Ripple’s ledger has recently seen an impressive uptick in adoption despite the ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC).
Integration of the new token standard, which introduced NFTs to XRPL, has been a key driver behind this exponential growth. In fact, more than 2,000 tokens were integrated into the XRPL network within the past year.
Nonetheless, XRP’s market cap recently surpassed $20 billion, a strong indicator that the asset has been able to continue growing despite the SEC’s allegations. XRP supporters have also mounted a campaign to prevent the delisting of the token on major exchanges, which would likely lead to further decreases in market cap.
Eri, the renowned XRP influencer (@sentosumosaba), has highlighted that the launch of NFTs on XRPL via a new token standard is one of the major forces driving this exponential growth.
The influencer adds that the disclosure of the growth came from Boris Alergant, Head of DeFi Markets at Ripple Labs. Data from XRPL.to also supports this statement as it shows that the 2,000 token additions in the past year have resulted in a surge to 8,356 tokens currently on XRPL.
In the last twelve months, two of the most popular new tokens have taken off and claimed their place at the top. Coreum (CORE) and Sologenic (SOLO) are now leading in 24-hour trade volume across XRPL markets, with CORE valuing $329M and SOLO worth an impressive $64M.
Both hold some of the highest market caps on this platform, making them prime investments for crypto traders worldwide.
Despite the mounting legal pressure, Ripple’s ledger has continued to display steady signs of growth and adoption. This indicates that XRP may continue to remain a major player in the cryptocurrency market despite its current legal dispute with the SEC.
As more developers and users join this rapidly-growing blockchain ecosystem, the future of Ripple’s ledger looks to be very promising.
Since the activation of native NFT operation on the XRP Ledger last October, there has been a remarkable surge in the creation and trading of non-fungible tokens.
Currently, the three most popular Non-Fungible Tokens (NFTs) are XPUNKS, xSPECTAR, and OXP. All of them have gained notable attention within just a few months since launching on the XRPL blockchain network. As of today, this global token market cap is an impressive $530.4B.
Ripple is trading at $0.3924, down 0.26% in the last 24 hours at the time of writing. Ripple’s trading volume is at $1,356,596,299.XRP/USD pair seems to be in a consolidation phase after cooling down from a hard-fought level of $0.42.
