Ripple, which has seen a significant drop due to the ongoing lawsuit, appears ready to amplify the impact of a potential victory with crucial developments as the process nears its end. The actions of investors seem to indicate an expectation of this outcome.
First Quarter Report Positive for XRP
The first quarter report for XRP is positive. The first quarter of 2023 was an active period for the XRP Ledger (XRPL). Looking at the latest data released by Messari, there is a considerable increase in the overall activity rate on the network. The number of daily active addresses and the ratio of daily transactions increased by 13.9% and 10.7% respectively. The most significant increase was undoubtedly in the XRP price. The XRP price rose from 0.35 dollars to 0.54 dollars in the first quarter, showing a 55.5% increase. This price increase came right after positive news from the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), which did not surprise investors.
The first-quarter report also included some interesting developments. With the XLS-20 standard, NFT transactions can now be carried out on the XRP network, and additionally, 5 newly proposed token standards are awaiting approval. Although there was a slight decrease in NFT transactions on the network compared to the previous quarter, it is reported that there were 436,000 NFT productions and 277,000 accepted NFT sales offers in the first quarter. It is stated that different results were achieved on side networks named Coreum and Flare Network, and these generally contributed to the network status of XRP.
XRP’s financial performance also saw a significant increase. XRP’s total market value, which has caught an increase rate surpassing the increase rate of the total value of the crypto market, rose from 17.4 billion dollars to 27.8 billion dollars and showed a 59% increase. The reason for this being higher than the price increase rate is the XRP tokens that were unlocked.
XRPL network developers seem to be focusing on the NFT world for now. Projects like Futureverse-based Root Network, Hooks, and others like them could potentially further boost activity on XRPL. In addition to this, steps that make XRPL compatible with the Ethereum Virtual Machine (EVM) could generally impact the XRP price and make the network more efficient.
