In terms of daily recorded transactions, XRP has significantly outperformed two of the top cryptocurrencies in the world during the previous few weeks. Since August 1, according to data from the well-known cryptocurrency analytical website BitInfoCharts, XRP has outperformed Bitcoin and Ethereum in daily transactions. According to the data, the XRP Ledger had approximately 1.2 million daily transactions as of Tuesday, August 15. Ethereum saw 1.05 million and Bitcoin slightly over 582,000.
Around the middle of May, the token began to record daily transactions beyond 1 million. The period between May 28 and June 4 had the greatest daily transaction volume for XRP to date, totaling more than 1.65 million.
Factors Responsible for XRP’s Recent Surge
The current rise in XRP price could be related to Ripple’s legal victory over the Securities and Exchange Commission (SEC) of the United States. As was previously reported, Judge Torres determined that while Ripple’s constitutional sales of the token were regarded as securities, programmatic sales of XRP on secondary markets were not. As XRP’s price increased by more than 90% after the court’s decision, the ramifications of Judge Torres’ decision gave rise to hope for the cryptocurrency.
Following the aforementioned decision, the SEC filed an interlocutory appeal to challenge Judge Torres’ decision. The result of this appeal could have a big effect on XRP’s pricing and activity on the XRP Ledger. With a market cap of $31,539,338,347 as of this writing, XRP is the fifth-largest cryptocurrency according to CoinGecko data.