Ripple Network (XRP) saw a surge in adoption rate.
The uptick in user demand led to a rally in XRP’s trading activity, with the altcoin’s daily trading volume exceeding $1 billion.
Despite the surge in activity, bearish sentiments against XRP remain high.
The Ripple Network (XRP) experienced a remarkable surge in adoption rate on July 8, causing the total transaction count recorded on that day to reach levels last seen in February.
This increase in user demand on the network also triggered a rally in XRP’s trading activity, with the altcoin’s daily trading volume surpassing the $1 billion mark.
Source: XRPScan Ripple Network Witnesses Influx of Users
On-chain data reveals that on July 8, the number of successful transactions completed on the XRP Ledger amounted to an impressive 2.3 million.
This figure represents a substantial 15% increase from the 2 million transactions recorded just a day prior. Notably, the last time the network achieved such a high single-day transaction count was on February 16.
The month of July has been marked by an extraordinary surge in demand for the decentralized public blockchain. Since the beginning of the month, the daily transaction count on the network has skyrocketed by an astonishing 97%, highlighting the growing interest in the Ripple Network.
The high demand for the XRP Ledger on July 8 had a positive impact on XRP’s performance. The altcoin’s daily trading volume reached an impressive $1.5 billion, demonstrating the increased activity in the XRP market.
At press time, XRP is trading at $0.43, having risen by nearly 5% in the past 24 hours. During the same period, its trading volume has also experienced a notable 23% increase.
Despite the recent surge in activity in the XRP market, it is important to note that bearish sentiments against the altcoin remain high. While XRP’s price has witnessed a minor uptick in the past 24 hours, it is poised to maintain its month-long downtrend.