In Q2 2023, Ripple prices and the XRP Ledger (XRPL) revenue witnessed a substantial increase, marking a notable period of growth for the digital asset.
The recent Q2 2023 on-chain report from analytics firm Messari spotlighted Ripple’s stellar performance and growth in the XRP Ledger (XRPL). The report highlighted a 50% increase in XRP prices this year, contributing to a significant part of XRP’s market value growth.
In the first quarter of 2023, there was a 42.5% increase in the market value of Ripple. Although Ripple prices dropped in May, a substantial recovery was observed in June. However, the coin did not surpass its March 2023 highs.
The report highlighted that the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC) has been crucial in shaping Ripple’s recent price movements. Notably, the revenue surge in June, which exceeded the daily average by roughly 20 times for three consecutive days, aligned with significant developments in the SEC lawsuit.
XRP Witnesses Remarkable Surge in Q2 2023 Revenue and USD Sales
Ripple’s quarterly revenue experienced a notable uptick in Q2, a 166.1% increase. USD sales during the quarter also impressively jumped by 220.2%, reaching $187,127.
The report pointed out that despite a decrease in Ripple’s metrics in Q2 2023 compared to the previous quarter, the Ripple Ledger made significant strides. A prominent development highlighted was the increase in average daily non-fungible token (NFT) transactions, which rose by a remarkable 1,370.00– equivalent to 12.7%– from 2013 to 2014.
Almost every NFT trade category grew from Q1 to Q2, with NFTokenCreateOffer becoming the dominant NFT trade by a significant margin.
The report also spotlighted key advancements within Ripple Ledger, such as the launch of platforms Coreum and Root Network, which offered developers enhanced programmability options for security tokenization and exploring the metaverse.
The Ethereum-compatible sidechain and the XLS-38d bridge improved in Q2 2023, with developers testing a new consensus mechanism and integrating features for converting currencies into ERC-20 tokens.
Finally, the report highlighted a new record for address activity on the XRPL. On May 28, 2023, transaction counts sent to approximately 523,000 addresses surpassed the daily average by around 11 times, setting a new high for XRPL activity.
