According to a recent report by Messari, the XRP Ledger (XRPL) experienced significant growth during the first quarter of 2023. Key indicators highlighted a surge in activity, with a 13.9% increase in daily active addresses and a 10.7% rise in daily transactions.
The most notable development was the impressive 55.5% price increase of XRP, surging from $0.35 to $0.54. This boost was largely influenced by positive news from the ongoing legal case between Ripple and the Securities and Exchange Commission (SEC).
The Q1 report also emphasized the evolution of the XRPL ecosystem. The introduction of the XLS-20 standard facilitated NFT transactions, with five new transaction types established and five more proposed. Despite a slight decrease in NFT activity compared to the previous quarter, Q1 still saw 436,000 NFT mints and 277,000 accepted NFT offers. Additionally, the Coreum and Flare Network sidechains, focusing on interoperability and decentralized data, successfully reached their mainnet.
XRP’s financial performance surpassed the overall increase in the total crypto market cap. XRP’s market cap rose by an impressive 59.9%, from $17.4 billion to $27.8 billion. A positive development in the SEC case against Ripple acted as a significant catalyst, leading to two substantial price surges in March. The transaction fees on the XRPL, which are burned, created deflationary pressure on the total supply of XRP, offsetting the inflation rate and contributing to the price increase.
Looking ahead, XRPL developers are focused on NFTs, the metaverse, and smart contracts. The report outlined plans for Futureverse’s Root Network, Hooks, and an Ethereum Virtual Machine (EVM) sidechain. If successfully implemented, these advancements will add a layer of functionality to the XRPL ecosystem, which already offers features such as fast, energy-efficient cross-currency and cross-border payments.
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