138K New XRP Accounts Added As XRPL Saw Activity Spike in Q2

While the XRP Ledger (XRPL) saw an overall decline in metrics in Q2, it observed the second-largest activity spike of all time and saw 138K new addresses.

The XRP Ledger (XRPL) witnessed a significant surge in activity during the second quarter of 2023 despite an overall drop in metrics. The network saw its largest address activity spikes of all time in addition to over 138,000 new addresses.

Market intelligence provider Messari disclosed these mixed metrics in its recently-published quarterly report for the XRP Ledger.

1/ Let’s dive into how $XRP Ledger performed in Q2 of 2023.

With a strong focus on ecosystem development, activity has increased in various NFT transaction types on the #XRPL mainnet.@redvelvetzip digs into more insights and future development below. ? pic.twitter.com/9Cc5NF0rk7

— Messari (@MessariCrypto) July 8, 2023

The report highlights a positive trend for the XRP Ledger despite a decline in average daily transactions and addresses compared to the previous quarter, with the addition of new addresses indicating network growth.

Q2 witnessed the addition of 138,800 new addresses to the XRPL. Nevertheless, this metric showed a relatively stable trend compared to the previous quarter, experiencing a slight decrease of 1.3%. The Crypto Basic reported that new addresses for Q1 stood at 141K+ in Q1.

Moreover, there was a significant surge in network activity, particularly in May. According to the Messari report, one of the key factors behind this surge was the notable discrepancy between the number of active recipients and senders.

Despite the stability in the number of addresses initiating transactions during the second quarter, the rise in activity was predominantly propelled by senders dispersing assets to recipient addresses that were previously dormant.

Due to this pattern, a notable occurrence occurred on May 28, marking the second-largest surge in address activity ever recorded. Approximately 523,000 addresses received a transaction that day, approximately 11 times the daily average observed during the second quarter.

The XRPL Saw Declines in Metrics

As stated in the report, the average daily transaction volume experienced a decline of 11.9% quarter-on-quarter (QoQ), reaching a level of 1.16 million transactions. This figure is comparable to the levels observed in the third quarter of 2022. 

Moreover, there was a notable decline of 17.6% quarter-on-quarter (QoQ) in the average daily active addresses, plummeting from 66,000 to 54,000. This decline led to active addresses hitting their lowest point of the year in the second quarter.

Despite the trends mentioned above, there was an upward trajectory in the net number of accounts on the XRP Ledger, with an approximate increase of 30,000. This led to a 0.7% expansion in the total account count, reaching a milestone of 4.68 million during the second quarter.

The report observed a remarkable spike in deleted addresses, skyrocketing by an astonishing 366.9% QoQ from 22,900 to 107,100. This surge was primarily attributed to heightened activity from the Poloniex exchange, as reported by The Crypto Basic last month.