The final quarter of 2023 proved to be a banner period for the XRP Ledger (XRPL), with on-chain activity skyrocketing by a staggering 400%. This surge, detailed in Ripple’s recently released Q4 report, is driven by a multitude of factors, including booming NFT activity, innovative project integrations, and growing adoption.
NFT Explosion:
The report highlights a remarkable 400% increase in NFT minting on the XRPL compared to Q3. This surge marks a significant milestone, with more than half of all-time XRPL NFTs minted in Q4 alone. This translates to over 5 million NFTs minted and 1 million sold, generating nearly $10 million in sales volume.
Beyond NFTs: The growth extends beyond the NFT realm. On-chain transactions saw a 34% increase, climbing from 90 million to over 121 million. Similarly, the number of wallets grew by 32%, surpassing 208,000. Even XRP burned for transaction fees witnessed a 30% increase, indicating increased network usage.
Related: Is XRP Poised for Takeoff? Ripple’s Q4 Report Hints at Explosive Growth
Driving the Momentum:
Several key developments contributed to this impressive growth:
- DappRadar Integration: This integration provides users with valuable data and insights on XRPL apps, boosting transparency and attracting developers.
- Band Protocol Partnership: Band Protocol serves as the primary oracle provider for XRPL’s mainnet and EVM sidechain, facilitating secure and reliable data feeds for smart contracts.
- Uphold’s Vault Integration: Uphold’s self-custody wallet, soon supporting XRP and expanding to Bitcoin, offers users greater control over their crypto assets.
- Atato Digital Asset Custody Integration: This integration streamlines the process of protecting and managing tokens on both EVM and non-EVM networks like XRPL.
Looking Ahead: The momentum on the XRPL shows no signs of slowing down. With ongoing innovation, strategic partnerships, and an expanding community, the XRPL is well-positioned for continued growth and adoption in the years to come.
XRP Price Outlook
The global cryptocurrency market is experiencing a positive upswing, with a total market cap of $28.44 billion and a +0.93% change in the last 24 hours. Riding this wave, XRP is also seeing gains, currently priced at $0.521417 with a +0.69% increase in the past day. This rise comes on a trading volume of $931.19 million, indicating active market participation.
Currently, XRP boasts a circulating supply of 54.44 billion coins and a maximum supply of 100 billion coins, ranking it 6th in the market by capitalization. Today’s price action saw a high of $0.526392 and a low of $0.511336, suggesting potential volatility within the uptrend.
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