- Data discloses that the XRP market cap declined by 10 percent in the second quarter of 2023 but recorded growth in other areas.
- CryptoLaw’s John Deaton speaks on what happens when Ripple loses the lawsuit against SEC.
A report from crypto analytics firm Messari has disclosed that the XRP Ledger (XRPL) recorded incredible growth in different areas of its protocol in the second quarter (Q2) of the year. Compared to the same period last year, the circulating market cap is reported to have increased by 42.5 in Q2 2023. This comes as a little surprise as the Ripple (XRP) ecosystem was severely affected by its ongoing lawsuit with the US Securities and Exchange Commission, causing investors and users to switch to other platforms.
According to the report, this particular growth was caused by the price surge of its asset in the first quarter (Q1). Unfortunately, the market cap has recorded a pullback of 10.7 percent from $27.8 billion to $24.8 billion.
Another observation was that the XRP platform recorded a fall in transaction volume quarter-over-quarter, but daily Non-Fungible Token transactions saw a 12 percent increase. This saw the number rise from 13,800 to 15,500. The performance in the decentralized finance (DeFi) and NFT ecosystems was very impressive as well considering how the likes of Ethereum and Solana outperform it in these areas.
The data further highlighted some development in the XRP space. This was termed the expansion of XRPL sidechains. Two protocols identified as Coreum and Root Network were recently unveiled and are expected to provide XRPL developers and users with important programmability. Their roles are a little different. While Root Network drives metaverse innovation, Coreum focuses on security in the ecosystem.
Ripple Ecosystem Boom Pending Court Ruling
Another area of growth was the new address count. XRP saw its new address count reaching 138,790. This is said to be a representation of 31.8 percent of growth from the same period last year. Its quarterly revenue also reached $188,376, a 220 percent growth.
Since its inception, the XRPL has provided developers and users with the incredible benefit of speed, efficiency, and uptime. Considering the fact that developers get access to extra incentives compared to other chains, deployment of new DApps is easy to be done with cheaper charges.
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In May this year, it announced it closed its 80 millionth ledger with its 81 millionth ledger closed in the early hours of today. XRPL has also reached five years of integrated research programs through the University Blockchain Research Initiative (UBRI). As of now, more than 50 partner universities are launching their blockchain programs.
The ecosystem activities are expected to boom even more when Ripple wins the lawsuit. However, there could be another five years of fear and panic within the ecosystem when SEC wins the lawsuit. Ripple Pro-attorney John Deaton has explained that there would be two to five years of status quo and no resolution when the ruling goes against Ripple. When they decide to appeal to the Supreme Court, there would be another two or five more years for a legal battle. Regardless, Deaton expects Ripple to win easily.
XRP was trading around $0.471446 as of press time and appeared to have a bullish market sentiment.
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