SEC Lawsuit Cannot Stop Ripple: XRPL Grows Spectacularly In 2023

The XRP Ledger has seen a significant increase in total new addresses, up 31.8% compared to the same period in 2022.

Second quarter of 2023

Despite ongoing concerns over the lawsuit between Ripple and the US Securities and Exchange Commission (SEC), the XRP Ledger (XRPL) posted significant growth in Q2 2023, according to a report from Messari.

The report shows that XRP’s circulating market cap is up 42.5% this year. The growth was driven by the price increase of the XRP token in the first quarter. However, in the second quarter, the market capitalization fell by 10.7%, from $27.8 billion to $24.8 billion.

XRP’s Involvement in NFT and DeFi Sectors

While the transaction volume of the XRP platform has declined on a quarterly basis, there was a notable 12.7% increase in the average daily volume of nonfungible token (NFT) transactions, from 13,800 to 15,500. Despite the XRPL’s strong presence in the decentralized finance (DeFi) and NFT ecosystems, they are often overshadowed by top competitors such as Ethereum and Solana. However, there are signs that this trend is starting to reverse.

Introducing XRPL Sidechains

Messari’s data revealed another major development in the XRP ecosystem, which is the expansion of XRPL sidechains. It recently introduced two notable protocols, Coreum and Root Network. These protocols play a critical role in providing XRPL developers and users with the desired programmability. Coreum emphasizes ecosystem security, while Root Network focuses on driving metaverse innovations.

Ongoing lawsuit does not deter developers

Despite the challenges posed by the ongoing lawsuit with the SEC, Ripple has seen developers within its ecosystem work hard to drive adoption. The growth seen in key operational aspects of the XRPL reflects the progress it is making in providing sustainable value and utility.

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With a strong focus on real estate tokenization and dedicated research on blockchain technology, Ripple has solid foundations that have the potential to drive substantial long-term growth and innovation.

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