The XRP Ledger (XRPL), a blockchain designed for fast and secure payments, boasts some under-the-radar metrics that could signal its future potential. While the price of XRP, the native token of the XRPL, remains a key indicator for many investors, a deeper dive into network usage reveals a thriving ecosystem.
According to a recent report by U.Today, a staggering 60.8 billion XRP currently resides within user accounts on the XRPL. This represents a significant portion of the total XRP supply, which sits at roughly 99.9 billion. This high level of token lockup suggests strong investor confidence in the network’s capabilities.
Beyond Token Holdings: Key XRPL Metrics
However, XRP holdings are just one piece of the puzzle. Here are three core metrics that highlight the XRPL’s growing adoption and functionality:
1. User Count:
The XRPL has surpassed 5.2 million total users. This milestone showcases the network’s ability to attract users beyond the core Ripple Labs ecosystem. This demonstrates a broadening user base that could fuel future growth.
2. Ledgers Closed:
The XRPL has closed over 90 million ledgers since its inception. Each closed ledger represents a completed block on the blockchain, signifying ongoing network activity and transaction processing. This high number suggests consistent use of the XRPL for various purposes.
3. Escrowed XRP:
Over 39 billion XRP are currently locked in escrow on the XRPL. These escrow funds provide a safety net for transactions on the network, fostering trust and confidence in XRPL smart contracts. This strong backing liquidity could be crucial for attracting developers and driving innovation within the XRPL ecosystem, like the recently launched Automated Market Maker (AMM) feature.
The Stablecoin Factor:
One feature missing from the XRPL compared to its competitors is a native stablecoin, which often plays a vital role in driving liquidity within a blockchain ecosystem. While established stablecoins like USDT and USDC reside on the Ethereum blockchain, the landscape for the XRPL is about to change.
Ripple Labs, the company behind the XRP Ledger, is in the final stages of launching its own stablecoin dubbed RLUSD. This stablecoin, pegged to the US dollar, could significantly impact the XRPL’s liquidity and functionality. Early test mints have already been conducted on both the XRPL and Ethereum blockchains, suggesting a multi-chain approach.
The introduction of RLUSD could be a game-changer for the XRPL, allowing it to compete more effectively with other blockchain ecosystems. Ultimately, the goal is for the XRPL to operate at a level comparable to its industry counterparts, and the stablecoin may play a key role in achieving that goal.
Conclusion
While the price of XRP remains a major talking point, a deeper analysis of XRPL metrics reveals a network with a growing user base, high transaction volume, and strong backing for its smart contracts. The upcoming launch of the RLUSD stablecoin adds another layer of intrigue and could be a significant catalyst for the XRPL’s future growth.
