Research Summary
The report provides a comprehensive analysis of the XRP Ledger (XRPL) for Q1 2023. It highlights that the daily active addresses and daily transactions on the XRPL increased by 13.9% and 10.7% respectively. The price of XRP, the native token on the XRPL, increased by 56% from $0.35 to $0.54, outpacing the total crypto market cap. The report also notes the launch of two sidechains, Coreum and Flare Network, and the continued focus on NFTs, metaverse, and smart contracts. The report concludes with the anticipation of the deployment of Hooks, sidechains, and new token standards that may lead to further acceleration of the activity trend.
Actionable Insights
- Monitor the performance of XRP: The price of XRP increased significantly in Q1 2023, and it’s crucial to keep an eye on its performance and market trends.
- Keep an eye on the development of sidechains: The launch of Coreum and Flare Network sidechains on the XRPL presents new opportunities and use cases. Their development and adoption should be closely monitored.
- Focus on the deployment of Hooks, sidechains, and new token standards: These upcoming deployments could lead to new use cases and further acceleration of activity on the XRPL.
- Consider the implications of the SEC case: The ongoing case between Ripple and the SEC has implications for XRP and its users. Any developments in this case should be closely followed.
