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XRP Saw Impressive Growth in Q2, 2023: On-Chain Report

Sat, 07/08/2023 - 10:40
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Tomiwabold Olajide
Last quarter saw some notable advancements for XRP and XRPL
XRP Saw Impressive Growth in Q2, 2023: On-Chain Report
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On-chain analytics firm Messari highlights XRP and XRPL growth in an interesting Q2 report. XRP is the native token on XRP Ledger (XRPL), which is utilized for transaction fees, wallet reserves and other functions.

According to Messari, XRP's circulating market cap is up 42.5% YTD, owing mostly to its price spike in the first quarter of 2023. After a drop in early May, the price of XRP nearly returned to its yearly high set in late March in June.

Messari observed that price movements in XRP in recent months surrounded news from the SEC's ongoing lawsuit with Ripple, which began in 2020.

XRP and XRPL revenue, Courtesy: Messari

Likewise, the massive revenue spike in June also coincided with news from the SEC lawsuit, which saw revenue jump nearly 20 times its daily average for three days.

Per the chart posted by Messari, XRP quarterly revenue surged 167.2% in Q2. Quarterly revenues in dollars also rose a massive 220.3% to $188,376.

In comparison to Q1, XRPL, along with most other large Layer-1 (L1) networks, saw a decline in its metrics in Q2. Despite this, the last quarter still saw some notable advancements for XRP Ledger.

The average daily NFT transaction climbed by 12.7% year over year, from 13,800 to 15,500. Almost all NFT transaction types rose QoQ, while NFTokenCreateOffer's dominance increased to more than 50% of all NFT transactions.

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Messari noted that XRPL continues to expand in new directions, including efforts on sidechains. Coreum and Root Network have recently launched, respectively, giving XRPL developers broader programmability to study security tokenization and the metaverse.

Both the EVM sidechain and the XLS-38d bridge were updated in Q2. Developers are currently testing transfers between Issued Currencies and ERC-20s, as well as a new consensus process and other features.

XRP Ledger also saw remarkable network activity in the last quarter. On May 28, 2023, around 523,000 addresses got a transaction, nearly 11 times the daily average in Q2. This is the second-highest address activity day in history.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.