The XRP Ledger (XRPL) has been in operation for over a decade and experienced significant growth in various areas in the fourth quarter of 2023. According to a recent report by Messari, the combined market value of tokens on the XRPL saw a 47% increase quarter-over-quarter, amounting to $169 million.
Currently, there are over 3,300 different assets hosted on the XRPL, with the primary token, SOLO, holding a 45% share of the total market value. The top three tokens collectively commanded 67% of the total market capitalization.
XRP Leder Q4 2023
The XRPL’s native token, XRP, ranked as the sixth largest cryptocurrency by market capitalization, reaching $33.7 billion. Its circulating market cap surged by 21.2% quarter-over-quarter and by 93.6% year-over-year.
In 2023, 4 billion XRP were distributed, accounting for 8% of the XRP supply from the end of 2022. Although this distribution contributed to the market cap’s growth, it was not as significant as the boost from the spike in prices, as per Messari’s analysis.
Network activity in Q4 presented a mixed picture. Active addresses on XRPL decreased by 31.3% quarter-over-quarter, while transactions increased by 22.7% during the same period. Interestingly, despite a decrease in active addresses, a significant portion of the transaction activity originated from a relatively small cluster of accounts sending transactions to a single account.
Meanwhile, NFT mints experienced a significant surge, rising by 491% quarter-over-quarter, leading to a 170% increase in total NFT transactions. In Q4 of 2023 alone, there were 3.4 million NFT mints, representing over half of all mints since the XLS-20 standard was introduced in 2022.
Payment in XRP
Recently, it was disclosed that the XRPL EVM sidechain validators will receive compensation in the form of XRP. Ferran Prat Tió, the co-founder and CEO of Peersyst Technology, the company responsible for the XRPL Ledger EVM-compatible sidechain, revealed this information. The EVM sidechain, linked to XRPL through a bridge, operates as an independent network distinct from XRPL and RippleNet, allowing Ethereum operations while utilizing XRP as its native token.
Image Source: CMP_NZ / Shutterstock
