On-chain analysis firm Messari recently released its Q3 report for the XRP Ledger network. Accordingly, it provided valuable information about the performance of the network during this period. This report, called “State of XRP Ledger Q3 2023”, attracts attention. It also examines various aspects of the network’s activities. It reveals some remarkable findings.
XRP report attracted attention
One of the key findings of the report is the significant increase in Decentralized Exchange (DEX) volume on the XRP Ledger in the third quarter. There has been a staggering 390% increase in DEX volume. Accordingly, a significant part of this increase occurred after the positive outcome of the Ripple SEC case concluded in July.
The decision in the Ripple SEC case confirmed that XRP is not considered a security in its own right. Accordingly, it provided much-needed clarity to the XRP market. This important decision had a profound impact. Accordingly, it led to a significant increase of over 70% in single-day prices. It also led to a massive increase in XRP Ledger’s DEX volume. It witnessed a growth of nearly 400% compared to the previous year quarter as investors rushed to participate in XRP trading and investment opportunities.
Growth continues
In the second quarter, there is a decline in network activity indicators, a trend that continues in the third quarter. However, there were also positive developments. In the third quarter, XRP Ledger witnessed a net increase of 125,000 accounts. Accordingly, the total number of accounts reached 4.81 million, with a growth of 2.7%. New addresses increased by 14.6% during the quarter. Thus, the total showed strong growth, reaching 159,100. Notably, deleted addresses decreased by an impressive 68.3% compared to the previous quarter. This reflected the increasing confidence and persistence of cryptocurrency XRP holders.
A prominent statistic in the report attracts attention. It revealed that XRP Ledger had an average of 122,000 daily active addresses between July 30 and August 13. This figure is 3.3 times higher than the daily average observed in the entire 3rd quarter. This significant increase indicates that the level of participation and activity in the network increased during this period. When we looked at Kriptokoin.com, the “State of XRP Ledger Q3 2023” report prepared by Messari attracted attention. It paints an intriguing picture of the XRP Ledger’s outstanding performance and growing appeal among cryptocurrency enthusiasts and investors. The increase in DEX volume and positive growth in network metrics indicate a promising future for the cryptocurrency ecosystem.
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