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Despite concerns over the Ripple vs. SEC lawsuit, XRP has displayed significant growth in several areas of its protocol during the second quarter (Q2) of this year, as revealed by a recent report from crypto analytics platform Messari.
Based on data from Messari, the circulating market capitalization of XRP is Experience Year-to-date (YTD) growth of 42.5%. This increase was driven by an increase in asset price in the first quarter. However, in the second quarter (Q2), the market cap declined by 10.7% quarter-on-quarter (QoQ) from $27.8 billion to $24.8 billion.
Although the XRP network experienced a decline in transaction volume QoQ, average daily non-fungible token (NFT) transactions increased significantly by 12.7% QoQ, rising from 13,800 to 15,500. While XRP’s XRPL has a strong presence in the decentralized finance (DeFi) and NFT ecosystem, its influence is often undermined by top competitors such as Ethereum (ETH) and Solana (SOL). However, this trend is showing signs of beginning to change.
Messari Data highlighted another important development in the XRP ecosystem, namely the expansion of the XRPL sidechain. Recently, two notable protocols, Corium and Root Network, were introduced. These protocols play a vital role in providing desired programmability to XRPL developers and users. The Corium ecosystem places an emphasis on security, while the Root Network focuses on driving Metaverse innovations.
XRPL achieved several notable achievements, including a significant increase in the total number of new addresses, which reached 138,790, representing a 31.8% increase over the same period last year. Additionally, quarterly revenue grew 220.3% to $188,376.
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Despite facing challenges due to the SEC lawsuit, XRP has seen efforts from developers within its ecosystem to boost utility adoption. The growth seen in essential operational aspects of XRPL reflects XRP’s progress towards its goal of providing sustainable value and utility.
With a focus on real estate tokenization and dedicated research in blockchain technology, XRP has distinctive fundamentals that have the potential to drive substantial long-term growth and innovation.
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