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

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

According to a CryptoQuant QuickTake by analyst Wenry Seoul, XRP saw an increase in automated market maker (AMM) liquidity, decentralized exchange (DEX) transaction volume, and the number of new wallets created since September 15 to October 15, 2024.

Chain analysis of XRPL

Wenry noted that Ledger XRP (XRPL) is not very popular among retail investors. However, the network’s daily transaction volume rivals the major blockchains at Layer 1. The analysis determines where transactions are used on the network.

Core metrics on the XRPL chain, such as new wallet creation and active wallets, rose 10.39% and 14.19% to 18,321 and an average of 10,887, respectively. However, total transactions on the network fell by 17.67% to 18.82 million, and payments fell by 26.16% to 6.81 million. Wenry said that the increase in active accounts and wallets means the continued participation of users in the network, regardless of the decrease in transactions and payments.

XRP saw a 17.64% increase in its DEX volume from $3.91 million to $4.6 million, although the coin’s market cap fell 15.24% from 103, $31 million to $87.56 million.

Additionally, XRP trades fell 6.83% from 6.88 million to 6.41 million. Exchanged assets and trust lines of XRPL also fell slightly to 3,873 and 7.25 million respectively.

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

The NFT ecosystem sees less activity

The CryptoQuant analyst further revealed that XRPL’s AMM liquidity providers showed confidence in existing pools as seen in the increase in deposits. Different aspects of AMM’s liquidity provision in XRPL saw significant growth over the past month.

AMMDeposit and AMMVote were up more than 62% to 24,306 and 152, respectively. AMMCreate and AMMWithdraw rose 143% and 42% to 141 and 6,159, respectively. However, AMMBid fell 81% from 22 to 4.

Amid the increased AMM liquidity provision, XRPL’s Non-Fungible Token (NFT) activity declined sharply, with the network ecosystem recording lower volumes and fewer tokens minted.

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

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