XRP shows strength, surpassing two of the world’s leading cryptocurrencies in daily transactions.
Over the past few weeks, XRP has gained significant traction, surpassing top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in daily recorded transactions.
Analysing The Daily Transaction Chart, Indicating XRP’s Surge
Data from BitInfoCharts, a prominent crypto analytical site, has placed XRP ahead of Bitcoin and Ethereum in daily transactions since August 1.
As of Tuesday, August 15, the data showed that the XRP Ledger had recorded nearly 1.2 million daily transactions. Ethereum registered 1.05 million, and Bitcoin just over 582,000 daily transactions, respectively.
XRP started registering daily transactions above 1M around mid-May. Thus far, the highest recorded XRP day-to-day transactions happened between May 28 and June 4, when the token recorded more than 1.65 million transactions.
XRP Gathering Momentum: What Could Be The Reason?
XRP’s recent resurgence could be attributed to Ripple’s court ruling against the United States Securities and Exchange Commission (SEC).
As reported earlier, Judge Torres ruled Ripple’s programmatic sales of XRP on secondary markets as non-securities, while Ripple’s XRP constitutional sales were considered securities.
The implications of Judge Torres’ verdict birthed hope for XRP as the token spiked by more than 90% following the court’s verdict.
SEC Move For An Appeal
Following the above ruling, the SEC has filed for an interlocutory appeal to review Judge Torres’ verdict. The outcome of this appeal could significantly impact the price of XRP and activity on the XRP Ledger.
At the time of writing, CoinGecko data ranks XRP as the fifth largest crypto asset by market cap with $31,539,338,347.