The XRP Ledger Expands Activity in Q4 2023
In the fourth quarter of 2023, the XRP Ledger (XRPL) experienced significant growth and diversification. According to Messari’s report, the total market value of tokens on the XRPL increased by 47% to $169 million.
Currently, there are over 3,300 different assets on the XRPL, with the primary token, SOLO, dominating the market with a 45% share. The top three tokens combined accounted for 67% of the total market capitalization.
XRP Market Capitalization Soars
XRP, the native token of the XRP Ledger, became the sixth largest cryptocurrency by market capitalization, reaching $33.7 billion. Its circulating market cap grew by 21.2% in the quarter and 93.6% year-over-year.
Although 4 billion XRP were distributed in 2023, contributing to the market cap’s growth, it was overshadowed by a spike in prices, according to Messari’s analysis.
Network Activity and NFTs
In Q4, active addresses on XRPL decreased by 31.3%, but transactions increased by 22.7%. Interestingly, a significant portion of transaction activity came from a small cluster of accounts sending transactions to a single account.
NFT mints saw a massive increase of 491% quarter-over-quarter, resulting in a 170% rise in total NFT transactions. In Q4 alone, there were 3.4 million NFT mints.
XRPL EVM Sidechain Validators Compensated in XRP
The XRPL EVM sidechain validators will now be rewarded with XRP, according to Ferran Prat Tió, CEO of Peersyst Technology. The EVM sidechain operates independently from XRPL and RippleNet, using XRP as its native token.
Linked to XRPL through a bridge, the EVM sidechain enables Ethereum operations while utilizing XRP for transactions.
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