XRP's Q4 2023: Transactions Soar, Active Addresses Plunge, and NFTs Take Flight! Transactions Take Off with InscriptionsIn a remarkable turn of events,
average daily transactions for XRP skyrocketed by
22.7% in Q4. The primary catalyst? A flurry of activity in December, driven by a surge in payments related to
inscriptions.
Payments Dominate, Active Addresses DeclineDecember witnessed an astonishing
22 million payments within a week, propelling the share of payments as a transaction type to a whopping
35% for the quarter. However, this spike didn't translate into more active addresses, which dipped by a significant
31%.
Network Growth BloomsWhile active addresses faced a setback, XRPL's network still showed promise with a robust
31.5% jump in new addresses. The total number of accounts also crossed the
5 million mark, marking an important milestone for the network's expansion.
NFT Mints Soar, DEX Volumes DipThe NFT frenzy made its mark on XRP too! Mints surged nearly sixfold in Q4, driving overall NFT transactions up by an impressive
169%. On the flip side, XRPL's decentralized exchange volume experienced a dip of
78.7%, reaching $562,000.
XRP: A Steady Rise Amidst Market GainsTurning our attention to XRP itself, the native token had a solid performance with a price surge of
19.3% and a market cap increase of
21% QoQ. While commendable, it lagged behind the broader market's gain of
53.8%, leaving room for further growth.
