XRP Bulls Defy SEC Lawsuit with Explosive Q2 Growth: Report

XRP’s Explosive Growth in Q2

• The XRP Ledger recorded incredible growth in different areas of its protocol in the second quarter (Q2) of 2023.
• Despite a 10.7 percent decline in its circulating market cap, the XRP platform saw a 12 percent increase in daily Non-Fungible Token transactions with new address count reaching 138,790 and quarterly revenue increasing by 220 percent.
• Expansion of XRPL sidechains, such as Coreum and Root Network, will provide developers and users with important programmability and security tools.

Market Cap Decline

The Messari report disclosed that the XRP market cap decreased by 10 percent during the second quarter of 2023, from $27.8 billion to $24.8 billion. This was mainly due to Ripple’s ongoing lawsuit with the US Securities and Exchange Commission which caused investors to switch to other platforms.

Increased NFT Transactions

Despite this decline in market cap, there was still some positive news for the XRP ecosystem as daily Non-Fungible Token (NFT) transactions increased by 12 percent from 13,800 to 15,500. This shows that there is still an appetite for using the XRPL despite its legal troubles.

XRPL Sidechains

In terms of development within the network itself, two protocols called Coreum and Root Network were recently unveiled which are designed to provide developers and users with extra incentives when compared to other chains; such as increased programmability through sidechains and enhanced security tools for users within the ecosystem.

Court Ruling Impacts Ecosystem Boom

It remains unclear how Ripple’s court battle against SEC will play out but one thing is certain; it could have a huge effect on how successful or not their network becomes if they were to lose their case against SEC. There is no doubt that if Ripple wins then their network could experience an even bigger boom than what it did over Q2 2023 but if they lose then this could spell disaster for their future prospects as an organization.