Ripple Q4 2023 Report: XRP Price Stellar Market Performance Post-SEC Ruling
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The XRP Ledger (XRPL) is a veteran in the ever-evolving cryptocurrency landscape, celebrating over a decade of facilitating cross-currency and cross-border payments.
Regulatory Milestones and Market Dynamics
The conclusion of a long-standing legal battle between Ripple and the U.S. Securities and Exchange Commission marked a pivotal moment for XRP. With the court ruling that XRP is not an investment contract, the market responded enthusiastically.
XRP’s price surged over 70%, reaching $0.82 in July 2023, following the dismissal of the SEC’s case. Reputable exchanges like Coinbase and Kraken swiftly relisted XRP, signaling renewed confidence in the digital asset.
Messari’s report reveals a 21% QoQ increase in market cap and a staggering 97% YoY growth of Ripple’s XRP. Despite a 19.3% QoQ price increase lagging behind the broader crypto market, XRP was the sixth-largest cryptocurrency by market capitalization at $33.7 billion. Network activity presented a mixed picture, with a 31.3% QoQ decrease in active addresses but a notable 22.7% QoQ increase in transactions.
The burning of transaction fees on the XRPL contributed to deflationary pressure on the total supply, emphasizing a unique aspect of XRP’s financial model. The surge in Payments during December, attributed to inscription-related activity, played a significant role.
Issued Currencies and NFTs
Sologenic’s SOLO token emerged as a dominant force in the XRPL ecosystem, holding 45% of the total market cap of Issued Currencies. NFTs, integral to the XRPL’s core protocol, experienced a remarkable 491% QoQ increase in NFT mints.
Projects like XRP Family NFT and corporate giants like Ducati Motorcycles utilized the XRPL for digital collectables, showcasing the versatility of the platform.
Sidechains and Innovations
The XRPL’s commitment to minimizing Layer 1 complexity while maximizing programmability through sidechains is highlighted in detail in the report. Coreum, an enterprise-grade sidechain, focused on security tokenization and interoperability, while the EVM sidechain proposal aimed to introduce smart contracts to the XRPL ecosystem. The integration of Hooks, allowing smart contract functionalities, and ongoing developments like Xahau showcased XRPL’s commitment to continuous innovation.
Ripple’s Role in CBDC Initiatives
Ripple, a key player in leveraging XRPL for institutional and government use, played a crucial role in Central Bank Digital Currency (CBDC) explorations. The announcement of the Ripple CBDC Innovative program and collaboration with the Central Bank of Colombia highlighted XRPL’s relevance in shaping the future of digital currencies.
The XRPL’s journey through Q4 2023, as detailed in Messari’s comprehensive report details XRPL’s significant developments and growth in Q4 2023. From regulatory wins to surges in NFT mints and innovative sidechain projects, the XRPL ecosystem showcased resilience and adaptability.
Filed under: Bitcoin - @ February 15, 2024 7:10 am