Thanksgiving Brings New ATH Record for XRP Transactions
- The increase in transactions has led to substantial speculation that the volume is based on market manipulation.
- XRP has lost over 2% of its value in the last 24 hours.
The XRP community has a lot to be thankful for at this time of year. Recent reports from AMB Crypto indicate that XRP transactions are increasing, following a surge that just was recorded last week. Now, XRPL transactions have reached yet another all-time high, reaching 4.52 billion on Thursday.
Nik Bougalis, the Software Engineer at Ripple, stated, “That works out to an average sustained rate of 55 tps for 24 hours. Pretty cool.”
The XRP Chart website revealed that the most recent ATH, recorded on November 23rd, came just a day after the whole market fell below $200 billion by market cap. XRP was the most transacted cryptocurrency recorded that day, as Bitcoin and Ethereum followed. Based on this data, Ethereum stood at 631,000 transactions, while Bitcoin only recorded 306,000.
At the start of the year, the XRP transactions were still less than 600,000, prior to the major traction that the crypto asset gained in October. However, considering that the creation of new XRPL accounts didn’t follow this pattern, investors are left with nothing more than confusion and guessing.
Through the month, there’s been a lot of speculations. While some say that much of this volume came from the network’s BTC IOU testing, others are suspicious that market manipulation is taking place. Thomas Silkjær recently tweeted about the surge in transactions, stating that XRPL was capable of handling about 90 transactions each section, even though it was “under attack” by payments that were just burning fees.
The XRPL is currently processing roughly 90 transactions per second while being "under attack" by countless payments serving no purpose, other than burning fees. The minimum fee has increased by 2 drops (or ~USD 0,000045).
— Thomas Silkjær (@Silkjaer) November 22, 2019
GreenEggsnHam, another big member in the crypto community for XRP, posted to Twitter as well, stating that he thought this activity was nothing more than “another manipulation attempt.”
I looked yesterday and they were just setting the same flag 20+ times in a single ledger on one account. Unfortunately just another manipulation attempt.
— GreenEggsnHam (@HamEggsnSam) November 30, 2019
Based on the most recent discoveries by Elliptic, there’s been $400 million in XRP that have been connected with illegal transactions. Overall, those transactions account for under 0.2% of all XRP transactions, which suggests that the transactions are real, rather than padding for the volumes. Elliptic is a blockchain forensics provider from London.
At the time of writing, XRP is the #3 cryptocurrency by market cap, valued at $0.225201. It has lost 2.58% of its value in the last 24 hours.