Messari Report Highlights XRP Ledger’s Performance in Q3 2023
A recent report by Messari, a leading crypto analytics firm, provides an in-depth analysis of the performance of the XRP Ledger in the third quarter of 2023. The data, collected in collaboration with XRPScan, CoinGecko, and Coin Metrics, reveals growth in certain areas while also highlighting potential challenges.
XRP Ledger Sees Strong Growth
The report emphasizes that following the landmark decision in the Ripple vs. SEC lawsuit, which confirmed that XRP is not a security, the market capitalization of XRP increased by 11.9% quarter-over-quarter (QoQ) and an impressive 59.9% year-to-date (YTD).
Additionally, the data for Q3 positions XRP as the fifth largest cryptocurrency by market capitalization, reaching $27.8 billion. This marks a significant recovery from the second quarter and aligns with Q1 figures.
Growth in Accounts despite Low Daily Values
Despite recording yearly lows for daily transaction values and all types of active addresses in Q3, there was a net increase of approximately 125,000 accounts during this period. The total number of accounts reached 4.81 million, with new addresses increasing by 14.6% to 159,100 and deleted addresses decreasing by 68.3% QoQ.
Messari attributes this growth to exchanges and custody solutions sending tokens to previously inactive recipients, resulting in a surge of activity.
Transactional Landscape on the XRP Ledger
Messari’s report highlights that there are 29 different types of daily transactions on the XRP Ledger, with “OfferCreate” transactions dominating. Payment transactions saw a 25.2% QoQ increase, averaging 226,000 daily.
The decentralized exchange on the ledger experienced a significant increase in daily volume, rising by 390% from $0.5 million in Q2 to $2.7 million in Q3. NFT transactions also saw growth, increasing by 7.3% from Q2 to Q3.
Technical Advancements in the XRP Ecosystem
Messari notes several technical advancements in the XRP ecosystem during the third quarter. These include the integration of an automated market maker into the node software rippled V1.12.0, which enhances liquidity for tokenized assets and provides opportunities for retail users.
The report also mentions “Hooks,” a programmability solution that is live on devnet and approaching integration with Xahau Network. Another feature called Clawback allows asset issuers to retrieve user funds to meet regulatory requirements.
Positive Outlook for XRP Ledger’s Future
In conclusion, Messari’s report presents an optimistic outlook for the continued growth and relevance of the XRP Ledger in the crypto sphere. With its robust growth and strategic technical advancements, the XRP Ledger appears poised for future opportunities.
Hot Take: XRP Continues to Make Strides in Q3 2023
The recent report by Messari highlights the impressive growth of the XRP Ledger in the third quarter of 2023. Despite challenges such as low daily transaction values, XRP has shown resilience and significant progress. With its market capitalization increasing and new technical developments underway, the future looks promising for XRP. The data presented in the report underscores the continued relevance and potential of the XRP Ledger within the cryptocurrency industry.
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