XRP Price Surges by 80% in 2023, Messari Report Reveals
Date: 2024-02-15 Author: Dima Zakharov Categories: BLOCKCHAIN
XRP's Remarkable Growth
Despite a sluggish growth trajectory observed in the last quarter of 2023, the recent Messari report showcases an impressive 80% surge in the price of XRP and a remarkable 93.6% increase in its market capitalization by the end of 2023.
Challenges Amidst Growth
While XRP enthusiasts have lamented the currency's consistent underperformance, especially evident during the fourth quarter of 2023 amidst a broader cryptocurrency market surge, the latest insights from Messari's "State of XRP Ledger" report depict substantial growth for XRP, albeit trailing behind the overall market.
Quarterly Performance Metrics
The report reveals significant growth metrics for XRP Ledger (XRPL) in the fourth quarter of 2023, including a 490% increase in NFTs, a 23% surge in transactions, and a 47% rise in token market capitalization on XRPL.
Notable Price Trends
According to CoinGecko data cited by Messari, XRP concluded the third quarter of 2023 with a price of $0.52, marking a 9.8% increase compared to the end of the second quarter. Impressively, the currency exhibited even higher growth rates in the fourth quarter, closing at $0.62.
Market Capitalization Soars
The report delves into the substantial growth rates of XRP's circulating market capitalization on both quarterly and annual bases. By the end of the fourth quarter of 2023, XRP ranked sixth among major cryptocurrencies by market capitalization, reaching $33.7 billion.
Factors Driving Market Expansion
The continuous conditional unlocking of XRP tokens, with Ripple receiving 1 billion tokens monthly, significantly contributed to the increased circulating supply and subsequent market capitalization growth. However, the majority of the market capitalization surge stemmed from XRP price appreciation.
Ecosystem Expansion
Moreover, the XRPL ecosystem witnessed a parallel growth trajectory, with aggregate token market capitalization reaching $169 million in the fourth quarter of 2023, representing a 47% increase quarterly. Sologenic (SOLO) emerged as the dominant asset within the network, contributing significantly to this market capitalization surge.
