XRP Ledger (XRPL) Sees 80% Surge in Transaction Thanks to Micropayments Boost
The XRP Ledger (XRPL) has recently experienced a significant surge in transaction volume, particularly driven by a substantial increase in micropayments. Kirjakulov, CEO and Co-Founder at XPMarket, noted a surge in transactions per second (TPS) on the XRPL over the past two weeks, with the total number of transactions increasing from 2.3 million to 4.15 million in just eight days, marking an 80% jump.
XRPL Rapid Growth and Micropayment Waves
Speculation surrounding the cause of this growth includes the influx of new users and increased activity in the network. However, it has been confirmed that the majority of the transactions were micropayments, contributing to a minimum of 671,000 transactions per day.
Further analysis on the XRPScan platform substantiated the prevalence of micropayments, with numerous transfers of varying XRP amounts occurring within seconds. This surge in micropayments showcases the network’s scalability and reliability, despite the rapid growth.
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In addition to the uptick in micropayments, the XRPL ecosystem saw further success with the Automated Market Maker (AMM) surpassing 10 million XRP last month, demonstrating the increasing adoption of XRP in the Decentralized Finance (DeFi) ecosystem.
Furthermore, an amendment called “fixAMMOverflowOffer” was implemented to address abnormal payment channels, specifically resolving the container overflow issues that emerged after the launch of the AMM engine.
In the context of XRP’s market performance, on-chain data has revealed significant accumulation of the cryptocurrency by whales, with a recent purchase of 139 million XRP from various exchanges. Despite this transactional surge, the price of XRP currently stands at $0.5695, reflecting a 9.83% decrease in the last 24 hours. This divergence between transaction volume and price underscores the complexity of market dynamics.
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