Root Network, introduced recently. These protocols play an important role in providing the required programming for XRPL developers and users. Coreum emphasizes ecosystem security, while Root Network focuses on driving metaverse innovation.
XRPL significantly increased the total number of new titles, which amounted to 138,790, representing a growth of 31.8% compared to the same period in 2022. In addition, quarterly revenue increased by 220.3% to $188,376.
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Despite facing challenges due to the ongoing lawsuit from the US Securities and Exchange Commission (SEC), Ripple has seen efforts from developers within its ecosystem to drive utility adoption. The growth experienced in core operational aspects of XRPL reflects progress toward providing sustainable value and benefit.
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