XRP Ledger (XRPL) Transactions Up 80% On Micropayments Boost
Highlights
- XRP Ledger is seeing explosive market and transaction growth
- The protocol's latest growth might be linked to micropayments
- The market is yet to properly price in the transaction growth trend
It was recently discovered that XRP Ledger (XRPL) has seen a massive transaction count leap. This metric might have gotten a significant boost from several micropayments taking place on the network.
The Growing XRP Ledger Micropayments Trend
Kirjakulov, the CEO and Co-Founder at XPMarket highlighted the increase in transactions per second (TPS) on the XRPL. He believes the TPS has been unusually high for the past two weeks without an obvious explanation. For context, the total number of transactions registered on the XRPL on July 8 was 2.3 million. Eight days later, it had soared by a whopping 80% and stood at 4.15 million.
There are speculations about what could have triggered the growth. A few observers believe that the presence of new users could have increased activity. While crypto enthusiasts were still trying to figure out what could have led to the growth in such short time, XRPScan confirmed that most of the transactions were from micropayments.
Excellent analysis by @Kirjakulov. Some of the transaction volume this week is also driven by micropayment transactions (671k payments/day) of unknown nature to wallets such as this one: https://t.co/qyhbUYBLX5 https://t.co/qaDrblN1KO pic.twitter.com/gq3MZBKcbm
— XRPScan (@xrpscan) July 18, 2024
This category of payments contributed to the surge in transaction volume. They were adding a minimum of 671,000 transactions per day.
A look through the XRPScan platform confirmed the micropayments transaction claims. It turned out that numerous transfers of between 0.000043 and 0.000045 XRP were initiated and completed within a few seconds. The fact that the major transaction contribution on the XRPL was from micropayments does not relegate the protocol. Reaching an 80% in eight days is an applaudable feat.
XRPL Ecosystem Registers More Win
Still on the XRPL ecosystem, the Automated Market Maker (AMM) which went live on the mainnet in Q1 2024, surpassed 10 million XRP last month. The surge was a reflection of the growing adoption and utilization of XRP in the Decentralized Finance (DeFi) ecosystem. More of XRPL’s achievements and performances were detailed in a Q1, 2024 market report revealed by Ripple CEO Brad Garlinghouse.
In addition to the XRPL AMM feature, an amendment also came into the limelight. Dubbed the “fixAMMOverflowOffer,” this amendment helped address abnormal payment channels. The “fixAMMOverflowOffer” clause resolves the container overflow glitch revealed after the start of the launch of the AMM engine.
In the case of XRP, whales have recently been seen accumulating the cryptocurrency. On-chain data shows that these XRP whales have bought up to 139 million XRP from several cryptocurrency exchanges recently. At the time of this writing, XRP’s price comes in at $0.5695 with a 9.83% decrease within the last 24 hours.
This growth trend is proof that the transaction boom on XRP Ledger is yet to reflect on the price overall.
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