Ripples popular cryptocurrency XRP has experienced a surge in its circulating market cap, growing by an impressive 42.5% year-to-date (YTD). Although the second quarter saw a slight decline of 10.7% from $27.8 billion to $24.8 billion, XRP remains influential in the crypto space.
While the overall market cap may have dipped, the average daily non-fungible token (NFT) transactions painted a different picture, witnessing a substantial 12.7% increase quarter-on-quarter (QoQ). Notably, almost all NFT transaction types experienced growth during this period, with NFTokenCreateOffer dominating over 50% of all NFT transactions.
Despite a decline of 11.9% in average daily transactions and a 17.6% decrease in average daily active addresses, the XRP Ledger (XRPL) is charting new territories. Sidechains have emerged as a focal point for development, with Coreum and Root Network launching recently. These sidechains enable XRPL developers to explore security tokenization and delve into the metaverse, enhancing programmability and expanding the platform’s capabilities.
Moreover, Q2 brought forth exciting advancements, such as the iteration launches of the EVM sidechain and XLS-38d bridge. Developers are now actively testing transfers between Issued Currencies and ERC-20s, introducing new consensus mechanisms and further strengthening the XRPL ecosystem.
Despite facing challenges in certain network activity metrics, XRP’s growth in the NFT sector demonstrates its resilience and adaptability. With the continued evolution of the XRPL and promising developments on the horizon, XRP remains a cryptocurrency to watch in the ever-changing landscape of digital finance.
