While the number of new wallets declined, other key XRP Ledger (XRPL) metrics have demonstrated growth compared to the previous quarter’s figures.
Despite the prevalent market uncertainty and the ongoing Ripple vs. SEC case, XRP witnessed growth in the first quarter of this year compared to Q4 2022, as evidenced in a recent report. The XRP Ledger (XRPL) saw 114K+ new wallets and over 116 million transactions in Q1 2023. The network also burned an excess of 140K XRP from transaction fees within this period.
This was disclosed in the recently-published Q1 2023 XRP Markets Report from Ripple. The report, further shared on Twitter, sparked renewed optimism from the broader community, as its content demonstrates tangible progress on the XRPL.
The Q1 2023 XRP Markets Report is live—detailing important events in crypto and the broader financial markets in Q1, global regulatory progress, a vibrant community building on the XRP Ledger, and the latest technical updates on the #XRPL. https://t.co/owULBusAMC
— Ripple (@Ripple) April 27, 2023
As detailed in the report, the XRP Ledger witnessed an impressive 9.3% increase in the number of transactions from Q4 2022 to Q1 2023. The network processed up to 116.3 million transactions in the first quarter of this year, as opposed to 106.4 million transactions processed in the fourth quarter of last year. Transactions have continued to increase over the past three quarters.
The report further highlights the contribution of NFTs on the XRPL to the increase in network activity. The Crypto Basic reported this month that the total NFT volume on the XRPL had surged to 21.24 million XRP as of April 20. This marked a 116% increase over four months. Data from XPmarket indicates that the XRPL now boasts up to 1.09 million NFTs.
Moreover, the network burned up to 140,993 XRP tokens with transaction fees in Q1 2023. This represents a massive 38% surge in burned XRP compared to the previous quarter. As previously reported, the XRPL burns XRP tokens with transaction fees to discourage spam transactions on the network. This practice equally makes XRP a deflationary asset.
Meanwhile, although the XRP Ledger registered an influx of new wallets in Q1 2023, the growth rate declined by 38.3% compared to Q4 2022. The network welcomed 140,558 wallets this quarter, as opposed to 228,143 in the fourth quarter of 2022.
Nevertheless, data from Messari shows that the XRPL is headed for the 5 million wallet threshold, currently boasting an excess of 4.6 million wallets. The number of wallets stood at 4.31 million as of October 2022.
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