Despite the slow growth recorded by XRP in the last quarter of 2023, Messari’s latest report shows that its price increased 80% while its market cap skyrocketed 93.6% Year over Year (YoY) at the end of 2023.
XRP proponents have persistently bemoaned the cryptocurrency’s constant underperformance. The asset’s inability to push ahead with the rest of the market was exposed when the broader crypto market witnessed an impressive surge in Q4 2023, with XRP unable to catch up.
However, details from Messari’s latest “State of XRP Ledger” report reveal that while XRP lagged the rest of the market, it still recorded impressive growth in the last quarter of 2023. The token witnessed massive growth metrics across multiple areas, including its price and circulating market cap.
State of #XRPL Q4 2023
Update: The AMM vote is underway, which will be enshrined into the protocol the same way the Orderbook is.
QoQ Metrics 📊
– NFT mints ⬆️ 490%
– Txs ⬆️ 23%
– MCap of tokens on XRPL ⬆️ 47%Dive into the free quarterly report 👇 https://t.co/YqAsVei5y9 pic.twitter.com/czXI8BVD4m
— Messari (@MessariCrypto) February 9, 2024
XRP Price Rose 19.3% QoQ and 80% YoY
Citing data from market tracker CoinGecko, Messari confirmed that XRP ended Q3 2023 with a $0.52 price, representing a 9.8% increase from the figure recorded at the end of Q2 2023. Interestingly, the asset saw a much higher appreciation rate in Q4, closing the quarter at $0.62.
At this price, XRP witnessed a 19.3% increase Quarter over Quarter despite its disappointing performance compared to the broader market. Messari emphasized that the asset’s growth rate was decent but lower than the average 53.8% QoQ surge in the overall market.
In addition, the $0.62 price represented an impressive increase from the $0.345 value XRP closed in the fourth quarter of 2022. This marked an 80% increase in price YoY, suggesting that investors have generally seen their bags appreciate within this timeframe.
XRP’s Market Cap Rose 21.2% QoQ and 93.6% YoY
The Messari report further detailed the growth rate of XRP’s circulating market cap on a quarterly and yearly basis. Notably, at the end of Q4 2023, XRP secured the sixth spot among the largest crypto assets by market cap with a valuation of $33.7 billion.
This figure marked a 21.2% increase from what the asset witnessed at the end of Q3 2023. Moreover, data confirms that XRP had a circulating market capitalization of $17.4 billion at the end of Q4 2022. This indicates that the token’s valuation skyrocketed by 93.6% Year over Year as of Q4 2023.
XRP’s market cap growth outpaced its price growth due to contributions from an increasing circulating supply. Notably, Ripple receives 1 billion XRP tokens every month from escrow unlocks. The firm leverages a portion of these funds, typically 200 million, and relocks the rest.
This constant escrow unlocks increased circulating supply, further raising the asset’s market capitalization. However, most of the rise in market cap came from XRP’s price surge.
This indicates that while XRP has performed well in recent times, investor concerns have only emerged due to the better performance from the broader market.
Meanwhile, the Messari report further stressed that the XRPL ecosystem recorded a similar growth. The Cumulative market cap of tokens on the XRPL surged to $169 million in Q4 2023, marking a 47% QoQ growth. Sologenic (SOLO) contributes the most to this market cap, being the dominant asset on the network.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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