Messari Crypto has unveiled the latest advancements in the XRP Ledger in their Q1 report, showcasing significant milestones reached by the network.
In the first quarter of the year, the XRP Ledger (XRPL) has demonstrated impressive growth as detailed in the newly released 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 notable achievements highlighted in the report is the substantial increase in payments. With the introduction of inscriptions enabled by XRP Script, the daily payment volume on the platform skyrocketed by 350% quarter-over-quarter, reaching an impressive 2 million transactions per day. This surge in activity, which commenced in late Q4, saw a slight decline by the end of Q1.
Towards the end of the quarter, the network saw the launch of its AMM with DEX volumes on the CLOB experiencing a 41% increase quarter-over-quarter. Additionally, an eagerly awaited USD-pegged stablecoin was announced during this period, set to be launched on both the XRPL and Ethereum blockchains. By utilizing XRPL’s native functionality for efficiency and adhering to ERC-20 token standards for broad compatibility, the stablecoin has the potential to become a significant player in the market. Furthermore, the introduction of a new clawback function will enhance compliance for asset issuers, fostering greater trust within the ecosystem.
The integration of the Axelar bridge further underscores the network’s focus on liquidity. Paired with the forthcoming stablecoin, this integration is poised to catalyze the growth of the recently introduced Automated Market Maker (AMM) and upcoming tokenized assets from real-world projects like Zioniqx, aiming to establish a vibrant marketplace within the XRP ecosystem.
These key developments underscore the dedication of the community, encompassing both developers and users, in driving innovation and fostering adoption. Despite these achievements, XRP’s price performance continues to lag behind its counterparts, currently trading at $0.49 following 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 witnessed by other cryptocurrencies like ETH, which recently reached a new all-time high. XRP remains engulfed in the Ripple v. SEC case, with the regulator classifying the digital asset as a security. Ripple disputes this classification and remains steadfast in its defense. Legal experts express confidence in Ripple’s victory, anticipating key developments such as the launch of an XRP ETF and Ripple’s public offering in the U.S. as a result.
For more information:
– Buy Ripple (XRP) Guide
– Ripple XRP Wallet Tutorial
– Check 24-hour XRP Price
– More Ripple (XRP) News
– What is Ripple (XRP)?