Thanks to Ripple’s partial victory over the United States Securities and Exchange Commission (SEC), activity on the blockchain has increased rapidly. Due to this increase, XRP has now beaten market leader Ethereum when it comes to the number of daily transactions executed on the blockchain.
Ripple leads the pack
While the euphoria of Judge Analisa Torres’ ruling is fading, there is still plenty left to continue hitting new milestones on Ripple’s XRP Ledger. The most notable of these is the number of trades executed on the Ledger since the ruling.
Although the month of July ended at a low point, transactions picked up again in August. According to facts according to BitInfoCharts, daily trades on the Ripple Ledger have consistently passed 1 million since early August.
This puts XRPL ahead of leading blockchains such as Ethereum (ETH) and Bitcoin (BTC), both of which have seen daily transaction numbers fall below 1 million this month. On August 2, Ripple’s best day of the month so far, transaction numbers surpassed 1.3 million, compared to 1.04 million for Ethereum and 390,000 for Bitcoin.
XRP daily transactions rise above Ethereum | Source: BitInfoCharts
The new milestone comes after XRP experienced its first sharp decline in July. But since then, the blockchain has been on an upward spiral. According to current data, the XRP network conducted 1.1173 million transactions on Thursday, August 9, almost double its July 29 low of 612,000.
Despite the surge in transactions, XRP lags behind Bitcoin and Ethereum in terms of volume. Coinmarketcap data shows that Bitcoin’s volume over the past day was $14 billion, Ethereum was second with $4.2 billion, while XRP volume was $1.7 billion.
Token price falls from local peak following court ruling | Source: XRPUDST on Tradingview.com
SEC appeal brings XRP momentum down
XRP was undoubtedly given a huge boost after Judge Analisa Torres’ partial summary judgment in favor of Ripple current case against the US Securities and Exchange Commission (SEC).
XRP experienced a massive spike from $0.47 to $0.81 (+72%) on July 13 (the day the partial summary verdict was issued). However, it has since retreated to the current zone. The token has held its current price range since early August and has not seen any significant upward movement since then.
In addition, the SEC’s intention to incidental appeal could also drag down XRP’s momentum. In fact, XRP has reacted negatively to the aforementioned news as it trades around $0.6293 over the past 24 hours, down 2.24%.
Featured image from iStock, chart from Tradingview.com
