According to Messari, the circulating market value of XRP has increased by 42.5% since the beginning of the year, mainly due to the price surge in the first quarter of 2023. Following the dip in early May, the price of XRP coin rebounded in June to nearly reach its highest level of the year recorded at the end of March.
The research firm highlighted that the recent price increase in XRP is surrounded by positive news stemming from the Securities and Exchange Commission (SEC) classifying XRP as a security and the lawsuit filed against Ripple at the end of 2020. According to the graph shared by Messari, the quarterly revenue of the leading altcoin's network increased by 167.2% in the second quarter. The network's quarterly revenue in USD also experienced a tremendous surge, reaching $188,376, reflecting a 220.3% increase.
Compared to the first quarter, metrics for XRPL decreased in the second quarter along with most other major Layer 1 (L1) networks. However, there have been notable advancements for the XRP Ledger in the recent quarter. This is confirmed by significant network activity on XRPL. On May 28, 2023, approximately 523,000 transactions were conducted, which is about 11 times the daily average of the second quarter. This marked the second-highest address activity in history.
On the other hand, the daily average of NFT transactions on XRPL increased by 12.7% from the previous year, rising from 13,800 to 15,500. While almost all types of NFT transactions increased compared to the previous quarter, NFTokenCreateOffer dominated over 50% of all NFT transactions.
Positive Developments Surrounding XRPL Messari added that XRPL continues to expand in new directions, including its efforts related to sidechains. Examples of these efforts include the recent launch of Coreum and Root Network, which provide XRPL developers with greater programmability for security tokenization and work on the metaverse.
Furthermore, both the EVM sidechain and the XLS-38d bridge were updated in the second quarter. Developers are currently testing a new consensus process and other new features, enabling transfers between Issued Currencies, ERC-20 tokens, and exploring additional functionalities.