As a seasoned crypto investor with years of experience under my belt, I’ve witnessed the rise and fall of numerous digital assets. However, the recent surge in transaction activity on the XRP Ledger (XRPL) has piqued my interest once again.
As a researcher studying various blockchain platforms, I’ve come across the misconception that the XRP Ledger (XRPL) is a “ghost chain.” However, recent developments have disproved this notion. In fact, XRPL has experienced a remarkable surge in on-chain transaction activity. This revelation was shared by Artur Kirjakulov, CEO of XPMarket. Since the beginning of this month, XRPL has displayed consistent growth trends.
XRP Ledger transaction growth trends
Based on images provided by Kirjakulov, there were approximately 1.4 million recorded transactions on July 2, amounting to 60,000 individual trades. The following day, however, the transaction count increased to around 1.6 million, while the number of trades decreased to roughly 51,000.
The number of transactions on the XRP Ledger reached 1.85 million by July 4th, and this figure rose to 2.3 million by July 8th, representing a total trade volume of 607,000. Approximately a week later, on July 16th, the ledger recorded a grand total of 4.15 million transactions, accompanied by a trade count of 853,000.
I’ve analyzed the data and found that over the past week, the growth rate surpassed 80%. This significant increase highlights the robustness of the XRP Ledger protocol. As Kirjakulov pointed out, several theories have been put forth to explain this trend, with the expanding user base being a strong contender for the cause.
Joining the discussion, XRPScan pointed out that an increase in microtransactions is behind the rise in the number of transactions observed.
Bandwidth increased for growth
To date, XRP Ledger has achieved numerous significant advancements and enhancements that have made it as practical and functional as it currently is. From the fixAMMOverFlow upgrade to a succession of sidechain launches, XRP Ledger has established itself as a go-to chain for micropayments.
The expansion of the XRP Ledger signifies a significant step towards boosting XRP’s long-awaited price surge. As an increasing number of applications utilize the ledger, XRP’s value may eventually surpass the $1 mark in the future.
If the legal dispute between Ripple and the SEC reaches a resolution swiftly, this bold forecast could receive additional support.
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2024-07-19 14:11