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XRP, the sixth largest cryptocurrency by market capitalization, has seen an interesting trend in its transaction activity, despite a few notable declines in other metrics. A recent analysis by a CryptoQuant analyst, Wenry, sheds light on key trends within the XRP ecosystem, offering insights into the activity happening behind the scenes. The analyst particularly revealed where XRP transactions are used by category activity. Related Reading: XRP Price Stays Range-Bound: Will It Soon Make a Move? XRP Transactions: Decline in NFT Activity And Rise in DEX Volume According to Wenry, XRP\u2019s daily transaction volume has been “competitive with major Layer 1 networks,” showing that XRP’s Ledger remains highly active, even though it is less known to retail investors than other blockchain networks. In his analysis posted on the CryptoQuant QuickTake platform, Wenry highlighted that between September 15 and October 15, 2023, the creation of new wallets on the XRP Ledger increased by 10.39%, reaching a total of 18,321 new accounts. However, total transactions on the network fell by 17.57% to 18.82 million, and payments dropped by 26.16% to 6.81 million. Despite these declines, the number of active wallets on XRPL increased by 14.19%, indicating sustained user engagement with the platform. These numbers suggest that while fewer transactions are being processed, the active user base continues to grow. Wenry\u2019s analysis explored on-chain activity related to token trading and decentralized exchange (DEX) volume. While total trades on the XRP Ledger dropped by 6.83%, decentralized exchange volume increased by 17.64%, from $3.91 million to $4.60 million. This shift suggests that despite a slight decrease in overall trading, more activity occurred on decentralized platforms, demonstrating continued interest in decentralized finance (DeFi) solutions on the XRP Ledger. Regarding non-fungible tokens (NFTs), the analysis showed a significant decline in NFT-related activities on the XRPL. NFTokenMint, which tracks new NFTs created on the network, dropped by 70.66%, from 65,021 to 19,076. Similarly, NFTokenAcceptOffer, which represents the acceptance of offers to buy NFTs, fell by 30.88%. Despite these declines, NFTokenCancelOffer, a metric that tracks canceled NFT transactions, slightly increased by 0.20%, indicating that while fewer NFTs were being minted or traded, some stability remained in the broader NFT ecosystem. AMM Liquidity and Increased Participation A key highlight of the analysis was the strong growth in Automated Market Maker (AMM) liquidity on the XRP Ledger. AMM-related metrics saw considerable increases, with AMMDeposit rising by 62.35%, AMMCreate increasing by 143.10%, and AMMWithdraw climbing by 42.97%. These increases reflect rising confidence in the liquidity pools on the XRPL, as more participants provide liquidity and create new pools. The surge in AMMCreate, which jumped from 58 to 141, suggests that more users are participating in liquidity provision on the network. Related Reading: XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance However, one area of decline in AMM-related activity was the AMMBid, which dropped by 81.82%. Despite this decrease, the overall rise in liquidity deposits and the creation of new pools indicate that the XRP Ledger\u2019s decentralized liquidity offerings remain strong. According to Wenry, these metrics highlight the growing trust in existing liquidity pools and the broader AMM ecosystem on the XRP Ledger. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":649321,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[134,10923,83531,4531,84758,93243,78763],"class_list":["post-649316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoin","tag-crypto-market","tag-cryptoquant","tag-xrp","tag-xrp-ledger","tag-xrp-market","tag-xrpusdt"],"acf":[],"yoast_head":"\n
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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/www.ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Transactions Fall, But Active Wallets And DeFi Liquidity Tell A Different 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