In a game-changing moment, Ripple emerged victorious in a lengthy legal tussle with the U.S. Securities and Exchange Commission (SEC). The court’s verdict, declaring XRP not an investment contract, triggered a market frenzy. Post the SEC case dismissal, XRP’s value skyrocketed by over 70%, hitting $0.82 in July 2023.
Quick to respond, Coinbase and Kraken swiftly relisted XRP, signaling renewed market confidence.
Impressive Metrics: XRP’s Growth Snapshot
Messari’s report unveils notable metrics, with a 21% quarter-on-quarter market cap increase and an impressive 97% year-on-year growth for Ripple’s XRP. Despite trailing the broader crypto market with a 19.3% quarter-on-quarter price increase, XRP maintained its status as the sixth-largest cryptocurrency, boasting a market capitalization of $33.7 billion. The network displayed mixed dynamics, with a 31.3% quarter-on-quarter drop in active addresses but a notable 22.7% quarter-on-quarter uptick in transactions.
Transaction fee burns on the XRPL created deflationary pressure on the total supply, adding a unique layer to XRP’s financial model. December’s surge in payments, attributed to inscription-related activity, played a pivotal role in this economic shift.
Also Read: Ripple Celebrates Major Acquisition Along with Other Regulatory Milestones
Sologenic’s SOLO Token Dominance
Sologenic’s SOLO token emerged as a powerhouse in the XRPL ecosystem, capturing an impressive 45% of the total market cap of Issued Currencies. Non-Fungible Tokens (NFTs), integral to XRPL’s core, experienced a remarkable 491% quarter-on-quarter surge in mints.
The XRPL platform witnessed diverse applications, with projects like XRP Family NFT and industry leaders like Ducati Motorcycles utilizing it for digital collectibles. This showcased the adaptability and versatility of the platform.
XRPL’s Commitment to Innovation
The report delves into XRPL’s commitment to simplicity and programmability through sidechains. Coreum, an enterprise-grade sidechain, focused on security tokenization and interoperability. The EVM sidechain proposal aimed to introduce smart contracts to the XRPL ecosystem.
The integration of Hooks, enabling smart contract functionalities, and ongoing developments like Xahau underscore XRPL’s dedication to continuous innovation.
Ripple’s Role in CBDC Initiatives
Ripple played a crucial role in leveraging XRPL for institutional and government use, especially in Central Bank Digital Currency (CBDC) explorations. The Ripple CBDC Innovative program and collaboration with the Central Bank of Colombia highlighted XRPL’s relevance in shaping the future of digital currencies.
Messari’s comprehensive report showcases XRPL’s significant developments and growth throughout Q4 2023. From regulatory wins to NFT surges and innovative sidechain projects, the XRPL ecosystem displayed remarkable resilience and adaptability.
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