The total number of new XRP Ledger addresses increased significantly to 138,790, an increase of 31.8% from the same period in 2022.
XRP Ledger (XRPL) has shown significant growth in multiple areas of its protocol in the second quarter of 2023, despite lingering concerns over Ripple’s SEC lawsuit, according to a recent report from crypto analytics platform Messari.
The report shows that XRP's circulating market value
Ripple
Year-to-date, it has grown 42.5%. This growth was driven by a surge in asset prices in the first quarter; however, the market value fell 10.7% in the second quarter, from $27.8 billion to $24.8 billion.
Despite a month-over-month decline in XRP platform transactions, daily average non-fungible token (NFT) transactions increased significantly by 12.7%, from 13,800 to 15,500. While XRPL has a strong presence in the decentralized finance (DeFi) and NFT ecosystems, it is often overshadowed by top competitors such as Ethereum and Solana. However, there are signs that this trend is beginning to turn.
Messari data reveals another major development in the XRP ecosystem, the expansion of XRPL sidechains, and the recent launch of two prominent protocols, Coreum and Root Network. These protocols play a vital role in providing the desired programmability for XRPL developers and users. Coreum emphasizes ecosystem security, while Root Network focuses on driving innovation in the metaverse.
XRPL saw a significant increase in the total number of new addresses, reaching 138,790, up 31.8% from the same period in 2022. Additionally, quarterly revenue soared 220.3% to $188,376.
Despite challenges due to ongoing litigation with the U.S. Securities and Exchange Commission (SEC), Ripple has seen continued efforts by developers within its ecosystem to drive utility adoption. Growth in XRPL’s underlying operations reflects its progress in delivering sustainable value and utility.
Ripple's focus on real estate tokenization and dedicated research into blockchain technology has unique fundamentals with the potential to drive substantial long-term growth and innovation.