XRP Ledge Makes New Mark, Caused 390% Surge In DEX
Latest update on XRP says that there was a notable increase in the volume of decentralized exchange (DEX) in the third quarter of 2023, which was caused by the XRP Ledger (XRPL). News has it that the trading volume on DEX platforms increased by 390% in the third quarter of 2023.
This expansion coincided with a 290% quarter-over-quarter (QoQ) surge in the average daily DEX volume for fungible-issued currencies, or tokens with the same value, to $2.7 million. In another analysis, as published by U.Today, the price of XRP saw a major surge in the third quarter, rising by more than 70% in a single day.
To be exact, XRPL’s DEX volume increased by around 400% QoQ, solidifying its position as a major force in the DEX market. Recent records have shown that the last Q3 had a total number of accounts increased by 125,000, totaling the accounts to 4.81 million, representing 2.7%. Also, new addresses had increased by 14.6% in four months to 159,100. Meanwhile, Deleted wallet addresses had declined by 68.3% QoQ.
NFTs Join In The Trending XRP Price Increase
The NFT industry also recorded an increase in its activities, with data showing NFT transactions growing by 7.3% on a quarter-on-quarter to a whole 16,700. Q3 in the NFT industry is said to have been minted using the XLS-20 standard.
Past price increase of XRP has surged by over 70% by July 14th, climaxing at $0.82 on July 20th. This is linked to the relisting of XRP by major cryptocurrency exchanges like Kraken and Coinbase after the judgment went in XRP’s favor.
Explaining the trend, an article published on the CoinStats platform has it that the decentralization of financial services and the growing demand for blockchain-based assets are demonstrated by the XRP Ledger’s role in the expansion of DEX platforms.
It (the article) also explained that the lack of intermediaries and centralized control is one of the main benefits of DEX systems. This enhanced control and security have largely fueled the rise in DEX trading volume.
Cryptocurrency Market Reacts To Development, Market Analysis Explained
Data obtained from the U.Today platform says that the price of XRP had surged by over 70% in the last 24 hours. At the same time, the volume of XRPL’s DEX has also increased by almost 400% in Quarter-on-quarter (QoQ). The daily transaction volume of DEX also followed the upsurge trend, climbing up to QoQ to reach $2.7 million.
In other news, Sologenic has emerged as the pioneer of the DEX on XRPL. XRPL followed the rest of the bigger Layer-1 (L1) networks to witness a major decline in network activities all through the second quarter of 2023. This trend has continued in the Q3 of 2023, with the average transaction volume and active addresses reaching an annual low.
It has been observed that the notable surge in DEX trading volume during the third quarter and the noteworthy contribution of the XRP Ledger underscore the ever-evolving blockchain and cryptocurrency landscape.
Data obtained from Binance’s official blog says that the price of XRP is $0.545701, with a present market capitalization of $29.23 billion. Its trading in the past 24 hours recorded $931.26 million after losing -0.73% in its circulating supply, which is currently at 53.56 billion.
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