XRP Ledger Hits a Milestone: Address Count Grows 38%
- The XRP Ledger has hit a major milestone, witnessing a 31.8% increase in active addresses.
- The circulating market cap is up 42.5% year-to-date, as per blockchain analytics platform Messari.
- There was an increase of 12.7% in the average daily NFT transactions in Q2, 2023.
- The average daily transactions and average daily active addresses in Q2 declined by 11.9% and 17.6%, respectively.
The decentralized, public blockchain created by American blockchain cross-border payments firm Ripple, the XRP Ledger, has hit a major milestone despite the fact that Ripple is currently engaged in a massive lawsuit with the United States Securities and Exchange Commission (SEC), which claims that the firm was involved in the sale of unregistered securities to US citizens.
As per a report from blockchain analytics platform Messari, the XRP Ledger has seen huge growth in Q2, 2023. Moreover, the circulating market cap is up 42.5% year-to-date, as per the report, primarily due to price surge that the native token of the blockchain witnessed during the first quarter of the year. However, there was a 10.7% decrease in the market capitalization of the firm, i.e., from $27.8 billion in Q1 to $24.8 billion in Q2.
However, the blockchain analytics platform confirmed that the XRP Ledger witnessed a significant increase of 31.8% in the total new address count, which now stands at 138,790. On the other hand, the quarterly revenue of the blockchain skyrocketed by around 220.3% to reach $188,376. The incredible performance of the Ripple ecosystem comes at a time when the crypto market is gradually recovering from the effects of the 2022 bear market.
While the average daily transactions and average daily active addresses in Q2 declined by 11.9% and 17.6%, respectively, as compared to Q1, there was an increase of 12.7% in the average daily non-fungible token (NFT) transactions in the second quarter of the year as well. Messari noted that “aside from NFT activity, most network activity metrics declined in Q2” on the XRP Ledger.
While the average daily NFT transactions rose from 13,800 to 15,500, Messari noted that the XRP Ledger “continues to expand in new directions with efforts on sidechains.” Recently, two notable protocols, Coreum and Root Network, were introduced in the Ripple ecosystem. As per Messari, the two protocols will offer “XRPL developers more programmability to explore security tokenization and metaverse, respectively.”
As per an earlier report from BitcoinWisdom, Ripple secured in-principle approval from the Monetary Authority of Singapore in June and announced its plans to expand in the Asia-Pacific region. The firm’s Singaporean arm will be able to “offer regulated digital payment token products and services.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
