For the XRP Ledger network, the on-chain analytics company Messari has published a Q3 report titled “State of XRP Ledger Q3 2023.”
As per the research, there was a 390% spike in XRPL’s DEX volume in Q3, mostly following the good Ripple decision in July.
The July ruling in the Ripple SEC lawsuit, which determined that XRP is not a security in and of itself, marked a turning point.
XRP Ledger Sparks 390% DEX Volume Surge in Q3: Insights,XRP Ledger Sparks 390% DEX Volume Surge in Q3: Insights
This positive news caused XRP’s price to surge by over 70% in a single day and XRPL’s DEX volume to rise by about 400% on a quarterly (QoQ) basis.
Accordingly, the yearly high of $2.7 million was reached by the average daily DEX volume of fungible-issued currencies, which increased by 290.0% QoQ. The most popular gateway to the native DEX on XRPL is Sologenic, measured on the volume of issued currencies traded.
Similar to other sizable Layer-1 (L1) networks, XRPL saw a decline in network activity metrics during Q2. The average daily values for transactions and all active address types reached annual lows in Q3, indicating that this trend continued. Nonetheless, the net number of accounts increased by 125,000 in the third quarter, Q3, increasing the overall number of accounts to 4.81 million, an increase of 2.7%.
Over the quarter, the number of new addresses climbed by 14.6% to 159,100. The QoQ drop in deleted addresses was 68.3%. From July 30 to August 13, XRPL averaged 122,000 daily active addresses (received), which was 3.3 times the daily average in Q3. NFT expansion, a huge income surge, and the price of XRP
With average daily NFT transactions rising 7.3% to 16,700 over the course of the quarter, the NFTs industry also saw growth. Three million NFTs have been created using the XLS-20 standard as of the third quarter’s end. On July 14, XRP’s price surged by almost 70%, reaching a high of $0.82 on July 20.
Following the court judgement, several CEXs relisted XRP, including Coinbase and Kraken. Later, the SEC’s attempt to appeal was denied. XRP dropped 0.73% over the previous day to $0.545 as of this writing.
XRP Ledger Sparks 390% DEX Volume Surge in Q3: Insights,XRP Ledger Sparks 390% DEX Volume Surge in Q3: Insights,XRP Ledger Sparks 390% DEX Volume Surge in Q3: Insights, XRP coin Crypto news, XRP coin News