- XRP witnessed a staggering increase in daily transactions, outstripping giants like Bitcoin and Ethereum.
- Ripple’s recent legal victory against the SEC is a potential catalyst for XRP’s heightened activity.
In the dynamic world of cryptocurrency, the transactional volume serves as a thermometer, gauging the health and adoption of individual tokens. Lately, XRP has exhibited remarkable vitality, eclipsing stalwarts like Bitcoin and Ethereum in daily transaction volumes.
Decoding XRP’s Daily Transactional Supremacy
XRP’s recent transactional performance is both astounding and intriguing. Data accrued from BitInfoCharts, an esteemed cryptocurrency analytical platform, revealed that since August 1, XRP consistently topped the daily transaction charts.
As the data narrated on August 15, the XRP Ledger documented a whopping 1.2 million daily transactions. Ethereum, often revered as the ‘smart contract king,’ lagged behind at 1.05 million, while Bitcoin, the pioneer cryptocurrency, logged just over 582,000 transactions. But this isn’t just a flash in the pan for XRP. Its ledger started showcasing transactions exceeding the 1M mark as early as mid-May, with its zenith between May 28 and June 4, registering over 1.65 million daily transactions.
Behind XRP’s Meteoric Rise: The Legal Angle
To comprehend XRP’s monumental surge, one must glance at the legal corridors where Ripple, XRP’s parent company, has been embroiled in a tussle with the United States Securities and Exchange Commission (SEC). The recent uptick can be deduced as a ripple effect (pun intended) of a pivotal court ruling in favor of Ripple.
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Judge Torres, who presided over the case, made a significant distinction. She ruled that while Ripple’s programmatic sales of XRP in secondary markets were non-securities, the company’s constitutional sales of XRP were indeed securities. This verdict provided a beacon of hope for the beleaguered XRP, with its value soaring by over 90% post-judgment.
However, the legal saga is far from over. The SEC, not entirely satisfied with the verdict, has sought an interlocutory appeal, aiming to reevaluate Judge Torres’ ruling. The repercussions of this appeal are enormous, with the potential to sway both XRP’s price and ledger activity.
As things stand, XRP’s market stance is formidable. CoinGecko’s latest data pegs it as the fifth-largest crypto asset by market capitalization, holding a valuation of $31,539,338,347. This continued rise of XRP in the midst of legal battles and market volatility is a testament to its resilience and potential in the crypto space.
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