The XRP Ledger (XRPL) has witnessed a remarkable surge in transaction volume, with a staggering 80% increase recorded in just eight days. This unexpected growth has sparked discussions within the crypto community, with experts pointing towards a potential link to micropayments.
The uptick in transactions per second (TPS) first caught the attention of Kirill Kirjakulov, CEO and Co-founder of XPMarket. He noted the unusually high TPS activity on the XRPL over the past two weeks, culminating in a massive jump from 2.3 million transactions on July 8th to a staggering 4.15 million on July 16th.
While the initial speculation centered around a potential influx of new users, further investigation revealed a different story. XRPScan, a popular XRP block explorer, confirmed that a significant portion of the surge stemmed from micropayments. These low-value transactions, averaging between 0.000043 XRP and 0.000045 XRP, were processed at a rate of over 671,000 per day.
Despite the dominance of micropayments, the 80% transaction growth within a short timeframe remains an impressive feat for the XRPL network. This development comes on the heels of other positive news for the XRPL ecosystem. The Automated Market Maker (AMM) launched in Q1 2024 recently surpassed 10 million XRP, reflecting growing adoption within the Decentralized Finance (DeFi) space.
Furthermore, a recent market report by Ripple CEO Brad Garlinghouse highlighted additional achievements for the XRPL, including the successful implementation of the “fixAMMOverflowOffer” amendment. This fix addressed a technical glitch related to payment channels that emerged after the AMM launch.
Interestingly, this surge in activity hasn’t yet translated to a significant price increase for XRP. While whale activity suggests ongoing accumulation, with recent data indicating purchases of over 139 million XRP, the token’s price currently sits at $0.5695, reflecting a nearly 10% decrease in the last 24 hours.
The current trend suggests that the market might be yet to fully recognize the potential of the XRPL’s growing transaction volume. While micropayments appear to be driving the current boom, the underlying network capabilities and expanding DeFi integration position the XRPL for continued growth in the future.