XRP Ledger's Market Value Surges 47% in Q4 2023, NFT Mints Skyrocket

According to CryptoPotato, the XRP Ledger (XRPL) experienced significant growth in the fourth quarter of 2023, with the collective market value of tokens on the platform increasing by 47% quarter-over-quarter to $169 million. This growth was detailed in a recent report by Messari, which also noted that the XRPL now hosts over 3,300 different assets. The primary token, SOLO, accounted for 45% of the total market value, while the top three tokens made up 67% of the total market capitalization. The native token of the XRP Ledger, XRP, ranked as the sixth largest crypto asset by market capitalization, reaching $33.7 billion. Its circulating market cap increased by 21.2% quarter-over-quarter and 93.6% year-over-year. Throughout 2023, 4 billion XRP were distributed, accounting for 8% of the XRP supply from the end of 2022. Messari's analysis revealed that while this distribution contributed to the market cap's growth, the spike in prices played a more significant role. Network activity on the XRPL showed mixed results in Q4. Active addresses decreased by 31.3% quarter-over-quarter, but transactions increased by 22.7% during the same period. A large portion of the transaction activity came from a small cluster of accounts sending transactions to a single account. In contrast, NFT mints on the platform skyrocketed by 491% quarter-over-quarter, resulting in a 170% increase in total NFT transactions. In Q4 2023 alone, there were 3.4 million NFT mints, representing over half of all mints since the XLS-20 standard was introduced in 2022. Earlier this month, it was announced that validators of the XRPL EVM sidechain will be compensated in XRP. This information was disclosed by Ferran Prat Tió, the co-founder and CEO of Peersyst Technology, the company responsible for the XRPL Ledger EVM-compatible sidechain. The EVM sidechain, connected to XRPL through a bridge, operates as an independent network separate from XRPL and RippleNet. It serves as a side chain that enables Ethereum operations while using XRP as its native token.