Connect with us
Active Currencies 12855
Market Cap $2,081,873,962,231.90
Bitcoin Share 48.84%
24h Market Cap Change $1.29

All about how XRP fared in Q4 2023

2min Read

Inscription-related activity caused a sharp spike in on-chain transactions.

All about how XRP fared in Q4 2023

Share this article

  • XRPL’s average daily transactions saw a 22.7% jump QoQ.
  • XRP’s price surged 19.3% over the previous quarter.

The payment-focused network Ripple [XRP Ledger] witnessed a sharp surge in activity across key verticals in Q4 2023, according to a report published by blockchain analytics firm Messari.

Transactions jump due to inscriptions

One of the biggest takeaways was a 22.7% jump in average daily transactions on a quarter-on-quarter (QoQ) basis. This was majorly attributed to a sharp spike in payments in December for inscriptions-related activity.

Indeed, more than 22 million payments were registered over the span of one week in late December. As a result, the dominance of payments as a transaction type shot up to 35% in Q4.

Payments spike on XRPL in December

Source: Messari

Active addresses plunge

However, the report noted that the jump in Payment transactions did not result in a spike in active addresses on the XRPL. The average daily active addresses fell sharply by 31% in Q4.

The disparity arose as bulk of the transaction activity was confined to a small group of accounts sending transactions to one single account. Hence, while the number of sending addresses increased, there was a sharp drop in recipient addresses.

Address activity on XRPL in Q4 2023

Source: Messari

On the brighter side, XRPL’s network growth looked promising with a 31.5% jump in new addresses. Additionally, the total number of accounts increased by 3.7% to 5 million, an important milestone for the network.

NFT mints soar but DEX volumes dip

The surge in Q4 transactions was also due to increase in non-fungible token (NFT) mints.

As shown below, mints nearly saw a sixfold increase in Q4, causing the overall NFT transactions to rise by 169%. Moreover, mints made up 83% of all NFT transactions.

XRP ledger NFT transactionsSource: Messari

In contrast, XRPL’s average daily decentralized exchange (DEX) volume plunged by 78.7% QoQ to $562,000. Having said that, the dominance of the vertical vis-à-vis the NFT sector could be understood by the below illustration.

Dex volume on XRPL in Q4 2023

Source: Messari

The state of XRP

Shifting focus to the blockchain’s native token XRP, the price surged 19.3% over the previous quarter, while the market cap increased 21% QoQ. According to the research, this was a substantial lag compared to the overall market gain of 53.8%.

Is your portfolio green? Check out the XRP Profit Calculator

At the time of writing, XRP was the sixth-largest crypto by market cap, exchanging hands at $0.52, AMBCrypto spotted using CoinMarketCap.

Short-term blips aside, the digital asset has given returns of 36% to its holders over the past year, helped in part by its partial victory against the U.S. Securities and Exchange Commission.


Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.