XRP Ledger’s overall network activity metrics increased in Q1 2023 compared to the previous quarter.
Messari, a cryptocurrency analytics firm, has released a new report showing XRP Ledger’s (XRPL) performance in the first quarter of the year.
According to data published by Messari, both the number of unique daily active addresses and daily transactions on the XRPL network recorded significant growth in Q1 2023.
Per the report, the number of daily active addresses on XRPL in Q1 2023 increased by 13.9% compared to the previous quarter, showing growth from 57,517 to 65,525 unique addresses.
Messari noted that the total active addresses on the XRP network surged QoQ (Quarter on Quarter) because the receiving addresses rallied by 17.1% from 47K to 55K. However, the XRPL network’s sending addresses dipped in Q1 2023 compared to the previous quarter.
Similarly, the average daily transaction count on the XRPL network also recorded a slight gain of 10.7% in Q1 2023 than the previous quarter, representing a growth from 1.19M to 1.32M.
Commenting on the development, Messari noted that the overall network activity metrics increased in Q1 2023 compared to the previous quarter.
“Overall network activity metrics increased in Q1, with the totals for daily active addresses and daily transactions increasing 13.9% and 10.7%, respectively,” Messari noted.
Messari Highlights Other XRPL-Related Metrics
Meanwhile, Messari also shared data for other activities on the XRP Ledger. According to the cryptocurrency analytics company, the number of new addresses slumped in Q1 2023 compared to the previous quarter. The total new addresses in Q1 2023 decreased to 141,468 from the 230,930 new addresses recorded in Q4 2022.
Messari data shows that the price of XRP surged by 56% QoQ, from $0.35 to $0.54. It asserted that the price of XRP surged tremendously in Q1 2023, following positive reports about the ongoing SEC vs. Ripple lawsuit.
Furthermore, Messari said XRP had a total market cap of $28 billion at the end of Q1 2023. At the time of writing this line, XRP is changing hands at $0.466, up 3.8% over the past 24 hours, data from CoinGecko shows. XRP currently has a valuation of $24.15 billion and is ranked as the sixth-largest cryptocurrency by market cap.
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