Ripple (XRP) records growth in the second quarter of 2023 despite the continued SEC lawsuit, especially NFTS contribute to the positive trend

Ripple (XRP) records growth in the second quarter of 2023 despite the continued SEC lawsuit, especially NFTS contribute to the positive trend

ripple (XRP) recorded growth of its ecosystem in the second quarter of 2023, although the process has not yet been completed with the US stock exchange supervision SEC. In particular, the area of non-fungable tokens (NFTS) contributes to this positive trend.

Although Ripple has not yet given any legal clarity about his status in the United States, the XRP ecosystem continues to show growth. According to a current report by the analysis company Messari, Ripple's market capitalization has increased by 42.5 percent compared to the previous year and is now almost $ 25 billion. This means that XRP remains the sixth largest cryptocurrency worldwide. In the first quarter of 2023, however, the XRP market capitalization was just under $ 28 billion, which means a decrease of a good 10 percent from quarter to quarter.

particularly striking in the Ripple ecosystem is the increasing success of the NFTS. In November 2022, a separate standard was established for NFTS, which enables a wide range of applications. In the meantime, an average of 15,500 NFT transactions per day are counted at XRP, which corresponds to an increase of almost 13 percent compared to the previous quarter. The number of NFTS generated daily has also increased to 5,600, which can be seen as a success for the Ripple NFT funding program.

The analysts of Messari also evaluate the progress in the development of XRP Sidechains. With Coreum and Root Network, two projects are already live that are intended to help expand the Ripple ecosystem. The increasing number of XRP addresses (+31.8 percent compared to the 2nd quarter of 2022) also speaks for an attractive ecosystem.

Despite the ongoing legal dispute with the SEC, Ripple continues to assert himself. When the SEC submitted their lawsuit against Ripple and XRP in December 2020, many observers saw this as a possible death blow for the ecosystem. But Ripple succeeds in making technological progress regardless of the legal discussion. This is particularly noticeable in the NFTS area and increasingly also in projects in the area of decentralized finances (Defi). If the judgment in the second process for Ripple is positive, the foundation for a flourishing XRP ecosystem seems to have already been laid.