A new Messari report has unveiled record-breaking statistics concerning the XRP ledger. Per the new disclosure, XRP Ledger has noted an incredible ascent in its market cap, notably by 47%.
This particular development entails growth worth nearly $169 million in XRP Ledger’s market cap, which is dubbed impressive considering the platform’s gradual progression.
XRP is now the sixth-largest cryptocurrency by market cap- Messari
The report further outlines that XRP has become the sixth-largest cryptocurrency by market cap, reaching $33.7 billion. Its circulating market cap has increased by 21.2% quarter by quarter and approximately 93.6% year by year.
The report also suggests the reason behind the positive XRP performance, referring to the conclusive regulatory news and wins that Ripple availed of while battling its legal positioning with the SEC.
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“XRP’s market cap increased 21% QoQ and 97% YoY, with spikes following the positive regulatory news. The SEC’s case with Ripple was officially dismissed on October 19, 2023,” the report later shared.
Sharing the statistics related to network activity, transactions on XRP documented an increase of 22.7%, while active addresses on XRPL decreased by 31.3%.
“Transactions were up 23% QoQ. This was primarily driven by a massive spike in payments in December for inscription-related activity,” The report clarified later.
Bullish Start for Ripple
The beginning of 2024 has ushered in a new era for Ripple. The firm’s latest acquisition of Standard Custody and Trust Company, a custody solution provider, is poised to assist the firm in carving a solid foundational niche.
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Summarizing the list of its robust acquisitions, Ripple’s CEO, Brad Garlinghouse, took to Twitter to disseminate more detailed information. He further shared how Ripple has secured nearly 40 US money transmitter licenses, an MPI license from MAS, and a VASP registration from the Central Bank of Ireland.
Apart from this, Ripple has also struck deals with leading corporate giants such as HSBC, BBVA, and Zodia. Its recent spree of acquisitions and licenses affirms the company’s commitment to establishing global dominance.