Messari Crypto has unveiled the latest achievements of the XRP Ledger in its Q1 report, showcasing significant milestones reached by the network.
The first quarter of the year saw impressive growth for the XRP Ledger (XRPL), as highlighted in the recent report by Messari Crypto. Titled “State of XRP Ledger Q1 2024,” the report sheds light on the inner workings of the XRP network and its recent accomplishments.
One of the most remarkable increases observed on the network was in payments. Fueled by inscriptions enabled by XRP Script, the daily payment volume surged by 350% quarter-over-quarter, reaching 2 million transactions per day. This surge began towards the end of Q4 and showed a slight decline by the end of Q1.
Towards the end of the quarter, the XRPL saw the launch of its Automated Market Maker (AMM), leading to a 41% increase in DEX volumes on the Central Limit Order Book (CLOB). Additionally, the announcement of a USD-pegged stablecoin, set to launch on both the XRPL and Ethereum blockchains, promises to bring further innovation and efficiency to the ecosystem. The stablecoin, which leverages XRPL’s native functionality and adheres to ERC-20 token standards, is poised to make a significant impact in the market. Furthermore, the introduction of a clawback function will enhance compliance for asset issuers, fostering trust within the ecosystem.
The integration of the Axelar bridge further enhances liquidity within the XRPL ecosystem. Together with the stablecoin launch, this integration is expected to catalyze the AMM and upcoming tokenized assets from real-world projects like Zioniqx, creating a dynamic marketplace within the XRP ecosystem.
These achievements underscore the dedication of the community, comprising both developers and users, in driving innovation and adoption within the network. Despite these advancements, 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 momentum seen by other cryptocurrencies like ETH, which recently hit an all-time high. XRP’s progress is hindered by the ongoing Ripple v. SEC case, with regulatory concerns surrounding its classification as a security. Ripple remains steadfast in defending its position, with legal experts optimistic about a favorable outcome. If successful, investors anticipate key developments such as the launch of an XRP ETF and Ripple going public in the U.S.
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