Ripple is approaching a new record
The daily number of transactions on the Ripple network has doubled since October 21, 2019. The cryptocurrency will set a new record, breaking the volume of 1.7 million XRP transactions per day.
Traditionally, the Ripple network is considered one of the busiest. According to the site bitinfocharts.com, XRP is used for exchanging cryptocurrency in 50% of cases. Despite the primacy of BTC, users prefer to use Ripple for everyday purchases and transactions. The company offers a faster, more economical and inexpensive way to send cryptocurrency to another address.
For a long period of time, the daily volume of transactions in the network did not exceed 1 million operations. On October 21, when the number of transactions was 727 thousand, the situation changed, and the graph began to grow steadily upward. Already on October 26, the coin came close to a new record, showing the result of 1.65 million transactions per day and a two-fold increase in 5 days.
The previous peak in user activity was established in January 2018, when the entire cryptocurrency market was actively growing. Then the number of daily transactions was set at 1.705 million transactions. This was primarily due to the general interest in digital currency, a combination of coin availability and a sharp rise in the XRP rate.
Today, the exact reasons for such a significant increase in rates remain unknown. The company does not officially comment on the increase in daily trading volume. The community suggests that this is due to the integration of the XRP system into the Moneygram payment service. Also from November 7 to 8, the company will host its own Swell conference, where new product features will be presented.
Note that Ripple quotes are not showing such rapid growth. XRP price for the same period of increase in daily transactions increased by only 11%.