The recent Q2 2023 On-Chain Report from Messari highlighted advancements in XRP and XRP Ledger (XRPL). XRP, the native to the XRPL and used for fees and wallet reserves, has seen its prices rise by over 50% this year.
Messari reports that this year, 42.5% of XRP’s market value growth was in Q1 2023. Despite a drop in XRP prices in May, the coin recovered in June but did not surpass its March 2023 highs.
The analytics firm also notes that the ongoing legal dispute between Ripple and the United States Securities and Exchange Commission (SEC), has significantly impacted recent XRP price movements.
The surge in revenue in June, which surpassed the daily average by approximately 20 times for three consecutive days, coincided with breaking news about the SEC lawsuit.
XRP revenue grew 167.2% in Q2 2023
The report features a visual representation demonstrating a remarkable 167.2% increase in XRP’s quarterly revenue during Q2. USD sales for the quarter surged by an impressive 220.3%, reaching $188,376.
While XRPL’s metrics experienced a decline in Q2 2023 compared to the previous quarter, similar to other major layer-1 networks, significant advancements were still made within the XRP Ledger in the last quarter.
One notable development Messari highlighted is the rise in average daily non-fungible token (NFT) transactions, which grew by 1,370.00–equivalent to 12.7%– from 2013 to 2014.
Almost every category of NFT trade experienced growth from Q1 to Q2, with NFTokenCreateOffer emerging as the dominant NFT trade by a significant margin.
XRPL’s developments
The report also underscores XRPL’s progress in various areas of development.
Coreum and Root Network, recently launched platforms, have provided XRPL developers with increased programmability options to explore security tokenization and the metaverse.
In the second quarter of 2023, the sidechain compatible with Ethereum and the XLS-38d bridge were improved. Developers are testing a new consensus mechanism and added features that allow currencies to be converted into ERC-20 tokens. In Q2 2023, the XRPL network was also active.
On May 28, 2023, the number of transactions sent to approximately 523,000 addresses surpassed the daily average by approximately 11 times, setting a new record for address activity on the XRPL.
