XRP Ledger Market Cap Soars On Regulatory Success: 59% YTD Growth Achieved
2023年11月2日 - 4:00AM
NEWSBTC
The XRP Ledger (XRPL), a decentralized public blockchain developed
by David Schwartz, CTO of Ripple Labs, has continued to evolve and
show growth in the third quarter (Q3) of 2023, as highlighted in a
recent report by Messari. The XRPL, facilitating cross-currency and
cross-border payments for over a decade, has witnessed significant
milestones, including a surge in market capitalization and
advancements in network features. XRP Ledger Shows Strong
Development In Q3 As of Q3 2023, XRP, the native token of the XRPL,
has secured its position as the fifth-largest cryptocurrency by
market capitalization at an impressive $27.8 billion.
Notably, the token’s market cap experienced remarkable growth,
increasing by 59.9% year-to-date (YTD) and recording an 11.9%
quarter-over-quarter (QoQ) surge. According to Messari, one
unique aspect of the XRPL is the deflationary pressure applied to
its total supply of 100 billion XRP. Transaction fees on the
network are burned, reducing the supply over time. Related
Reading: Galaxy Digital and Invesco Bitcoin Spot ETF Join BlackRock
On The DTCC Since the inception of the XRP Ledger, approximately 10
million XRP have been burned. However, to counterbalance the burn
rate, 1 billion XRP vests to Ripple each month. Unspent or
undistributed XRP returns to escrow. This process will continue
until the remaining ~48 billion XRP becomes liquid, making burned
fees the sole factor influencing supply. Unlike many other
cryptocurrency networks, the XRPL does not provide rewards or
transaction fees to its validators. Instead, validators are
incentivized by supporting network decentralization, similar to
full nodes on Ethereum (ETH) or Bitcoin (BTC). The
Proof-Of-Authority (PoA) consensus algorithm relies on trust
between nodes, organized through unique node lists (UNLs). This
approach contributed to the network’s resilience and security
through 2023. NFTs Thrive On XRPL With Notable Growth In Q3 In Q2
2023, XRPL experienced declining network activity metrics,
including average daily transactions and active addresses. However,
Q3 witnessed a resurgence, with average daily transactions reaching
1.06 million and active addresses totaling 44,000. In
particular, NFT transactions showed significant growth, with
average daily NFT transactions increasing 7.3% QoQ to 16,700. NFTs
are built into the core protocol and do not require smart contracts
for creation or transfers. Standardization of NFTs through XLS-20
2in October 2022 brought benefits such as royalties and anti-spam
features. The XRPL ecosystem has grown steadily, with 3
million NFTs minted using the XLS-20 standard. Related Reading:
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Overall, the XRP Ledger has demonstrated significant growth and
development throughout Q3 2023, driven by market capitalization
gains, regulatory victories, and advancements in network
features. With a strong focus on deflationary dynamics,
unique consensus algorithms, and the rise of NFT transactions, the
XRPL continues to position itself as a prominent player in the
world of cross-currency and cross-border payments, according to
Messari. Conversely, XRP has demonstrated consistent gains
across various time frames. Currently, the token is trading at
$0.6073, which has not been reached since August 2023, resulting in
a modest 0.4% profit within the 24 hours. Notably, XRP has
maintained an upward trend, delivering substantial returns of 10%,
24%, and 16% in the past seven, fourteen, and thirty-day time
frames, respectively. Particularly noteworthy is the exceptional
performance within the one-year time frame, where XRP has surged by
32%. Featured image from Shutterstock, chart from
TradingView.com
Ripple (COIN:XRPUSD)
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Ripple (COIN:XRPUSD)
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から 7 2023 まで 7 2024