While XRP Ledger (XRPL) saw an overall decline in metrics during Q2, it observed its second-largest spike in activity ever, with 138,000 new addresses discovered.

Despite a decline in overall metrics, XRP Ledger (XRPL) activity saw a significant increase in the second quarter of 2023. In addition to over 138,000 new addresses, the network also saw its largest spike in address activity ever.

Market intelligence provider Messari revealed these mixed metrics in its recently released quarterly report on XRP Ledger.

The report highlights positive trends on the XRP Ledger, and while average daily transactions and addresses have declined compared to the previous quarter, an increase in new addresses indicates growth in the network.

XRPL added 138,800 new addresses in the second quarter. Despite this, the metric still shows a relatively stable trend compared to the previous quarter, with a small decrease of 1.3%. Crypto Basic reported that the number of new addresses in the first quarter exceeded 141K.

Additionally, there has been a notable surge in network activity, especially in May. According to Messari’s report, one of the key factors behind this surge is the significant difference between the number of active recipients and senders.

While the number of addresses initiating transactions remained stable in Q2, the increase in activity was primarily driven by senders diversifying assets to previously dormant recipient addresses.

Because of this pattern, something notable happened on May 28th, marking the second-largest surge in address activity on record. Roughly 523,000 addresses received transactions that day, roughly 11 times the daily average for the second quarter.

XRPL indicator drops

Average daily transaction volume fell 11.9% month-on-month to 1.16 million, the report said. This figure is comparable to levels observed in the third quarter of 2022.

In addition, the average daily active addresses dropped sharply by 17.6% month-on-month, from 66,000 to 54,000. This decline caused active addresses to hit the lowest point of the year in the second quarter.

Despite the above trends, the net number of accounts on the XRP Ledger continued to trend upward, increasing by approximately 30,000. This resulted in a 0.7% increase in the total number of accounts, reaching a milestone of 4.68 million in the second quarter.

The report found a significant increase in the number of deleted addresses, which surged 366.9% month-over-month, from 22,900 to 107,100. The surge was primarily attributed to increased activity on the Poloniex exchange, as reported by The Crypto Basic last month.