Cryptocurrency analysis firm Messari announced in its Q3 XRP Ledger Report that the XRP ecosystem performed strongly in the third quarter, with significant infrastructure improvements for enterprise-level use.
According to the report, XRP ended the quarter at $2.85, up 27.2%, reaching an all-time high. Its market capitalization reached $170.3 billion, surpassing BTC, ETH, and SOL, which collectively grew only 13.3% during the same period.
Messari’s report claims that the XRP Ledger (XRPL) now has enterprise-grade infrastructure for identity verification, financial compliance, and privacy. This includes storing the parameters of tokenized real-world assets (RWA) via multi-purpose tokens (MPTs), providing privacy protection with zero-knowledge proofs (ZKPs), and providing regulatory compliance with KYC/AML-validated access credentials. Messari said these features place XRPL at the forefront of corporate finance, DeFi, and asset tokenization.
The report notes that the tokenized real-world assets (RWA) market is gaining significant momentum with XRPL. In the third quarter, RWA’s market capitalization in XRPL increased 215% to $364.2 million. This growth was driven by projects such as Ondo Finance’s OUSG Treasury Fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt. Additionally, Ripple’s dollar-pegged stablecoin, RLUSD, rose 34.7% quarter-on-quarter to reach a market cap of $88.8 million, making it the largest stablecoin on XRPL.
The report highlights the deflationary nature of XRPL, stating that transaction fees are not distributed to validators, but are burned directly, reducing supply. Since the network’s inception, 14.2 million XRP (approximately $40.5 million) has been burned forever. However, Ripple releases 1 billion XRP every month, and unused tokens are locked back in an escrow account. Messari said the system will gradually release the remaining 35 billion XRP into circulation.
Activity on the XRPL network also accelerated in the third quarter. Average daily transactions increased by 8.9% to 1.8 million, and daily active addresses increased by 15.4% to 25,300. The number of new addresses increased significantly by 46.3% to 447,200. Although the total number of addresses has increased to 6.9 million, Messari said this data is more reliable than other networks because the 1 XRP deposit requirement to open an account on XRPL prevents the creation of spam accounts.
Looking at the types of transactions, the most frequently used transactions in XRPL are Payment (transfer of value) and OfferCreate (creation of limit order). OfferCreate transactions support transaction flow through order books on XRPL’s built-in decentralized exchange (DEX) infrastructure. This marks the evolution of the XRP Ledger from just a transfer network to a fully developed ecosystem of on-chain liquidity and financial products.
*This is not investment advice.
