XRPWhile Ripple may still be harboring some negative sentiment due to the ongoing litigation between Ripple vs. SEC, a recent report from crypto analytics platform Messari revealed that the protocol saw impressive growth in the second quarter of this year.
According to Messari data, XRP’s circulating market cap has gained 42.5% since the start of the year, posting significant growth in the first quarter. Despite this significant growth, market capitalization fell 10.7% QoQ, from $27.8 billion to $24.8 billion in Q2.
While the transaction volume of the XRP network also decreased compared to the previous quarter, daily average NFT transactions increased by 12.7% compared to the previous quarter, from 13,800 to 15,500. While the network has a strong DeFi and NFT ecosystems via XRPL, many see it as weaker compared to its competitors such as Ethereum (ETH) and Solana (SOL). As a matter of fact, this situation has already begun to change, according to Messari’s latest data.
The remarkable sidechain expansion in the published report clearly reveals that there are some important developments in terms of the course of the network. Two important protocols such as Root Network and Coreum have been officially activated recently. XRPL, on the other hand, draws attention with the total number of new addresses reaching 138,790, an increase of 31.8% compared to the same period of the previous year. Quarterly revenue increased by 220.3% to $188,376.
However, both the progress in the case and the growth in the network continue to attract investors to the token, albeit slowly. The developments that the network wants to achieve in the future have many promises that can directly affect the token price.
You can follow the current price action here.