Ripple CEO, Brad Garlinghouse, has drawn attention to significant changes in the XRP market reports, emphasizing the remarkable threefold increase in trading volume on XRPL’s DEX.
In a recent post, Garlinghouse noted that the XRP quarterly report now covers XRPL-related activities, setting it apart from previous versions.
The notable figure in the crypto space made these remarks following the release of Ripple’s Q3 2023 market report. He mentioned that the updated XRP quarterly report now tracks the daily spot price and the trading volume of XRPL’s native decentralized exchange (DEX).
Notably, Garlinghouse highlighted the substantial surge in XRPL’s DEX trading volume in the previous quarter, which saw a remarkable threefold increase quarter-on-quarter (QoQ).
Related article: Ripple Returns 800M XRP to Escrow After Releasing 1B Coins
XRPL Achieves Remarkable Growth in Q3
It’s worth noting that XRPL’s native DEX experienced substantial growth, as detailed in Ripple’s Q3 2023 market report. According to the report, the trading volume on the DEX skyrocketed to $218,610,501 ($218.61 million) in Q3 2023, compared to Q2’s $51,671,864 ($51.67 million).
Beyond the DEX trading volume surge, XRPL achieved other impressive milestones in the preceding quarter. The leading blockchain network witnessed a notable increase in new wallets, recording 157,936 addresses in Q3, marking a 13.91% increase from Q2’s 138,644.
XRP’s Average Price Witnesses a 9.8% Increase
The bullish performance of XRPL in the previous quarter also extended to its native token, XRP. The data revealed that XRP closed Q3 2023 at an average price of $0.52, representing a 9.8% increase from the $0.48 recorded in the second quarter.
Of particular interest, XRP’s closing price of $0.52 in Q3 reflects an impressive 57.5% increase in its year-to-date (YTD) price. This surge in XRP price during Q3 was a direct result of a favourable ruling in the SEC v. Ripple lawsuit.
Recall that on July 13, U.S. District Judge Analisa Torres ruled that XRP is not a security. This ruling led to a surge in XRP’s price, reaching a yearly high of $0.938.
Related also: Ripple CEO Slams Former SEC Chair’s ‘Shocking Hypocrisy’ on Crypto Regulation
XRPL Witnesses Reduced Activity in Q3
Meanwhile, XRPL witnessed decreased activity in Q3, aligning with the trend seen in other blockchains. In Q3 2023, the number of XRPL transactions declined from 99,312,734 (99.31 million) in Q2 to 90,446,746 (90.44 million).
Additionally, XRPL’s average daily active addresses decreased by 18.5%, reaching 44,013.
