Connect with us
Active Currencies 14795
Market Cap $2,487,037,106,341.80
Bitcoin Share 51.50%
24h Market Cap Change $1.71

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.

Share

Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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.