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Ripple has officially released its Q4, 2023, XRP Markets Report, which unveils the company’s views on the state of crypto markets, relevant XRP Ledger and XRP-related announcements and market developments over the previous quarter.
According to Ripple, Q4, 2023, was a historic quarter for crypto and broader macro assets, with growth and triumphs on multiple fronts.
This is also evident in an increase in on-chain activity for the XRP Ledger. On-chain activity refers to the number and volume of transactions that take place on XRP Ledger, an open-source, public blockchain.
As stated in the report, in the past quarter, XRP Ledger skyrocketed 400% in NFT growth. This comes as more than half of all-time NFTs minted took place in Q4, increasing more than 400% compared to Q3.
The NFT use case has continued to gain traction to date, with more than five million mints and more than one million sales, totaling nearly $10 million in sales volume.
On-chain transactions climbed by 34%, while the number of wallets increased by more than 30% in the previous quarter.
Transactions grew from 90,446,746 to 121,031,713, representing 34% quarter-on-quarter growth. Likewise, the number of new wallets also grew from 157,936 to 208,522, representing 32% growth in this time frame.
XRP burned for transaction fees also grew from 243,201 to 317,271, representing 30% growth.
The increase in on-chain activity comes as a result of several notable projects in the community introducing more innovative use cases and utility to the XRPL.
DappRadar announced the integration of the XRPL, which will allow users to obtain data and insights on apps in the XRPL ecosystem while also tracking their performance and critical metrics. Band Protocol has announced its integration with XRPL, making it the primary oracle provider for the XRPL’s mainnet and its EVM sidechain.
Uphold also introduced its self-custody wallet Vault, which will initially support XRP with ambitions to expand to Bitcoin early next year.
Looking ahead, Atato Digital Asset Custody intends to integrate with Cronos Chain and XRPL, easing the coding procedures for protecting and supporting tokens on both EVM and non-EVM networks.