XRP total transactions have crossed the 2.6 billion mark, as daily transactions on the XRP network continue to surpass figures observed with Bitcoin (BTC) and Ethereum (ETH).
In a recent interview at the Apex Dev Summit in Amsterdam, Marcus Infranger, Vice President of RippleX Growth, discussed the state of the XRP Ledger (XRPL) and developments in the XRPL ecosystem that could further enhance its footing.
Infranger highlighted points regarding the interoperability and scalability limits of the XRPL. He says the network remains one of the most scalable and efficient chains. “Transactions happen in 3 to 5 seconds, very reliably for over a decade,” he noted.
SpendTheBits, a payment platform on the XRPL, called attention to this impressive speed last October. The team noted that moving BTC takes ten minutes to one hour on the Bitcoin network but three to five seconds on the XRPL using SpendTheBits.
During his interview, Infranger pointed out that the XRP network constantly witnesses over 1 million daily transactions due to its remarkable speed.Â
In his words:
“There are over a million transactions a day now, and 2.6 billion transactions have been facilitated on the XRP Ledger. That is more than Ethereum, by the way. From the outset, it’s a very efficient blockchain.”
Despite this impressive feat, Infranger confirmed that improving the performance of the XRP Ledger is of utmost importance to RippleX developers. According to him, RippleX and the community of developers are constantly working to improve the infrastructure.
XRP Maintains 1M+ Daily TransactionsÂ
Interestingly, on-chain data provider Bitinfocharts corroborates the claims made by Marcus Infranger. Notably, since the second half of 2020, XRP has consistently registered daily transactions above 1 million.Â
The XRP Ledger particularly witnessed several surges in transaction count from January to March this year, hitting an annual high of over 2.35 million transactions on March 19. Despite the massive correction in XRP’s price in August, the transaction count remained above 1 million.
On the contrary, daily transaction counts on the Bitcoin and Ethereum networks have been relatively lower. While Ethereum rivals XRP in this metric, daily transactions on the XRP network have consistently towered above Ethereum.
The Bitcoin network is what falls way below XRP in transaction count. Despite being the premier cryptocurrency, Bitcoin witnesses an average of 400,000 daily transactions. At this rate, XRP sees 150% more transactions daily than Bitcoin.
Notably, Ripple’s quarterly report in January showed that the XRPL processed more than 106 million transactions in Q4 2022. This translates to over 1.13 million daily transactions. The figure stood at 114 million transactions in Q2 2022.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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