Despite concerns surrounding the ongoing lawsuit with the United States Securities and Exchange Commission (SEC), the XRP Ledger (XRPL) experienced positivity in multiple aspects of its ecosystem during the second quarter of 2023.
This development showcases the resilience and growing popularity of the XRP Ledger evident in its circulating market cap, increased daily NFT transactions as well as expansion of its ecosystem amongst others.
According to a recent report from the crypto analytics platform Messari, XRP has increased by 42.5% from 2022 to date. The increase was a result of the surge in the first quarter, however, it decreased by 10.7% quarter-over-quarter (QoQ) from $27.8 billion to $24.8 billion in Q2 making it the sixth largest cryptocurrency.
Although the report revealed that most network activity metrics declined in Q2, it also revealed that there was significant growth in the average daily Non-Fungible Token (NFT) transactions by 12.7% QoQ rising from 13,800 to 15,500.
XRPL Expand Ecosystem
In terms of developments on XRPL, two notable protocols, Coreum and Root Network, have been launched during the period.
Coreum is designed to provide XRPL developers and users with enhanced programmability while maintaining a focus on ecosystem security. This protocol is essential for the growth and stability of the XRP network, ensuring a secure environment for decentralized applications and smart contracts.
On the other hand, Root Network will concentrate on driving innovation within the metaverse. By utilizing the capabilities of XRPL, Root Network aims to foster the creation of innovative solutions and applications in the virtual reality and digital asset landscape. This expansion opens up exciting possibilities for XRP’s involvement in this evolving space.
Ripple Labs Eyes the Real Estate Industry
Just recently, the financial technology company has taken the real estate business to a new level with the introduction of tokenization. Ripple Labs announced that the initiative will be focused on revolutionizing how real estate assets are bought, sold, and managed.
Ultimately, Ripple is looking to tackle obstacles that have plagued the real estate industry in addition to offering several benefits with this innovative project including increased liquidity, streamlined transaction process, and fractional ownership.
Ripple Continues to Expand
Notably, the legal challenges faced by Ripple in the United States have not deterred the company’s progress, as evidenced by the significant growth of its payment solution in the past year. For instance, Ripple partnered with the Central Bank of Montenegro in May for the development of a pilot program for the nation’s central bank Digital Currency (CBDC).