The Spoils Of Victory: XRP Daily Transactions Surpass Ethereum

Scott Matherson

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

On the back of Ripple’s partial win over the United States Securities and Exchange Commission (SEC), activity on the blockchain has ramped up quickly. This increase has now seen XRP beat out market leader Ethereum when it comes to the number of daily transactions carried out on the blockchain.

Ripple Leading The Pack

While the euphoria from Judge Analisa Torres’s ruling has been waning, there is still enough left to continue to drive new milestones on Ripple’s XRP Ledger. The most prominent of these has been the number of transactions that are being carried out on the Ledger since the ruling.

Despite ending the month of July on a low note, the transactions have picked up in August. According to data from BitInfoCharts, daily transactions on the Ripple Ledger have consistently crossed 1 million since the start of August.

This puts XRPL ahead of leading blockchains such as Ethereum (ETH) and Bitcoin (BTC), both of which have seen daily transaction figures come out below 1 million this month. On August 2, which has been the best day of the month so far for Ripple, transaction figures crossed 1.3 million, compared to 1.04 million for Ethereum and 390,000 for Bitcoin.

XRP daily transactions rise above Ethereum | Source: BitInfoCharts

The new milestone comes after XRP first experienced a sharp drop in July. But since then, the blockchain has been on an upward trajectory. According to the present data, the XRP Network carried out 1.1173 million transactions on Thursday, August 9, almost double the number of its July 29 low of 612,000.

However, despite the rise in transaction numbers, XRP continues to lag behind Bitcoin and Ethereum in terms of volume. Coinmarketcap data shows Bitcoin’s volume over the last day was $14 billion, Ethereum was in second with $4.2 billion, while XRP volume came in at $1.7 billion.

Token price falls from local peak following court ruling | Source: XRPUDST on Tradingview.com

SEC’s Appeal Brings Down The XRP Momentum

XRP had undoubtedly enjoyed a huge boost following Judge Analisa Torres’ partial summary judgment in favor of Ripple in its ongoing case against the US Securities and Exchange Commission (SEC).

XRP experienced a massive spike from $0.47 to $0.81 (+72%) on the 13th of July (the day the partial summary judgment was given). However, it has since then retracted to the present zone. The token has maintained its current price range since the start of August with no significant movement upwards since then.

Furthermore, the SEC’s intention to file an interlocutory appeal may also draw down XRP’s momentum. In fact, XRP has reacted negatively to the aforementioned news as it is trading at around $0.6293, down 2.24% in the last 24 hours.

Featured image from iStock, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.