Despite the growing concerns regarding the SEC’s lawsuit, the XRP Ledger has displayed considerable growth during Q2 2023. As per the report shared by the crypto analytics platform, Messari, the platform demonstrated growth in multiple areas of its protocol. The report highlights that the circulating market cap of XRP has increased by an astonishing 42.5% year to date. It further shows that the growth was accelerated due to the asset’s price surge within the first quarter. However, the situation was different in Q2 as the market cap declined by almost 10.7%
The XRP platform was subject to a decline in transaction volume quarter-over-quarter, but there was a noticeable 12.7% increase in the average daily NFT transactions which rose from 13,800 to approximately 15,500. Despite XRP Ledger having a strong presence within the DeFi world and NFTs, many speculate that it still gets overshadowed by a series of competitors, including Solana, Ethereum, and others. However, recent data and in-depth analysis suggest that the trend is beginning to shift as a whole.
The data shared by Messari also discussed another development in the XRP ecosystem. This points to the expansion of the XRP Ledger sidechains via two recently introduced protocols that include Coreum and Root Network. These protocols play a role in providing XRP Ledger developers and users with optimum levels of programmability. Coreum places high regard on the security of the ecosystem, whereas the Root Network prioritizes driving metaverse innovations.
XRP Ledger to Provide Value and Utility
The XRP Ledger witnessed a considerable increase in the overall address count, which represented a growth of almost 31.8%. At the same time, the quarterly revenue surged by approximately 220.3% to reach $188,376.
Ripple has been facing a great challenge due to the SEC lawsuit and has seen great efforts from developers within its ecosystem to boost existing levels of utility adoption. The recent growth within the ecosystem’s essential operational aspects reflects XRP Ledger’s progress toward both ideal value and utility.
Ripple focuses on real estate tokenization as well as dedicated blockchain research, and also possesses distinct fundamentals that have the potential of paving the way for substantial long-term growth and innovation.