Messari Crypto has unveiled the latest achievements of the XRP Ledger in their Q1 report, showcasing significant milestones reached by the network.
The XRP Ledger (XRPL) has showcased remarkable growth in the first quarter of the year, as detailed in the recent report by Messari Crypto. Titled “State of XRP Ledger Q1 2024,” this report sheds light on the inner workings of the XRP network and its recent accomplishments.
One of the most notable increases observed on the network was in payments. Fueled by inscriptions enabled by XRP Script, the daily payment volume surged by 350% QoQ, reaching 2 million transactions per day, a trend that started in late Q4 but saw a decline by the end of Q1.
In addition to the impressive payment growth, other key highlights from the report include the launch of the AMM, leading to a 41% QoQ increase in DEX volumes on the CLOB. A new USD-pegged stablecoin is set to launch on both the XRPL and Ethereum blockchains, promising efficiency and broad compatibility. The introduction of a clawback function will enhance compliance for asset issuers, further fostering trust within the ecosystem.
The integration of the Axelar bridge and the upcoming tokenized assets from projects like Zioniqx are expected to boost liquidity and create a vibrant marketplace within the XRP ecosystem.
These advancements underscore the dedication of the community, comprising developers and users, in driving innovation and adoption within the network.
Despite these achievements, XRP’s price performance continues to lag behind its counterparts, currently trading at $0.49 after a 3.3% decline in the past week. Ranked 8th with a market cap of $27.4 billion, XRP has yet to experience the bullish breakout seen in other cryptocurrencies like ETH, which reached a new all-time high earlier this year.
XRP remains embroiled in the Ripple v. SEC case, with the regulator classifying the digital asset as a security. Ripple disputes this claim and is committed to defending its stance. Legal experts remain optimistic about Ripple’s prospects in the case, with potential outcomes including the launch of an XRP ETF and Ripple going public in the U.S. if victorious.
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