Research Summary
The report discusses the state of the XRP Ledger in Q2 2023. XRP’s circulating market cap increased by 42.5% YTD, primarily due to Q1’s surge, but decreased by 10.7% QoQ from $27.8 billion to $24.8 billion in Q2. Average daily NFT transactions increased by 12.7% QoQ, while average daily transactions and average daily active addresses declined by 11.9% and 17.6% QoQ, respectively. The XRPL continues to expand with efforts on sidechains, and developers are now testing transfers between Issued Currencies and ERC-20s, a new consensus mechanism, and more.
Actionable Insights
- Monitor XRP’s market cap: Despite a decrease in Q2, XRP’s market cap has seen a significant increase YTD. This could indicate potential growth in the future.
- Track NFT transactions: The increase in average daily NFT transactions suggests a growing interest in NFTs within the XRP Ledger ecosystem.
- Observe network activity metrics: The decline in average daily transactions and active addresses could indicate a decrease in network usage, which may impact the value of XRP.
- Follow developments on sidechains: The XRPL is expanding in new directions with efforts on sidechains. This could lead to new opportunities for developers and investors.
