XRPL Grows in Q2 Despite SEC Lawsuit Concerns: Report

The XRP ledger saw a significant increase in the total number of new addresses, which reached 138,790, a growth of 31.8% compared to the same period in 2022.

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Despite ongoing concerns over the Ripple v. SEC lawsuit, The XRP Ledger (XRPL) demonstrated significant growth in several areas of its protocol during the second quarter of 2023, according to a recent report by crypto analytics platform Messari .

The report shows that the circulating market capitalization of XRP (XRP) has increased by 42.5% since the start of the year. Growth was driven by the asset price surge in the first quarter; however, in the second quarter, market capitalization decreased by 10.7%, from $27.8 billion to $24.8 billion.

Although the XRP platform saw a decline in trading volume quarter over quarter, there was a notable 12.7% increase in average daily non-fungible token (NFT) trading , rising from 13,800 to 15,500. While XRPL has a strong presence in the decentralized finance (DeFi) and NFT ecosystems, major competitors like Ethereum and Solana often overshadow it. However, there are signs that this trend is starting to change.

Capture screenshot of graphical representation of XRP Ledger key metrics overview. Source: Messari

Messari's data revealed another meaning...