XRP on-chain transaction volume hits a 7-month high, adjusted volume up 112.57%, price still in the red.
In a recent tweet, renowned market intelligence platform Santiment shared that XRP has seen a spike in utility. Santiment noted that the uptick in major utility for XRP follows the start of September.
The intelligence firm revealed that XRP had reached a significant milestone in on-chain transactions on the first day of September. In particular, Santiment mentioned that XRP’s on-chain transaction volume reached a record high of 4.84 billion XRP on September 1.
?? #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5
— Santiment (@santimentfeed) September 1, 2023
XRP 7-Month High On-chain Volume
Notably, the 4.84 billion represents the number of XRP tokens transferred on-chain in one day. The XRP market chart accompanying the tweet added further context to the volume spike.
According to Santiment, the figure observed for XRP on September 1 represented the highest points since February 1. In other words, XRP starts September with a seven-month high in on-chain volume.
Highest Unique XRP Transfers
Furthermore, Santiment observed another record in the XRP token movement for September 1.
Specifically, the first day of this month saw the highest movement of unique XRP tokens. This was over 2 billion XRP. The data analytic firm noted that the figure represented the highest point in the last three months.
Moreover, Santiment captured a big leap in XRP development activities. The analytic firm reported a 5.37% growth in XRP development activities compared to the last 30 days.
112.57% Growth in XRP Adjusted Volume
Similarly, data from top analytic firm Messari shows XRP’s Adjusted Volume has increased by 112.57% in the last four days.
As of August 30, XRP’s adjusted volume was $748 million. The value has grown in three days to $1.59 billion.
For context, the adjusted volume metric measures true trading volume by filtering out extraneous noise and potentially manipulative activities.
Meanwhile, these positive growths in multiple on-chain metrics have not positively impacted the digital asset’s price. XRP is trading in the red as it has broken below the psychological $0.5 price point. In particular, XRP exchanges hands at $0.4967, with a significant 4.67% crash over the past week.