The Ripple-backed XRP Ledger (XRPL) is experiencing a surge in adoption and usage, with almost 5 million accounts created on the platform, according to Messari data. XRPL is a decentralized network powered by Ripple’s native token, XRP, and has experienced a spike in daily account creation rates in recent months.
Although this rate dropped during the crypto winter that pushed Bitcoin and Ethereum into new lows, it has picked up again with the crypto market’s positive price performance in 2023. The XRP Scan data showed that the network has been averaging over 1000 new accounts created daily this year.
Ryan Selkis, the founder of Messari, has predicted that Ripple could win its legal battle against the U.S. Securities and Exchange Commission (SEC) over the classification of the XRP token. Ripple and the SEC have been embroiled in a legal tussle for some time, and Selkis highlighted the demand for XRPL, suggesting that the network’s increasing adoption and usage could contribute to Ripple’s success in the case.
With XRPL gaining more users and popularity, its future looks promising. The platform’s infrastructure and XRP’s token utility have the potential to transform the way people make payments and transfer money globally. XRPL’s use cases extend beyond the traditional financial system, with the platform capable of powering decentralized finance (DeFi) applications and non-fungible tokens (NFTs). XRPL’s growth and development demonstrate the potential for blockchain technology to provide efficient, low-cost, and secure payment solutions.
As more people adopt and use XRPL, the platform’s network effect will continue to grow, making it even more attractive for new users and businesses. Ripple’s success in the legal battle with the SEC would provide further clarity for the broader cryptocurrency industry, potentially leading to more widespread adoption and usage of digital assets.
Selkis highlighted the demand for XRPL, suggesting that the network’s increasing adoption and usage could contribute to Ripple’s success in the case against the SEC. As XRPL continues to attract more users and gain popularity, the platform’s future looks promising.