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On-chain analytics company Messari has released a third quarter report for XRP Ledger network titled “Status of XRP Ledger Q3 2023”.
According to the report, XRPL DEX volume increased by 390% in the third quarter, with much of this activity occurring shortly after Ripple’s positive verdict in July.
The Ripple SEC case verdict in July was a watershed moment, discovering that XRP is not a security in itself.
Following this good news, the price of XRP skyrocketed more than 70% in a single day and the volume of
In this sense, the DEX average daily volume of fungible issued coins increased 290.0% quarter-on-quarter to $2.7 million, an annual high. By volume of issued coins exchanged, Sologenic is the leading gateway to the native DEX on XRPL.
XRPL, like other large Layer 1 (L1) networks, saw a drop in network activity indicators during the second quarter. This trend persisted into the third quarter, with average daily transaction values and all active address types hitting yearly lows.
However, in the latest quarter, Q3, the net number of accounts increased by 125,000, raising the total number of accounts by 2.7% to 4.81 million. New addresses increased 14.6% during the quarter to 159,100. Eliminated addresses decreased 68.3% quarter-on-quarter.
XRPL averaged 122,000 daily active addresses (received) from July 30 to August 13, which was 3.3 times the daily average in the third quarter.
NFT Growth, Massive Revenue Surge, and XRP Price
The NFT sector also grew, with average daily NFT transactions growing 7.3% quarter-on-quarter to 16,700. As of the end of the third quarter, 3 million total NFTs have been minted using the XLS-20 standard.
The price of XRP surged over 70% on July 14 and reached a high of $0.82 on July 20. Many CEXs, including Coinbase and Kraken, put XRP back up for sale after the court order. The SEC’s decision to appeal was later rejected. XRP is down 0.73% in the last 24 hours to $0.545 at the time of writing.
XRPL saw a massive revenue surge in June, close to news of the SEC case, which saw revenue surge nearly 20 times its daily average over three days.
