XRP Ledger Payments and Transaction Volume for Ripple’s Coin Sees Massive Uptick in Activity
XRP Ledger Payment Volume and Number of
Transactions Record Big Swing Upwards
XRP Ledger, a decentralized cryptographic ledger powered by a network of peer-to-peer servers has seen a significant increase in transaction volume since the beginning of 2019 and observers speculate the surge may be as a result of the successful Cobalt upgrade or the adoption of XRP by Coil.
XRP Transactions Surge Significantly
Per sources close to the development, the XRP Ledger’s transaction volume has surged significantly since previously crashing to a meagre 342,474 transactions earlier in October 2018.
However, there was a massive spike in transactions on September 22, 2018, taking the XRP Ledger transaction volume from 342, 474 to 857,895 and on January 16, 2019, volume surpassed the 1 million mark, hitting 1,658,944.
XRP Payment Volume Exceed OfferCreate
Interestingly, the transaction by type chart also confirms that XRP is increasingly being used for payments, as it has exceeded “OfferCreate” which has had the upper hand for a long time now.
For the uninitiated, an “OfferCreate” transaction is merely a limit order which defines an intent to exchange a digital asset, and an offer object is created if the OfferCreate is not executed when placed.
Notably, the payment transactions have now gotten to 4.7 million transactions while OfferCreate, on the other hand, sits at just 3.2 million.
Unlike OfferCreate, payment transactions are real-life transactions that represent a transfer of value from one XRP address to another.
Commenting on the matter, a Twitter user with username @mrduke67 said that:
“XRP charts metrics show something new to me. I think we can see a massive gain in XRP payments in Q4 2018. Is this xRapid in action?”
Additionally, another factor that might be responsible for the increase in XRP Ledger’s transaction volume is the significant number of micro-payments being made with the crypto asset.
Adoption is critical to the survival of all digital assets, including bitcoin and Coil’s integration of XRP has affected the altcoin positively.
“We’ve officially caught up on our 2018 waitlist. Anyone who signed up before 1/15/2019 should have received an email from @Coil. #welcome… This has been made possible thanks to many long evenings and weekends by our engineering team as well as the @strata_labs team to create massively scalable infrastructure. @interledger #IoV #scalability,” tweeted the Coil team on January 17, 2019.
As reported by Bitcoin Exchange Guide on January 28, 2019, a significant number of financial institutions including PNC Bank, Santander Bank, Standard Chartered Bank and more, have started working with Ripple and integrating the blockchain startup’s various cross-border payments solutions.
In related news, Bitcoin Exchange Guide reported on January 28, 2019, that XRP Ledger had processed more than 500 million XRP transactions within a few minutes for less than $0.01 transaction fee.