XRP Daily Transactions Reaches The Last Bull Market Level Ahead of Ripple Swell Event
- XRP daily transactions hit 1.6523 million level, seeing over a 100% jump
- XRP Breaking Records on Bitso
- XPP price below $0.30 level, just a week before Swell
The number of daily XRP transactions has exploded, closing on the all-time high of 1.70 million, in what could be the largest spike ever the digital asset has seen in its transaction output.
According to Bitinfocharts, from just 727k on Oct. 21, XRP daily transactions reached 1.6523 million on Oct. 26, accounting for more than 50% of all cryptocurrency transactions. These record transactions had XRP taking the first place followed by Ethereum and Bitcoin and Bitcoin SV, both sharing the 3rd place.
In less than a week, XRP registered an increase of more than 100%. Since then, we have been well above a million transactions. On Oct. 29, we recorded 1.5 million transactions.
With this surge, XRP is very close to breaking its previous all-time high record of 1.7049 million transactions, hit on January 16, 2018, during the last bull run.
Emi Yoshikawa tweeted,
The XRP Ledger working hard day and night. 🏃♂️🏃♀️🏃♂️🏃♀️
>1,600,000 transactions a day! https://t.co/m7VLjHE0kj
— Emi Yoshikawa 🌎 (@emy_wng) October 30, 2019
This uptick in transactions could be IOUs being sent across the XRP Ledger. IOUs, that can be issued by anyone, are tokens issued on XRPL that are redeemable for tangible assets.
As one XRP investor shared on Twitter,
BTC IOU testing is still going on XRPL. The testing shows up on the ledger in cycles 1 & 2:
1. The picture with mostly green balls includes those BTC IOU partial payment txs.
2. The picture with mostly blue balls (OfferCreate txs) represents the usual ledger contents. pic.twitter.com/2rgKiVL2Gk
— hallwaymonitor (@hallwaymonitor2) October 26, 2019
As for how many transactions are happening on XRP Ledger, Ripple CEO Brad Garlighouse explained during the 3rd annual DC Fintech Week,
“Last year we ended up in the many tens of thousands of transactions. We're growing those transactions to the tune of 10x year-over-year, kind of doubling almost every quarter.”
XRP Breaking Records on Bitso
XRP has also been seeing a good hike in its volume on Bitso exchange since early October. Last week, it recorded the highest transactions on the exchange at 3.74 million.
A few days ago, XRP/MXN accounted for 80% of the total volume at Bitso. This uptick in the volume has been because of Ripple partnering with MoneyGram. As we enter into Q4, the volume has been seeing an increase, as both the companies had said at the time of the partnership.
As Ripple stated in its latest quarterly report, its customers using On-Demand Liquidity (ODL), previously known as xRapid that uses the digital asset XRP has also increased by 75% last quarter, which is more than five times from Q2 to Q3.
These record transactions and volume increases have been achieved by XRP just days before the much anticipated Swell event, to be held from 7-9 November.
The event that has been expected to push XRP prices higher isn’t having any effect on the digital asset as of yet as it trades at $0.293 with 24 hours loss of 3.5%, as per Coincodex.
Now, it’s to be seen if XRP will finally move up in the next week before Swell finally kicks-off.