What's the Latest on XRP's Great Rally? Latest Report Released.
Cryptocurrency analytics firm Messari has published an in-depth report on Ripple (XRP) following the coin's recent rally.
The report outlines key developments in XRP Ledger (XRPL), including advancements in smart contracts, stablecoin integration, and network activity trends.
• Smart Contract Integration: Ripple and the broader XRP community have announced plans to offer native smart contracts on XRPL through the upcoming XLS proposal.
• Stablecoin Launches: Ripple announced that its USD-pegged stablecoin RLUSD is in private beta on both XRPL and Ethereum.
• Native Lending Protocol:
Development is underway for a lending protocol on XRPL. Users will be able to lend and borrow assets such as XRP, stablecoins, WBTC, and wETH through single-asset vaults.
• Decentralized Identity and Price
Oracles: Recent changes to XRPL introduced decentralized identity (DID) capabilities for verifiable digital identities and price oracles for pricing bundled or bridged assets.
Messari's report revealed notable trends in XRPL's network metrics in Q3:
• Transaction Volume Increase: Average daily transactions increased by 94% quarter-on- quarter (QoQ) to 1.7 million, driven primarily by detected microtransactions (less than 1 XRP).
• New Address Growth: Total new addresses increased by 10% QoQ to 105,000, but this metric is down 34% YoY compared to Q3 2023.
• Decline in Active Addresses: Total active addresses decreased by 3% compared to the previous quarter, while active sending addresses decreased by 20% compared to the previous quarter. In contrast, active receiving addresses increased by 7%.
Messari noted that XRPL's account creation and deletion dynamics are unique, as accounts require a deposit of 10 XRP to be created, which can only be reclaimed if deleted. This mechanism makes XRPL's account metrics more reliable compared to other networks that are prone to zero- cost spam account creation.
