Ripple Network Sets New Record of $4 Million Daily Transactions Volume on the XRP Ledger
The transactional volume within the XRP ledger peaked a new high on the 23rd of November when it recorded over $4 million in a span of 24 hours.
However, XRP tokens have not been spared by the ongoing crypto market bear run and have since dropped by 6% in the past day to trade at $0.218. Prior to this new record, the XRP ledger daily volume high was at $1.7 million as per the 2019 statistics;
During the final week of October, the XRP volume transacted started its uptrend and has since broken the resistance level. It is also notable that the XRP token has thwarted other major coins like Bitcoin and Ethereum which are still struggling to get to the $1 million mark. Ethereum’s and Bitcoin’s daily transactional volumes stood at $631k and $306k respectively; as per the BitInfoCharts analysis.
The XRP Spike Trigger
This sharp rise in transactional volumes are said to have been influenced by meaningless operations which mostly covered burning fees. Thomas Silkjær who is Ripple’s proponent and a contributor at Forbes further highlighted that a single user had carried out a large transaction of IOU’s within the XRP ledger. The XRP enthusiast twitter’s post noted that XRP’s ecosystem had handled this black swan well;
“Somebody has spent 40K+ XRP to activate more than 2000 accounts, that is slowly burning away all the account reserve by sending non-XRP payment transactions. This is actually a funny thing about the XRPL. If you have IOUs, you cannot risk, not being able to spend it, even if your account reserve is low. “
He added that one could easily spend their IOU provided they have enough XRP to pay for the fees. Thomas also commended XRP’s distributed ecosystem for handling the case efficiently.
XRP’s token price however seems to have not reacted to this upward volume shift; the coin is at its lowest since the 2017 market rally. Some crypto analysts have even speculated that XRP will drop below the $0.2 mark to establish new support levels.