NFT Activity on XRP Ledger Skyrockets, Ripple Reports a 400% Increase in Q4
Non-fungible token (NFT) activity is exploding on the XRP Ledger (XRPL), according to a recent update from Ripple.
A Surge in NFT Minting
In a new quarterly report, Ripple notes that more than half of all the NFTs ever minted on the XRPL since the release of the XLS-20 standard in 2022 happened in the fourth quarter of 2023.
The payments company says the surge represented a more than 400% increase from Q3.
Breakdown of NFT Transactions
Crypto analytics firm Messari breaks down the numbers even further, noting that there were 3.4 million NFT mints on the XRPL in Q4. The firm also notes total NFT transactions shot up 170% quarter-on-quarter.
On-Chain Transactions and Wallet Numbers Increase
Ripple also notes that overall on-chain transactions on the XRPL increased by 34% and the number of wallets increased by more than 30% in Q4.
Ripple’s Victory Against SEC
In its recent quarterly report, Ripple also claimed victory against the U.S. Securities and Exchange Commission (SEC). The SEC first sued the payments company in late 2020 for allegedly selling XRP as an unregistered security.
Last summer, US District Judge Analisa Torres ruled that Ripple’s automated, open-market sales of XRP, referred to as programmatic sales, did not constitute security offerings, contrary to what the SEC alleged.
The judge did, however, side with the SEC’s claim that Ripple’s sale of XRP directly to institutional buyers constituted a securities offering.
Ripple’s Response and Compliance with the Law
Ripple says it has already altered the way it sells XRP.
“Even prior to the court’s July ruling, Ripple had changed the way it sold XRP and going forward we will ensure that Ripple’s sales conform to the legal standards articulated by the court. Ripple will continue to raise the bar on compliance, ethics, and transparency and invest the resources necessary to ensure compliance with the law as it continues to evolve in this space.”
With NFT activity on the XRPL skyrocketing and Ripple’s legal victory against the SEC, it remains to be seen how these developments will shape the future of the XRP Ledger and the wider cryptocurrency market. Stay tuned for more updates.
Analyst comment
Positive news: NFT activity on the XRP Ledger has surged, with a 400% increase in Q4. Ripple also reported an increase in on-chain transactions and wallets. Additionally, Ripple claimed victory against the SEC regarding the classification of XRP. Analyst prediction: The market for XRP and the wider cryptocurrency market may experience growth and increased attention as a result of these positive developments.
