The SEC ruling that XRP is not a security caused a 70% spike in its value, but XRPL's network activity metrics fell in Q3. Daily transactions decreased by 9.1% and daily active addresses dropped by 19%. However, the NFT vertical experienced some growth with a 7.3% increase in daily NFT transactions.
The ruling that the U.S. SEC could not classify XRP as a security led to an astronomical jump in the token’s value in Q3. However, this rally failed to positively impact XRPL’s usage during that period.According to the on-chain data provider, following the ruling, XRP’s value spiked by over 70% within hours to peak at $0.82 on 20 July.
Between July and September, the average count of daily transactions on XRPL totaled 1.06 million. This represented a drop of 9.1% from the 1.16 million recorded in Q2. Also, the count of daily active addresses “took a larger decline,” plummeting by 19% from 54,000 to 44,000 during the period under review.Messari found that during the period under review, the protocol’s non-fungible token vertical experienced some growth.
Between July and September, the average count of daily NFT transactions completed on XRPL climbed by 7.3%. Of all these transactions, NFTokenBurn – transactions used to remove an NFToken object from the NFTokenPage in which it is being held – was the “fastest-growing transaction” as it increased by 135%.Transactions to create new NFTs trailed behind, surging by 13% during the quarter, the report added.After the token’s price peaked at $0.58 on 24 October, it initiated a decline.
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