SNEAK PEEK
- XRP’s legal progress boosts value and market interest: Messari.
- XRP Ledger sees growth in active addresses and transactions.
- XRP ecosystem expands with Coreum and Flare Network launches.
In the fast-paced world of cryptocurrency, XRP Ledger has once again emerged as a front-runner, capturing the attention of investors and enthusiasts alike. The first quarter of 2023 has been particularly eventful for XRP, as positive developments in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) ignited a surge in value.
$XRP surged in March twice, following positive news of the legal battle between @Ripple and the SEC.
The ongoing case began in 2020 when the SEC charged Ripple with conducting an unregistered security offering for the $XRP token. pic.twitter.com/5KzvaLJnzg
— Messari (@MessariCrypto) June 1, 2023
In 2020, the SEC charged Ripple with conducting an unregistered security offering for its XRP token. However, recent news of progress in the legal case has sent shockwaves through the market, propelling XRP’s price to new heights. XRP witnessed a staggering 56% increase quarter-over-quarter, from $0.35 to $0.54. This surge outpaced the overall crypto market and sparked a renewed interest in XRP among investors.
The positive momentum was not limited to price alone. Activity on the XRP Ledger experienced notable growth during Q1. Daily active addresses and transactions surged by 13.9% and 10.7%, respectively, further highlighting the increasing engagement within the XRP ecosystem.
While the NFT market experienced a slight dip in activity during the first quarter, the XRP Ledger remained a bustling hub for NFT transactions. Astonishingly, there were over 436,000 NFT mints, and 277,000 accepted NFT offers, signifying the continued relevance and adoption of non-fungible tokens within the XRP community.
Moreover, significant developments were witnessed in the mainnet launches for Coreum and Flare Network sidechains. Coreum, an enterprise-grade L1 solution, emphasizes interoperability and scalability. On the other hand, Flare Network, an EVM-based sidechain, focuses on decentralized data. These advancements add a new dimension to the already vibrant XRP ecosystem.
Looking ahead, developers within the XRP community are placing their bets on NFTs, the metaverse, and smart contracts. Exciting projects like Futureverse’s Root Network, Hooks, and the EVM sidechain are developing, promising to revolutionize the XRP Ledger and expand its capabilities.
As the legal battle between Ripple and the SEC unfolds, the XRP Ledger stands at the forefront of attention, poised for potential breakthroughs. With a resilient community and a rapidly evolving ecosystem, XRP is undoubtedly a force to be reckoned with in the crypto market.
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- Source: https://investorbites.com/xrp-surges-56-in-q1-2023-amid-legal-battle-messari-report/
