On the back of Ripple’s partial win over the United States Securities and Exchange Commission (SEC), activity on the blockchain has ramped up quickly. This increase has now seen XRP beat out market leader Ethereum when it comes to the number of daily transactions carried out on the blockchain.
Ripple Leading The Pack
While the euphoria from Judge Analisa Torres’s ruling has been waning, there is still enough left to continue to drive new milestones on Ripple’s XRP Ledger. The most prominent of these has been the number of transactions that are being carried out on the Ledger since the ruling.
Despite ending the month of July on a low note, the transactions have picked up in August. According to data from BitInfoCharts, daily transactions on the Ripple Ledger have consistently crossed 1 million since the start of August.
This puts XRPL ahead of leading blockchains such as Ethereum (ETH) and Bitcoin (BTC), both of which have seen daily transaction figures come out below 1 million this month. On August 2, which has been the best day of the month so far for Ripple, transaction figures crossed 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 first experienced a sharp drop in July. But since then, the blockchain has been on an upward trajectory. According to the present data, the XRP Network carried out 1.1173 million transactions on Thursday, August 9, almost double the number of its July 29 low of 612,000.
However, despite the rise in transaction numbers, XRP continues to lag behind Bitcoin and Ethereum in terms of volume. Coinmarketcap data shows Bitcoin’s volume over the last day was $14 billion, Ethereum was in second with $4.2 billion, while XRP volume came in at $1.7 billion.
Token price falls from local peak following court ruling | Source: XRPUDST on Tradingview.com
SEC’s Appeal Brings Down The XRP Momentum
XRP had undoubtedly enjoyed a huge boost following Judge Analisa Torres’ partial summary judgment in favor of Ripple in its ongoing case against the US Securities and Exchange Commission (SEC).
XRP experienced a massive spike from $0.47 to $0.81 (+72%) on the 13th of July (the day the partial summary judgment was given). However, it has since then retracted to the present zone. The token has maintained its current price range since the start of August with no significant movement upwards since then.
Furthermore, the SEC’s intention to file an interlocutory appeal may also draw down XRP’s momentum. In fact, XRP has reacted negatively to the aforementioned news as it is trading at around $0.6293, down 2.24% in the last 24 hours.
Featured image from iStock, chart from Tradingview.com