A report by crypto analytics firm Messari reveals that the XRP Ledger enjoyed significant growth in several areas of its protocol during the second quarter of 2023, despite lingering lawsuits with the United States Securities and Exchange Commission (SEC).

According to the report findings, the circulating market capitalization of the XRP token has climbed by 42.5% since the start of 2023, predominantly attributed to the coin’s surge in the first quarter. In the second quarter, however, the market cap decreased from $27.8 billion to $24.8 billion which represents a 10% decline.

While quarter-on-quarter transaction volume decreased, the report indicates that nonfungible token (NFT) transactions rose by 12.7% since the last quarter, from 13,800 to 15,500. This should not come as much of a surprise since XRP is known for its strong presence in the NFT ecosystem and decentralized finance.

Another finding of the report showcased how two of the XRPL sidechains, Coreum and Root Network, have expanded significantly. The XRPL achieved a notable jump in the total new address count to 138,790; this represents a 31.8% increase when compared to the same time in 2022.

Sources:

https://cointelegraph.com/news/xrp-grows-strong-q2-despite-sec-lawsuit-concerns-messari-report

https://u.today/xrp-saw-impressive-growth-in-q2-2023-on-chain-report

https://messari.io/report/state-of-xrp-ledger-q2-2023