• XRP Ledger has recorded 1.2 million transactions per day since the beginning of August 2023, surpassing Ethereum’s rate.
• The number of active addresses on the XRP ledger has also surged close to 200,000.
• Following a favorable court ruling last month in July 2023, exchanges like Coinbase re-listed the XRP token resulting in a surge in transaction volumes and active addresses.
XRP Ledger Surpasses Ethereum
The XRP Ledger has experienced tremendous growth since the start of August 2023, recording 1.2 million transactions per day while surpassing Ethereum’s daily transaction rate of 1.09 million transactions per day. This is a significant milestone for the XRP network, as it demonstrates its robust user base and resilience despite recent price fluctuations.
Ripple Court Ruling
In July 2023, Judge Analisa Torres ruled that programmatic sales of XRP to retail players do not constitute a security under US securities law. This outcome was seen as positive news by many investors and caused a massive surge in transaction volumes when leading crypto exchanges like Coinbase re-listed the XRP token soon after the ruling.
When considering total transaction volume across all major networks, Bitcoin still leads with $8.35 billion transacted in July while Ethereum witnessed $1.8 billion in transactions and XRP recorded movement of nearly $500 million during this time period.
The number of active addresses on the XRP ledger has also surged close to 200,000 which further underscores its network’s resilience despite recent price fluctuations. This growth can be attributed to various factors including investor confidence following a favorable court ruling which validates the asset’s credibility and its potential for future expansion.
The increasing count of active addresses combined with exchanges relisting XRP has had an effect on its price as well – soon after Ripple’s court ruling last month, there was an unprecedented rise in price for the digital asset