• XRP Ledger surpasses Ethereum in daily transactions, hitting 1.2 million transactions per day.
• Active addresses on the XRP Ledger surged close to 200,000 after the court’s Ripple ruling last month in July 2023.
• The rise of active addresses can be attributed to various factors including the favorable outcome of SEC lawsuit and designation of XRP as a non-security.
XRP Ledger Surpasses Ethereum
The XRP ledger has recorded 1.2 million transactions per day since the beginning of August 2023, surpassing giants like Ethereum which recorded 1.09 million transactions every day according to BitInfoCharts data. In comparison, Bitcoin has recorded 300,000 transactions per day on its blockchain. Furthermore, total transaction volume for Bitcoin led with over $8.35 billion transacted in July while Ethereum witnessed $1.8 billion and XRP recorded movement of nearly $500 million during that period.
Court’s Ripple Ruling
The surge in transaction volumes is due to an important ruling last month in July 2023 by Judge Analisa Torres who declared that the “programmatic” sales of XRP to retail players do not constitute a security and this resulted top crypto exchanges such as Coinbase re-listing the XRP token which gave it a major boost in its transaction volumes.
XRP Active Addresses
The number of active addresses on the XRP ledger has also risen close to 200,000 showing that there is still strong interest among users for this cryptocurrency despite recent price fluctuations due to many factors including the favorable outcome from SEC lawsuit confirming its non-security status and potential for future expansion .
When considering total transaction volume for different cryptocurrencies, it was noted that Bitcoin led with over $8.35 billion transacted in July while Ethereum witnessed $1.8 billion and finally, XRP recorded movement of nearly $500 million during that period .
After the Ripple court ruling, confidence among current investors increased significantly resulting in new investors entering into this market as well thus driving up prices but only time will tell whether these gains will be sustained or not .