XRPL Defies SEC Lawsuit Concerns, Exhibits Robust Q2 Growth: Report
XRPL, the XRP Ledger, showcased impressive expansion across various aspects of its protocol during the second quarter of 2023, despite prevailing worries surrounding the Ripple vs. SEC lawsuit, as per a recent analysis from crypto analytics platform Messari.
According to the report, the total number of new addresses on the XRP Ledger surged by 31.8% compared to the same period in 2022, reaching an impressive count of 138,790. This growth indicates a promising trend for the platform’s user base.
Although the market cap of XRP experienced a 10.7% decline in Q2, dropping from $27.8 billion to $24.8 billion, its year-to-date circulating market cap registered a positive increase of 42.5%. The rise in market cap was primarily driven by the surge in XRP’s price during the first quarter.
While transaction volume on the XRPL witnessed a slight dip in Q2, there was a noteworthy 12.7% rise in average daily nonfungible token (NFT) transactions, indicating growing activity in the XRPL’s NFT and decentralized finance (DeFi) sectors. Despite Ethereum and Solana dominating the DeFi and NFT ecosystems, the XRPL is beginning to gain traction in these areas.
The report also shed light on significant developments within the XRPL ecosystem. Two prominent protocols, Coreum and Root Network, were introduced to expand XRPL sidechains. These protocols enhance programmability for XRPL developers and users, with Coreum focusing on ecosystem security and Root Network driving innovations in the metaverse space.
Furthermore, XRPL’s quarterly revenue witnessed a staggering surge of 220.3%, amounting to $188,376. This robust financial performance further illustrates the platform’s ability to deliver value and utility despite the ongoing SEC lawsuit challenges faced by Ripple.
The report highlighted Ripple’s commitment to utility adoption within its ecosystem, particularly through endeavors in real estate tokenization and dedicated research in blockchain technology. These distinctive fundamentals position Ripple for long-term growth and innovation within the industry.
In conclusion, despite concerns over the Ripple vs. SEC lawsuit, the XRPL demonstrated impressive growth and resilience in the second quarter, reflecting its potential for sustained expansion and utility adoption.