• The XRP Ledger has recorded 1.2 million transactions per day since the beginning of August 2023.
• Since the ruling last month, some of the top crypto exchanges like Coinbase re-listed the XRP token resulting in a huge surge in transaction volumes.
• Active addresses on the XRP ledger have also surged close to 200,000, signifying that the network retains a robust user base and transactional activity.
XRP Ledger Surpasses Ethereum
Since the beginning of August 2023, the XRP ledger has recorded 1.2 million transactions per day and active addresses on its blockchain have surged close to 200,000.
Ripple Court Ruling
Last month in July 2023, a court ruled that “programmatic” sales of XRP to retail players don’t constitute a security. Following this ruling, some major crypto exchanges like Coinbase re-listed XRP resulting in a surge in its transaction volumes.
Transaction Volume Comparison
On-chain data shows that Bitcoin led with over $8.35 billion transacted in July followed by Ethereum witnessing $1.8 billion in transactions and XRP recording movement of nearly $500 million.
The rising count of active addresses signifies that despite recent price fluctuations, the network retains a robust user base and transactional activity.
XRP Price Surge
Soon after the Ripple court ruling, XRP was on an unprecedented price rally.