Ripple’s recent legal victory against the United States Securities and Exchange Commission (SEC) has not only boosted market sentiment but has also ignited a surge in activity on the blockchain. In a significant development, XRP has now surpassed Ethereum in terms of daily transactions carried out on the Ripple Ledger. This milestone showcases the resilience and growing popularity of Ripple’s native digital asset.
Although the month of July ended on a somber note for XRP, with a sharp decline in daily transactions, August has witnessed a remarkable rebound. According to data from BitInfoCharts, since the beginning of August, XRP Ledger has consistently recorded over 1 million daily transactions. This puts XRP ahead of leading blockchains such as Ethereum and Bitcoin, which have fallen short of this impressive figure this month. Notably, on August 2, XRP hit its peak with transaction figures soaring to 1.3 million, compared to 1.04 million for Ethereum and 390,000 for Bitcoin.
While XRP has managed to surpass Ethereum in terms of daily transactions, it still trails behind Bitcoin and Ethereum in terms of transaction volume. Coinmarketcap data reveals that Bitcoin recorded a trading volume of $14 billion over the past day, with Ethereum trailing behind at $4.2 billion. Meanwhile, XRP’s trading volume amounted to $1.7 billion. Although transaction numbers are on the rise, XRP will need to continue its growth to catch up with its competitors in terms of trade volume.
The XRP token experienced a significant price spike following Judge Analisa Torres’ partial summary judgment in favor of Ripple in its ongoing legal battle against the SEC. On July 13, XRP surged from $0.47 to $0.81 (+72%), reflecting the market’s positive response to the ruling. However, the token has since retraced to its current range, stagnating without any notable upward movement since the beginning of August.
The SEC’s announcement of its intention to file an interlocutory appeal has also dampened XRP’s momentum. The market reacted negatively to this news, with XRP trading at around $0.6293, marking a 2.24% decline in the last 24 hours. The uncertainty surrounding the outcome of the legal proceedings and the potential implications for XRP’s status as a security continues to weigh heavily on its price.
The Road Ahead for Ripple’s XRP
Despite the challenges and price volatility, Ripple’s XRP continues to demonstrate resilience and popularity within the cryptocurrency market. Its ability to surpass Ethereum in terms of daily transactions is a testament to the growing adoption of Ripple’s blockchain technology.
Looking ahead, XRP’s transaction numbers are expected to remain robust, driven by increased market confidence and growing utility. However, to narrow the gap with Bitcoin and Ethereum in terms of transaction volume, XRP will need to continue its upward trajectory and attract greater trading activity.
Furthermore, the outcome of the legal battle with the SEC will be a determining factor in XRP’s future. As the case progresses and the regulatory landscape gains clarity, XRP’s price and market performance will likely react to these developments.
Ripple’s XRP has firmly established itself as a formidable contender in the cryptocurrency space. Surpassing Ethereum in daily transactions is a significant milestone, highlighting the appeal and potential of Ripple’s blockchain. However, challenges lie ahead, including regulatory scrutiny and market volatility. Only time will tell how Ripple and XRP will navigate these obstacles and emerge as winners in the evolving landscape of digital assets.