<\/p>\n
- \n
- While XRP\u2019s price grew in Q3, XRPL recorded a fall in network activity.<\/span><\/em><\/li>\n
- XRP has seen a reduction in daily demand in the past few days.<\/em>\u00a0<\/span><\/li>\n<\/ul>\n
Decentralized distributed ledger XRPL [XRP]<\/a> witnessed a decline in network activity in the third quarter of the year, Messari found in a new report<\/a>.\u00a0<\/span><\/p>\n
\nRealistic or not, here\u2019s\u00a0XRP\u2019s market cap in BTC<\/a>\u00a0terms<\/p>\n
\nThis decline came despite a jump in XRP\u2019s value after a <\/span>ruling<\/span><\/a> in July that the U.S. Securities and Exchange Commission (SEC) could not classify XRP as a security.<\/span><\/p>\n
According to the on-chain data provider, following the ruling, XRP\u2019s value spiked by over 70% within hours to peak at $0.82 on 20 July. The overall surge in the alt\u2019s price recorded between July and September resulted in a 12% quarter-over-quarter (QoQ) increase in the token\u2019s circulating market capitalization.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ec85f143f7c198585530280e2393645b10eb4838-1280x720-1.webp\")
<\/a><\/p>\nSource: Messari<\/p>\n<\/div>\n
While the blockchain recorded an uptick in demand for its native token, its \u201cnetwork activity metrics fell across the board in Q3,\u201d Messari noted.\u00a0<\/span><\/p>\n
Between July and September, the average count of daily transactions on XRPL totaled 1.06 million. This represented a drop of 9.1% (QoQ) from the 1.16 million recorded in Q2. Also, the count of daily active addresses \u201ctook a larger decline,\u201d plummeting by 19% from 54,000 to 44,000 during the period under review.<\/span><\/p>\n
According to Messari:<\/span><\/p>\n
\n
\u201cAverage daily values for transactions and all types of active addresses reached yearly lows in Q3.\u201d<\/span><\/p>\n<\/blockquote>\n
Some respite?<\/b><\/h4>\n
Messari found that during the period under review, the protocol\u2019s non-fungible token (NFT) vertical experienced some growth.\u00a0<\/span><\/p>\n
Between July and September, the average count of daily NFT transactions completed on XRPL climbed by 7.3%.\u00a0 <\/span><\/p>\n
Of all these transactions, NFTokenBurn \u2013 transactions used to remove an NFToken object from the NFTokenPage in which it is being held \u2013 was the \u201cfastest-growing transaction\u201d as it increased by 135%.<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/2e8782026acff8dda0ead10d512ec3cbc25b921f-1280x720-1.webp\")
<\/a><\/p>\nSource: Messari<\/p>\n<\/div>\n
Transactions to create new NFTs trailed behind, surging by 13% during the quarter, the report added.\u00a0<\/span><\/p>\n
\n
\u201cOther NFT transaction types \u2014 NFTokenCreateOffer, NFTokenAcceptOffer, and NFTokenCancelOffer \u2014 declined 7.0%, 7.4%, and 2.0% QoQ, respectively,\u201d Messari added.<\/span><\/p>\n<\/blockquote>\n
XRP amid current market rally<\/b><\/h4>\n
At press time, the protocol\u2019s native token exchanged hands at $0.5453, according to data from CoinMarketCap<\/a>. In the last week, the alt\u2019s value has climbed by 6%.<\/span><\/p>\n
\nIs your portfolio green? Check the\u00a0XRP Profit Calculator<\/a><\/p>\n
\nAfter the token\u2019s price peaked at $0.58 on 24 October, it initiated a decline. An on-chain assessment of its network activity revealed a steady decline in new demand and the count of active addresses for XRP.<\/span><\/p>\n
- XRP has seen a reduction in daily demand in the past few days.<\/em>\u00a0<\/span><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/XRP-Ledger-XRP-07.36.33-28-Oct-2023.png\")