- XRP’s circulating market cap fell 10.7% quarter on quarter, from $27.8 billion to $24.8 billion.
- The start of the third quarter wasn’t even, either, as the price had dropped nearly 3%
Ripple [XRP] witnessed a roller coaster of ups and downs in terms of its on-chain metrics in Q2 2023. Messari recently posted its latest XRP Q2 report highlighting how its network activity, value and price reacted in Q2 2023 .
A look at the third quarter stats didn’t paint a happy picture for XRP either, as the price fell. Will XRP be able to meet investor expectations in the third quarter of the year?
6/ For an in-depth look at $XRP Ledger Q2 2023 key metrics including a financial analysis, network analysis and ecosystem analysis, view the full quarterly report for FREE @redvelvetzip.https://t.co/HG5cxptz8T
— Messari (@MessariCrypto) July 8, 2023
How many Worth 1,10,100 XRPs today
XRP’s Q2 didn’t go as planned
According to Messaris analysisXRP’s circulating market capitalization fell 10.7% quarter-on-quarter, from $27.8 billion to $24.8 billion, following the 0.4% increase in market capitalization of other cryptocurrencies. The price of the token fell by 11.7% quarter on quarter from $0.54 to $0.47 due to inflation of 1.1% quarter on quarter. Still, it was interesting to note that XRPThe company’s market cap has continued to rise 42.5% year-to-date, which can be attributed to the increase in value in the first quarter.
Ripple vs. SEC lawsuit also played a role in influencing the blockchain’s stats. For example, XRP’s price action in recent months was significantly impacted by the SEC’s ongoing case with Ripple, which began in 2020. The huge revenue spike in June also occurred after news of the lawsuit.
Not only did Messari’s report emerge XRP‘s performance, but it also took into account the state of XRPL. According to the analysis, XRPL’s network activity metrics declined across the board in the second quarter. Average daily transactions fell 11.9% QoQ from 1.32 million to 1.16 million. This meant it returned to levels last seen in Q3 2022.
Source: Messari
The number of average daily active addresses also decreased significantly, from 66,000 to 54,000, a decrease of 17.6% quarter on quarter. The good news was that the total number of accounts increased 0.7% in Q2 to 4.68 million, while the number of new addresses in the quarter was almost equal to Q1.
XRP and NFTs in Q2
The NFT ecosystem was one of the few areas where the blockchain registered growth in the past quarter. NFT transactions increased on average from 13,800 to 15,500 per day, an increase of 12.7% quarter on quarter.
Of the transactions, NTokenAcceptOffers witnessed the highest growth, from 3,100 to 3,900, up 25.5% quarter on quarter. According to Messari’s report, NTokenCreateOffers grew in the largest absolute terms, with more than 1,000 average daily calls in the second quarter.
Source: Messari
A look at Santiment’s chart revealed what the market sentiment was like XRP during the last quarter. The social volume seemed to have decreased over the months. However, a peak was recorded in the month of June. This can be attributed to the rumors that came out about the lawsuit at the time. The rumors suggested that the case could soon come to an end, sparking positive sentiment in the community, as evidenced by the surge in weighted sentiment.
Source: Sentiment
How is XRP in Q3 2023?
The third quarter also did not start well for XRP in terms of price action as it did not align with investor interests. According to CoinMarketCap, XRP fell nearly 3% over the past week. At the time of writing, it was trading at $0.4697 with a market cap of over $24 billion, making it the sixth largest cryptocurrency.
The start of the quarter also witnessed a decline in investor interest in trading the token, as evidenced by the drop in trading volume. However, the MVRV ratio recovered slightly in recent days, which was a positive signal. The Binance funding rate was also green, reflecting demand in the derivatives market.
Source: Sentiment
Realistic or not, here it is XRP market cap in BTC‘s conditions
Take a look at XRPThe daily chart suggested that investors should expect a few more slow-moving days. This seemed likely because both the Relative Strength Index (RSI) and the Money Flow Index (MFI) followed a sideways path near the neutral zone.
The data from the MACD showed that the bulls and the bears were fighting. Which one of them turns out to be the victor will be interesting to see.
Source: TradingView