Ripple XRP Q2 2023: Market Cap Decline while NFT Transactions Rise, Reported Messari

blockchain.news:

According to a recent analysis by Messari, the XRP Ledger (XRPL) saw growth and fall in the second quarter of 2023. Despite a 10.7% quarter-over-quarter (QoQ) decline in market cap from $27.8 billion to $24.8 billion, the XRPL, a ten-year-old platform renowned for its quick, energy-efficient, cross-currency, and cross-border payments, saw its native token, XRP, maintain its position as the sixth-largest cryptocurrency by market capitalization.

The XRPL's market performance was a tale of two halves. The year-to-date (YTD) increase of 42.5% in XRP's circulating market cap was primarily driven by a surge in Q1. However, Q2 saw a decline in market cap, reflecting a broader downturn in network activity metrics. Average daily transactions and active addresses fell by 11.9% and 17.6% QoQ, respectively, returning to levels last seen in Q3 2022.

Despite the overall decline in network activity, the XRPL saw a 12.7% QoQ increase in average daily Non-Fungible Token (NFT) transactions, from 13,800 to 15,500. This growth was led by NFTokenCreateOffer, which now accounts for over half of all NFT transactions on the XRPL.

The XRPL continues to innovate and expand, with new sidechains like Coreum and Root Network offering developers more programmability for exploring security tokenization and metaverse applications. The EVM sidechain and XLS-38d bridge also saw further iterations, with developers now testing transfers between Issued Currencies and ERC-20s, among other features.

Despite these advancements, the XRPL's ecosystem still lacks native support for smart contracts, a feature present in programmable settlement networks like Ethereum, Cardano, and Solana. However, the XRPL's design choice to not enable arbitrary smart