The formal publication of Ripple’s Q4, 2023, XRP Markets Report, which reveals the company’s opinions on the situation of the cryptocurrency markets, pertinent XRP Ledger announcements, and market movements over the preceding quarter, has occurred.
Ripple claims that Q4 of 2023 was a landmark quarter for cryptocurrencies and more general macroassets, with gains and victories on several fronts.
An spike in XRP Ledger on-chain activity is another indication of this. The quantity and amount of transactions that occur on the public, open-source blockchain known as XRP Ledger is referred to as “on-chain activity.”
According to the research, XRP Ledger’s NFT growth soared 400% over the most recent quarter. This occurs at a time when Q4 saw the creation of almost half of all NFTs ever, up over 400% from Q3.
With over five million mints and over a million sales, the NFT use case has gained momentum to this day, with a sales volume of around $10 million.
In the preceding quarter, there was a 34% increase in on-chain transactions and a more than 30% increase in wallet count.
From 90,446,746 to 121,031,713, there were 34% more transactions in a given quarter. Comparably, there were 208,522 new wallets created over this period, a 32% increase from 157,936.
Additionally, there was a 30% increase in XRP burnt for transaction fees, going from 243,201 to 317,271.
More creative use cases and usefulness have been added to the XRPL by a number of noteworthy community initiatives, which has resulted in a spike in on-chain activity.
DappRadar has announced the integration of the XRPL, enabling users to follow the performance and important parameters of applications inside the XRPL ecosystem and gain data and insights on those apps. With the announcement of its integration with XRPL, Band Protocol is now the principal oracle provider for both the EVM sidechain and the mainnet of XRPL.
Additionally, Uphold unveiled Vault, a self-custody wallet that would accept XRP initially with plans to add Bitcoin early in the following year.
In the future, Atato Digital Asset Custody plans to interface with XRPL and Cronos Chain to simplify the coding processes for safeguarding and sustaining tokens on networks that aren’t EVMs.
