{"id":574325,"date":"2024-02-10T00:00:05","date_gmt":"2024-02-10T00:00:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=574325"},"modified":"2024-06-11T08:33:15","modified_gmt":"2024-06-11T08:33:15","slug":"xrp-ledger-xrpl-token-market-cap-surged-47-in-q4-to-169m-what-caused-the-surge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/xrp-ledger-xrpl-token-market-cap-surged-47-in-q4-to-169m-what-caused-the-surge\/","title":{"rendered":"XRP Ledger (XRPL) Token Market Cap Surged 47% In Q4 To $169M: What Caused The Surge?"},"content":{"rendered":"

A recent <\/span>report <\/span><\/a>by Messari sheds light on the state of the XRP Ledger (XRPL) and its notable performance during the fourth quarter (Q4) of 2023.\u00a0<\/span><\/p>\n

The report highlights significant milestones, including its native token market capitalization<\/a>, distribution, burning mechanism, price movement, legal battle, and network activity.<\/span><\/p>\n

Distribution Of 4 Billion XRP Contributes To Market Cap Growth?\u00a0<\/span><\/h2>\n

As of Q4 2023, XRP, the native token of the XRPL, emerged as the sixth-largest cryptocurrency by market capitalization, reaching $33.7 billion. The token’s circulating market cap witnessed a substantial 21.2% increase quarter-over-quarter (QoQ) and an impressive 93.6% growth year-over-year (YoY).\u00a0<\/span><\/p>\n

According to Messari, the increase<\/a> in market capitalization was primarily due to the distribution of 4 billion XRP and a significant price spike on November 13, when the token reached as high as $0.7503.<\/span><\/p>\n

Related Reading: Crypto CEO Says Get Ready For Solana To \u2018Rally Higher Again\u2019 With New Target<\/a><\/div>\n
\"XRP
XRP’s price and revenue spike during 2023. Source: Messari<\/a><\/figcaption><\/figure>\n

Throughout 2023, 4 billion tokens were distributed, accounting for 8% of the XRP supply from the end of 2022. While this distribution contributed to the increase in market cap, it was overshadowed by the impact of the price spike.\u00a0<\/span><\/p>\n

Additionally, the XRPL employs a transaction fee-burning mechanism<\/a>, applying deflationary pressure to the total supply of 100 billion XRP. However, the low transaction fees on the network have resulted in a relatively low burn rate of approximately 12 million XRP since the inception of the XRP Ledger.<\/span><\/p>\n

Network Activity Shows Mixed Trends In Q4 2023<\/span><\/h2>\n

Q4 2023 marked a significant turning point for XRP, concluding a multi-year legal battle with the US Securities and Exchange Commission<\/a> (SEC). In July 2023, the district court ruled that XRP is not considered an investment contract or a security, distinguishing it from many other blockchain assets.\u00a0<\/span><\/p>\n

This ruling triggered a surge in XRP’s price, with an increase of over 70% on July 14 and a peak of $0.82 on July 20. The subsequent relisting of XRP on major cryptocurrency exchanges further bolstered its position.<\/span><\/p>\n

\"XRP\"
XRP’s 2% uptrend on the daily chart over the past 24 hours. Source: XRPUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Network activity on the\u00a0 XRPLedger<\/a> displayed mixed trends in Q4. While active addresses decreased by 31.3% QoQ, transactions increased by 22.7% QoQ.\u00a0<\/span><\/p>\n

Notably, a significant portion of transaction activity originated from a group of accounts sending transactions to a single account for inscription-related activity. The number of accounts on the XRPL increased by 188,000, reaching 5.00 million in Q4.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Flies Above $47,300, But Watch Out For Extreme Greed<\/a><\/div>\n

Overall, the Q4 2023 report on the XRP Ledger showcases its growth, driven by various factors such as price spikes, legal victories, and network activity. With its expanding market capitalization and increasing adoption, XRP continues to solidify its position in the cryptocurrency market.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent report by Messari sheds light on the state of the XRP Ledger (XRPL) and its notable performance during the fourth quarter (Q4) of 2023.\u00a0 The report highlights significant milestones, including its native token market capitalization, distribution, burning mechanism, price movement, legal battle, and network activity. Distribution Of 4 Billion XRP Contributes To Market Cap Growth?\u00a0 As of Q4 2023, XRP, the native token of the XRPL, emerged as the sixth-largest cryptocurrency by market capitalization, reaching $33.7 billion. The token’s circulating market cap witnessed a substantial 21.2% increase quarter-over-quarter (QoQ) and an impressive 93.6% growth year-over-year (YoY).\u00a0 According to Messari, the increase in market capitalization was primarily due to the distribution of 4 billion XRP and a significant price spike on November 13, when the token reached as high as $0.7503. Related Reading: Crypto CEO Says Get Ready For Solana To \u2018Rally Higher Again\u2019 With New Target Throughout 2023, 4 billion tokens were distributed, accounting for 8% of the XRP supply from the end of 2022. While this distribution contributed to the increase in market cap, it was overshadowed by the impact of the price spike.\u00a0 Additionally, the XRPL employs a transaction fee-burning mechanism, applying deflationary pressure to the total supply of 100 billion XRP. However, the low transaction fees on the network have resulted in a relatively low burn rate of approximately 12 million XRP since the inception of the XRP Ledger. Network Activity Shows Mixed Trends In Q4 2023 Q4 2023 marked a significant turning point for XRP, concluding a multi-year legal battle with the US Securities and Exchange Commission (SEC). In July 2023, the district court ruled that XRP is not considered an investment contract or a security, distinguishing it from many other blockchain assets.\u00a0 This ruling triggered a surge in XRP’s price, with an increase of over 70% on July 14 and a peak of $0.82 on July 20. The subsequent relisting of XRP on major cryptocurrency exchanges further bolstered its position. Network activity on the\u00a0 XRPLedger displayed mixed trends in Q4. While active addresses decreased by 31.3% QoQ, transactions increased by 22.7% QoQ.\u00a0 Notably, a significant portion of transaction activity originated from a group of accounts sending transactions to a single account for inscription-related activity. The number of accounts on the XRPL increased by 188,000, reaching 5.00 million in Q4.\u00a0 Related Reading: Bitcoin Flies Above $47,300, But Watch Out For Extreme Greed Overall, the Q4 2023 report on the XRP Ledger showcases its growth, driven by various factors such as price spikes, legal victories, and network activity. With its expanding market capitalization and increasing adoption, XRP continues to solidify its position in the cryptocurrency market. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":574326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[1020,6664,1558,14450,15464,84758,89991,83637,90415,13172,90403,15883,91625,89423],"class_list":["post-574325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-blockchain","tag-crypto","tag-cryptocurrency","tag-ripple-xrp-price-analysis","tag-ripple-xrp-price-charts","tag-xrp-ledger","tag-xrp-ledger-news","tag-xrp-news","tag-xrp-news-sec-lawsuit","tag-xrp-price","tag-xrp-price-after-lawsuit","tag-xrp-price-analysis","tag-xrp-price-analytics","tag-xrp-price-news"],"acf":[],"yoast_head":"\nXRP Ledger (XRPL) Token Market Cap Surged 47% In Q4 To $169M: What Caused The Surge?<\/title>\n<meta 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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