According to crypto analytics platform Messari, XRP protocol experienced growth in multiple areas during the second quarter of this year.
XRP may still be harboring some negative sentiments concerning the Ripple vs. SEC litigation. However, a recent report from crypto analytics platform Messari indicates that the XRP protocol grew significantly in the second quarter (Q2) of 2018.
The Highlight of XRP Development
According to Messari data, XRP’s circulating market capitalization increased by 42.5% Year-to-Date (YTD) due to the asset’s price increase in the first quarter. Despite this substantial growth, the market capitalization decreased 10.7% from $27.8 billion to $24.8 billion from Q1 to Q2.
While the XRP network’s transaction volume decreased quarter-over-quarter, the average daily NFT transactions increased 12.7% quarter-over-quarter, from 13,800 to 15,500. Although XRP, through the XRPL, has comprehensive Decentralized Finance (DeFi) and Non-Fungible Token (NFT) ecosystems, many do not value its influence in comparison to leading competitors such as Ethereum (ETH) and Solana (SOL). This trajectory, however, has begun to shift.
The expansion of the XRPL sidechains is an additional significant discovery made by the Messari data. Recently, two prominent protocols, Coreum, and Root Network, were introduced.
These protocols are essential for providing XRPL developers and consumers with the desired programmability, with the former focusing on ecosystem security and the latter on metaverse innovations.
The total number of new addresses for the XRPL rose to 138,790, an increase of 31.8% compared to last year. The quarterly income increased by 220,3% to $188,376.
XRP and The Expansion of Growth Triggers
Developers within the ecosystem are doing all they can to ensure a significant pivot toward utility provision, even though XRP’s value has been expected to decline over the past few years due to the SEC lawsuit. The expansion of critical operational aspects of the XRPL is evidence of the growth of XRP in achieving this sustainable objective.
From the pivot into real estate tokenization to its outstanding efforts in blockchain research to fuel innovation, XRP fosters several distinctive fundamentals that can serve as a viable long-term growth catalyst.
