Ripple
Daily transactions on XRP Ledger climb to a YTD high
Posted:
| Last updated: February 6th, 2024
Journalist
- The XRP Ledger has seen an increased demand in the past few days.
- This has pushed the number of daily transactions on the network to its highest level since January.
The XRP Ledger [XRPL] has witnessed a surge in daily transaction volume, reaching its highest level since the beginning of 2023.
According to data from The Block dashboard, the daily number of transactions on the XRPL has climbed steadily since the 24th of December, culminating at a peak of 1,000,000 transactions by the 29th of December.
During the five days, transactions count on the XRPL climbed by 287%.
Source: The Block
This surge comes amid a corresponding uptick in user activity and new demand for the network, AMBCrypto found.
On the 28th of December, the number of unique addresses that were active on the XRPL totaled 33,000, marking a one-month-high.
The daily count of unique addresses on the XRPL also initiated an uptrend on the 23rd of December, rising by almost 50% during the five days that followed.
Likewise, new demand for the XRPL sits at a multi-month high at press time.
As of the 28th of December, the number of unique addresses that appeared for the first time in a transaction on the ledger was 7,000, marking a 253% rally from the 1840 new addresses that the network recorded on the 23rd of December.
Most XRP holders are in profit
At press time, XRP exchanged hands at $0.62, according to data from CoinMarketCap. While the altcoin’s price has plummeted by 10% from the 9th of December high of $0.69, daily XRP transactions continue to return a profit.
An assessment of the token’s ratio of daily transactions in volume in profit to loss showed that for every XRP transaction that has returned a loss in the last month, 1.61 transactions have ended in a profit.
Also, the token’s Market Value to Realized Value (MVRV) ratio, which tracks the ratio between the asset’s current market price and the average price of every coin or token of that asset acquired, was 66% at the time of writing.
Realistic or not, here’s XRP’s market cap in BTC terms
This showed that if all XRP holders sold their tokens at their press time value, they would realize at least 66% profit on their investments.
Source: Santiment
According to data from Santiment, of the token’s total supply of 99.98 billion XRP, 87.21 billion XRP are being held in profit at the time of the report.
