XRP’s daily transaction has just taken a new leap. The cryptocurrency now has about 1.7 million daily transactions, which has been recorded as an all-time high.
In a report by cryptocurrency data tracker, BitInfoCharts, a little above 50% of all cryptocurrency transactions in the past few days were XRP transactions. Ether (ETH) and Bitcoin (BTC) come in second and third places respectively.
XRP’s transactions haven’t attained such heights since 2017, when the cryptocurrency space was basking in the light of the historic bull run of December 2017.
A week ago (21st of October), XRP was facilitating a little over 730,000 transactions daily, fast-forward to 8 days later and the cryptocurrency giant was grossing 1.6 million transactions in a day which is a rise of more than 100% in the sector of 8 days. XRP has been aspiring for new heights in daily transactions ever since this impressive feat.
What Could Be Stimulating the Surge?
It is still uncertain what is triggering this upswing in daily transactions, but best believe barrages of assumptions will flood the space. An assumption of what could be responsible for this rally might be the upcoming Swell event which is being hosted by Ripple in November. Another assumption could be the new alliance between Ripple and Moneygram which is based on finding new means of utilizing XRP. Whatever the case may be, it is definite that something critical is going on in the background as Ripple is on the brink of achieving 1.7 million transactions daily.
At the time of writing, XRP is trading at $0.300 after a 1.6% gain in the past 24 hours. The weekly high was seen at $0.3153 on the 26th of October while the lowest point was $0.261 which was witnessed on the 23rd of this month.
Ripple Discloses Plans to Join New Group
Ripple has disclosed that it plans on joining the Blockchain Association. Ripple’s membership in this group will create access to regulatory bodies and lobbyists in the sector for the company. The group is a non-profit organization consisting of blockchain proponents and aims to stimulate the adoption of blockchain in the world.
Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.