XRP, the digital asset at the center of the Ripple vs SEC lawsuit, has demonstrated significant growth in various aspects of its protocol during the second quarter (Q2) of this year, according to a recent report from crypto analytics platform Messari. Despite ongoing concerns about the legal battle, XRP’s performance remains strong.
The report highlights that XRP’s circulating market cap has increased by 42.5% Year-to-Date (YTD). This growth was primarily driven by a surge in price during the first quarter. However, in Q2, the market cap experienced a decline of 10.7% Quarter on Quarter (QoQ), falling from $27.8 billion to $24.8 billion.
While XRP’s transaction volume declined QoQ, there was a notable 12.7% increase in average daily non-fungible token (NFT) transactions, reaching from 13,800 to 15,500. Although Ethereum (ETH) and Solana (SOL) have dominated the decentralized finance (DeFi) and NFT ecosystems, XRP’s XRPL is showing signs of gaining traction in these areas.
Expansion of XRPL Sidechains
A significant development in the XRP ecosystem highlighted by Messari is the expansion of XRPL sidechains. Two notable protocols, Coreum and Root Network, have recently been introduced. These protocols play a crucial role in providing XRPL developers and users with the desired programmability, emphasizing ecosystem security and driving metaverse innovations, respectively.
Moreover, the XRPL achieved several notable milestones, including a 31.8% growth in the total new address count, reaching 138,790 compared to the same period last year. Additionally, quarterly revenue surged by 220.3% to reach $188,376.
Despite the challenges posed by the SEC lawsuit, XRP has seen efforts from developers within its ecosystem to drive utility adoption. The growth observed in pivotal operational aspects of the XRPL reflects progress towards XRP’s goal of providing sustainable value and utility.
Promising Future for XRP
With its focus on real estate tokenization and dedicated research in blockchain technology, XRP possesses distinctive fundamentals that have the potential to drive substantial long-term growth and innovation.
Overall, XRP’s performance in Q2 demonstrates resilience despite the legal uncertainties it faces. The expansion of XRPL sidechains and improvements in key metrics indicate promising developments within the XRP ecosystem, positioning it to compete with established players in DeFi and NFTs.