XRP might still be harboring some negative sentiments with respect to the Ripple vs SEC lawsuit, however, a recent report from crypto analytics platform Messari has shown an impressive growth in several aspects of the XRP protocol in the second quarter (Q2) of this year.
The XRP Growth Highlight
According to the Messari data, XRP’s circulating market cap jumped by 42.5% Year-to-Date (YTD), a growth that was achieved following the upsurge in the price of the asset in the first quarter. Despite this substantial growth, the market cap decreased 10.7% Quarter on Quarter (QoQ) from $27.8 billion to $24.8 billion in Q2.
While the XRP network saw a slowdown in its transaction volume QoQ, the average daily NFT transactions increased 12.7% QoQ from 13,800 to 15,500. While XRP, through the XRPL, has a robust Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystems, many do not regard its influence when compared to top competitors like Ethereum (ETH) and Solana (SOL). This trend has, however, started changing.
Another major highlight revealed by the Messari data is the expansion of the XRPL sidechains. Two prominent protocols including Coreum and Root Network were recently launched. These protocols are very essential in offering XRPL developers and users the desired programmability with the former catering to the security of the ecosystem while the latter is focused on metaverse innovations.
The XRPL also recorded other unique milestones with the total new address count coming in at 138,790, up 31.8% from the same period of last year. The quarterly revenue jumped by 220.3% to $188,376.
XRP and the Growing Growth Triggers
While XRP is supposed to be naturally down over the past few years because of the SEC lawsuit, developers within the ecosystem are doing all they can to ensure a significant pivot towards utility provision. The growth recorded in key operational aspects of the XRPL is a testament to the growth of XRP in achieving this sustainable agenda.
From the pivot into real estate tokenization to its definitive efforts in blockchain research to power innovation, XRP is nursing a lot of unique fundamentals that can serve as a very viable growth trigger in the long term.
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