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- The XRPL has experienced an 80% surge in transaction volume in just 8 days.
- According to XRPScan, this significant leap in transaction volume has been hugely driven by micropayments.
The XRPL recently witnessed a significant surge in transaction volume with a substantial 80% which was recorded over 8 days. After this event, there was heightened speculation and curiosity within the crypto community regarding its potential cause.
Initially, XPMarket CEO and Co-Founder, Ashik Kirjakulov, noticed an unusual surge in Transaction Per Second (TPS) on the XRPL for the past 2 weeks. According to the CEO who had no clear initial explanation behind the surge highlighted July 8th when the network processed a total of 2.3 million transactions. However, by July 16th, this number had skyrocketed by an impressive 80% to a staggering 4.15 million.
With speculations heightening, some analysts believed that the surge was caused by an inflow of new users. This assumption was later dismissed by XRPScan
According to an analysis by XRPScan, a platform designed to explore and analyze the XRP Ledger:
Some of the transaction volume this week is also driven by micropayment transactions (671k payments/day) of unknown nature to wallets such as this one
Notably, micropayments contributed to at least 671,000 daily transactions. Additionally, these micropayments involved transfers ranging from 0.000043 XRP to 0.000045 XRP, completed within seconds.
The surge in transaction volume is not the only success story in the XRPL, as earlier reported by CNF, the Automated Market Maker (AMM) feature has hit a commendable milestone. XRP Scan reported that the XRP Ledger (XRPL) hit a noteworthy milestone when the number of XRP locked in automated market maker (AMM) pools exceeded 10 million.
Ever since their launch in late March, AMM pools have grown significantly. From 325,983 tokens, there are now almost 10 million XRP trapped in these pools. These tokens are split up into 593 pools, with ongoing additions of new ones.
Additionally, Ripple is working effortlessly in the development of the ecosystem. A recent market report by Ripple CEO Brad Garlinghouse highlighted other achievements and advancements on XRPL. According to the report, an alteration dubbed “fixAMMOverflowOffer” was implemented to address potential issues with abnormal payment channels, demonstrating the network’s continuous improvement.
Focusing on Ripple’s native token, at the time of writing XRP is changing hands at $0.5535 marking a 4.86% decline in the last 24 hours and a 17.62% surge in the past week. Notably, On Chain data has revealed that whales have made a return and have been actively accumulating XRP, with recent purchases exceeding 139 million XRP from various cryptocurrency exchanges.
The recent surge in transaction volume, the growing adoption of the AMM, and the recent developments in the ecosystem could potentially boost XRP’s price to new levels.
