XRP Ledger (XRPL) is far from being a ghost chain as it recently recorded an impressive on-chain transaction boost. Brought to the fore by XPMarket CEO Artur Kirjakulov, XRPL has recorded sustained growth trends since the start of this month.
XRP Ledger transaction growth trends
According to snapshots shared by Kirjakulov, on July 2, the total recorded transactions came in at 1.4 million, with total trades coming in at 60,000. This total transaction count jumped to 1.6 million, with total trades dropping to 51,000 the next day.
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A further uptick comes in at 1.85 million for the total transactions as of July 4, and by July 8, it jumped to 2.3 million, with a total trade of 607,000. Roughly a week later on July 16, XRP Ledger's total transactions came in at 4.15 million, with a total trade count of 853,000.
The one-week growth accounted for more than 80%, underscoring how healthy the XRP Ledger protocol is. As Kirjakulov noted, many have tried to proffer an explanation for the trend, with the growing user count named as an obvious reason.
Stepping into the conversation, XRPScan noted that the growth of microtransactions is responsible for the uptick in transaction count recorded.
Excellent analysis by @Kirjakulov. Some of the transaction volume this week is also driven by micropayment transactions (671k payments/day) of unknown nature to wallets such as this one: https://t.co/qyhbUYBLX5 https://t.co/qaDrblN1KO pic.twitter.com/gq3MZBKcbm
— XRPScan (@xrpscan) July 18, 2024
Bandwidth increased for growth
Up to now, XRP Ledger has recorded several milestones and upgrades that have made it as usable as it is now. From the fixAMMOverFlow upgrade to a series of sidechain launches, XRP Ledger has positioned itself as a chain for micropayments.
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This growth of XRP Ledger is considered an important push to help XRP in its long-overdue price recovery. With more use cases on the ledger to drive XRP's demands, the coin might ultimately breach the $1 threshold in the long term.
This ambitious projection might also get a complementary push should the Ripple versus SEC lawsuit come to an end soon.
