XRP Ledger Q1 Report: Substantial Surge in Active Addresses and Transactions

The latest reports on the decentralized public blockchain XRP Ledger (XRPL) indicated that the first quarter of 2023 has been satisfactory, with increased daily transactions and active addresses. The report also suggested that in 2023’s Q1, the price of XRP has increased by 55.5% from $0.35 to $0.54

The leading market intelligence company Messari released the Q1 report of XRPL, providing a detailed sketch of the performance of the platform during the period as well as the upcoming developments:

In the report, Messari drew the attention of the crypto community towards the increasing number of daily active addresses as well as the daily transactions which exhibited a surge of 13.9% and 10.7% respectively. XRP’s market cap also had a substantial hike by 59.9% from $17.4 billion to $27.8 billion. It is significant to note that the positive inclination of the token’s price along with the increase in active participation came accompanying the ongoing Ripple-SEC war.

In addition, the report pictured the evolution of the XRPL ecosystem, notifying the recent developments that the public blockchain witnessed over the course of time. Notably, Flare Network, the EVM-based Layer 1 and the Coreum, the Layer 1 Smart Blockchain have been launched on the mainnet.

Further, Messari highlighted the introduction of NFT transactions by the XLS-20 standards; while five new transaction types are established, five other transaction types are yet to be employed. Though the platform’s NFT activity has shown a declining pattern, “there were still 436,000 NFT mints and 277,000 NFT offers accepted”.

While narrating the future of the blockchain, Messari threw light on XRPL developers’ focus on establishing the areas of NFTs, smart contracts, and the metaverse. The data analyst shared insights into the company’s plans for Futureverse’s Root Network, Hooks, and the Ethereum Virtual Machine (EVM) sidechain.