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XRP Payments Exceed 50% of All Crypto Transactions

In the last 24 hours, more than 50% of all crypto transactions were made with XRP. The number of XRP transactions per day had increased by 100% within a single week, rising from 730,000 to 1.6 million. The reason behind the increase in transactions remains unknown, although speculations indicate that a new Moneygram partnership or the upcoming Swell event might be the cause.

XRP, the third-largest cryptocurrency by market cap, has recently captured the attention of users around the world. A surge of positive events — those in the past, as well as upcoming ones — has helped bring more attention to the coin. As a result, its daily trading volume has surged to $2.15 billion.

However, something that is even more impressive is the number of XRP transactions in the last 24 hours. According to BitInfoCharts, XRP had around 730,000 daily transactions on October 21st, which was a week ago. Yesterday, that number had more than doubled, reaching 1.6 million transactions in the last 24 hours.

XRP Chart

The last time that XPR had seen such an increase was during the bull run of 2017 when the prices of most cryptocurrencies surged to their all-time highs. Back then, the number of XRP transactions per day reached its ATH at 1.70 million. While XRP did not manage to break its own record on the last day, it came reasonably close and closer than ever in the last two years.

After XRP, the second-highest number of transactions belonged to Ethereum’s project, with Bitcoin sharing the third spot with Bitcoin SV.

An interesting thing regarding this increase in XRP transactions is that they have no obvious reason for surging in such a way. However, there were many who had speculated why this might be happening and coming up with various possible explanations.

One such explanation is the fact that XRP’s Swell event is approaching, scheduled to happen in less than a month. Another suggested reason is the partnership with Moneygram — a well-known payment service which might be exploring new ways for using XRP in the near future.

There could also be a more direct and obvious reason which is still unknown to the public. No matter the reason, however, XRP appears to be on its way of breaking its old ATH and setting up a new one. Its current price sits at $0.299785. Several hours ago, the price had breached the resistance level at $0.3, even growing to $0.302. However, a slight correction took it back down quite quickly.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.