Following Ripple’s recent legal victory against the United States Securities and Exchange Commission (SEC), there has been a surge in activity on the XRP Ledger. This increased activity has resulted in XRP surpassing Ethereum as the blockchain with the highest number of daily transactions.
While the initial excitement from Judge Analisa Torres’s ruling has subsided, the momentum on Ripple’s XRP Ledger continues to drive new milestones. One of the most notable achievements is the significant increase in the number of transactions being carried out on the Ledger since the ruling.
Despite ending July on a low note, the number of transactions has picked up in August. BitInfoCharts data reveals that daily transactions on the Ripple Ledger have consistently surpassed 1 million since the beginning of the month. This places XRPL ahead of other leading blockchains like Ethereum and Bitcoin, both of which have seen daily transaction figures fall below 1 million in August.
On the best day of August so far, August 2nd, transaction figures on XRPL reached 1.3 million, compared to 1.04 million for Ethereum and 390,000 for Bitcoin. This milestone proves XRP’s growing popularity and demonstrates its ability to compete with established cryptocurrencies.
XRP experienced a significant decline in July but has since embarked on an upward trajectory. The current data shows that on Thursday, August 9th, the XRP Network executed 1.1173 million transactions, nearly double the number from its low point on July 29th, which was 612,000 transactions.
While the increase in transaction numbers is encouraging, XRP still falls behind Bitcoin and Ethereum in terms of volume. According to Coinmarketcap, Bitcoin registered a volume of $14 billion in the last day, Ethereum came in second with $4.2 billion, and XRP volume amounted to $1.7 billion. Despite the impressive transaction count, XRP must strive to increase its overall trading volume to maintain sustained growth.
Post-Legal Victory Effects
Following Judge Analisa Torres’s partial summary judgment in favor of Ripple, XRP experienced a significant price surge. On July 13th, the day of the ruling, XRP spiked from $0.47 to $0.81, representing a 72% increase. However, since then, the token has retraced to its current range without significant upward movement.
The SEC’s announcement of its intention to file an interlocutory appeal could potentially dampen XRP’s momentum. In fact, XRP’s price has reacted negatively to this news, currently trading at around $0.6293, reflecting a 2.24% decline in the last 24 hours.
It is important for XRP to maintain positive momentum and overcome regulatory challenges to regain its upward trajectory. The outcome of the ongoing legal battle with the SEC will undoubtedly impact XRP’s future performance and market sentiment.
Despite facing regulatory hurdles and the need to increase trading volume, XRP has emerged as a strong contender in the cryptocurrency market. Surpassing Ethereum in daily transactions is a significant achievement that showcases XRP’s potential as a blockchain solution.
However, XRP must continue to innovate and tackle its challenges head-on to solidify its position and attract more users and investors. The outcome of the legal battle with the SEC, as well as ongoing market dynamics, will largely determine XRP’s success in the coming months.
As the cryptocurrency industry evolves, XRP’s ability to adapt, grow, and maintain its competitive edge will be crucial for its long-term success.