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As the shadows of the SEC lawsuit linger over Ripple, the XRP Ledger (XRPL) carries on undeterred. Indeed, recent data from the cryptocurrency analytics firm, Messari, indicates XRPL has made impressive strides in the second quarter of 2023.
The analysis shows a considerable swell in XRP's circulating market cap - a whopping 43% increase since the beginning of the year. This upsurge is attributable to a price rally in the first quarter, though a small pullback of 11% was noted in Q2, bringing the market cap down from $28 billion to $25 billion.
Despite the overall downturn in transaction volume across the XRP platform, nonfungible token (NFT) transactions have seen a daily average increase of 13%, from 13,800 to 15,500. The XRPL has carved a niche for itself in the decentralized finance (DeFi) and NFT spaces, areas often dominated by giants like Ethereum and Solana. But it seems the scales may be tipping in XRPL's favor.
Messari's report also highlighted the remarkable growth of XRPL sidechains, with newcomers Coreum and Root Network making notable impacts. These protocols serve a critical role in offering XRPL developers and users the programmability they desire. Coreum centers on securing the ecosystem, while Root Network pioneers metaverse innovation.
The number of new addresses in the XRPL has surged by 32% to reach 138,790 compared to last year's figures. Moreover, quarterly revenue saw a staggering rise, clocking in at approximately $190,000 - a 220% increase.
Even with the ongoing SEC case, Ripple's dedicated developers are pushing for broader utility adoption, driving the XRPL's growth in key operational areas and proving its unwavering commitment to providing long-term sustainable value.
Ripple's distinctive focus on tokenizing real estate and advancing blockchain technology research sets it apart, underpinning its potential for profound long-term growth and innovation.
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