Here's how XRP Ledger has performed on-chain over the past month

Ripple's blockchain network, XRP Ledger, has seen significant on-chain growth over the past month. This signifies investor confidence in the network and its native token, XRP.

According to a CryptoQuant x.com/cryptoquant_com/status/1848746708487778468″ data-wpel-link=”external” target=”_blank”>quick take According to analyst Wenry Seoul, .

XRPL On-Chain Analysis

Wenry noted that the XRP Ledger (XRPL) is not very popular among retail investors. However, the network's daily transaction volume competes with major Layer 1 blockchains. Analysis determines where transactions are used on the network.

XRPL's core on-chain metrics such as new wallet creation and hot wallets increased by 10.39% and 14.19% to 18,321 and an average of 10,887, respectively. However, total transactions on the network fell 17.67% to 18.82 million, and payments fell 26.16% to 6.81 million. Wenry said the increase in active accounts and wallets means continued user participation in the network, regardless of the decline in transactions and payments.

XRP recorded a 17.64% increase in its DEX volume from $3.91 million to $4.6 million, although the coin's market capitalization fell 15.24% from $103.31 million to 87.56 million dollars.

Furthermore, XRP trading fell by 6.83% from 6.88 million to 6.41 million. XRPL listed assets and trust lines also dipped slightly to 3,873 and 7.25 million, respectively.

“Despite fewer transactions, DEX volume increased significantly, indicating increased activity on decentralized exchanges even as market capitalization declined,” Wenry stated.

nft ecosystem sees less activity

The CryptoQuant analyst further revealed that XRPL AMM liquidity providers showed confidence in the existing pools, as seen in the increase in deposits. Different aspects of AMM liquidity provision on XRPL recorded significant growth in the last month.

AMMDeposit and AMMVote rose more than 62% to 24,306 and 152, respectively. AMMCreate and AMMWithdraw increased by 143% and 42% to 141 and 6159, respectively. However, AMMBid fell 81% from 22nd to 4th.

Amid increased AMM liquidity provision, XRPL non-fungible token (nft) activity declined sharply, with the network ecosystem seeing lower volumes and fewer minted tokens.

However, XRPL could see increased on-chain activity in the coming months, especially with Ripple's recently launched stablecoin, RLUSD.

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