On-Chain Data Reveals Impressive Growth For XRP In Q2, 2023

XRP Ledger revenue up 167.2% in Q2 on SEC lawsuit
XRP Record likewise saw momentous organization movement in the last quarter

In a fascinating report for the second quarter, on-chain analytics firm Messari highlights the expansion of XRP and XRPL. The native token on the XRP Ledger (XRPL) is XRP, which is used for wallet reserves, transaction fees, and other purposes. Messari claims that the XRP price surge in the first quarter of 2023 is primarily to blame for the 42.5 percent increase in the circulating market cap to date. The price of XRP nearly reached its all-time high set in late March in June after a drop in the beginning of May. Messari observed that news of the SEC's ongoing lawsuit against Ripple, which began in 2020, accompanied recent price movements in XRP.

XRP Ledger revenue up 167.2% in Q2 on SEC lawsuit

Similarly, the SEC lawsuit's news also coincided with the massive increase in revenue in June, which saw revenue rise nearly 20 times its daily average for three days. Advertisements Per the graph posted by Messari, XRP quarterly income flooded 167.2% in Q2. Dollar revenues for the quarter also increased significantly, reaching $188,376. In contrast with Q1, XRPL, alongside most other huge Layer-1 (L1) organizations, saw a decrease in its measurements in Q2. Despite this, XRP Ledger made some significant advancements in the last quarter. The typical everyday NFT exchange moved by 12.7% year over year, from 13,800 to 15,500. QoQ rose for almost all NFT transaction types, with NFToken Create Offer accounting for more than half of all NFT transactions.

XRP Record likewise saw momentous organization movement in the last quarter

Messari noticed that XRPL keeps on growing in new bearings, remembering endeavors for sidechains. Coreum and Root Organization have as of late been sent off, separately, giving XRPL engineers more extensive programmability to concentrate on security tokenization and the metaverse. Both the EVM sidechain and the XLS-38d scaffold were refreshed in Q2. Transfers between Issued Currencies and ERC-20s, a new consensus process, and other features are currently being tested by developers. XRP Record likewise saw momentous organization movement in the last quarter. 523,000 addresses received a transaction on May 28, 2023, nearly 11 times the daily average in Q2. This is the second-highest day in history for address activity.

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Sonakshi Saxena

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.