#XRP #XRPLedger #Cryptocurrency #MarketCap #Blockchain #CryptoNews #DeflationaryMechanism #SEC
The fourth quarter of 2023 marked a significant period for the XRP Ledger (XRPL), as detailed in a comprehensive report by Messari. This quarter saw the XRPL’s native token, XRP, rising to the sixth position in terms of market capitalization among cryptocurrencies, reaching an impressive $33.7 billion. This leap represented a robust quarter-over-quarter growth of 21.2% and an even more remarkable year-over-year increase of 93.6%. A major factor contributing to this surge in market capitalization was the distribution of 4 billion XRP tokens, which accounted for 8% of the total supply from the end of 2022. This substantial distribution, alongside a significant price spike on November 13 when XRP’s value soared to $0.7503, propelled the market capitalization upwards.
Moreover, 2023 was a year of milestones and challenges for XRP. The token successfully concluded a multi-year legal battle with the U.S. Securities and Exchange Commission (SEC), with a ruling in July affirming that XRP should not be considered an investment contract or a security. This decision marked a positive turn for XRP, leading to a more than 70% price increase in mid-July and a peak value of $0.82 by July 20. The relisting of XRP on major exchanges further cemented its rejuvenated market stance. Although the XRPL network activity exhibited mixed trends—with a significant decrease in active addresses but an increase in transactions—there was a noticeable rise in the number of XRPL accounts, reaching 5 million in Q4. This blend of price appreciation, legal victories, and a dynamic network landscape underscores the diverse factors driving XRPL’s growth and its expanding footprint in the cryptocurrency market.
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