Twitter user @ceterispar1bus has compiled data showing that on-chain transactions have increased for Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). Ripple’s XRP is the only notable exception, with a decline of 39 percent.
Tracking on-chain activity for a given cryptocurrency is a good way to gauge its growth. On this front, however, Ripple’s XRP is falling behind.
In a graphic posted by @ceterispar1bus, Bitcoin, Litecoin and Ethereum all experienced a significant increase in on-chain transactions since April 2018. Bitcoin’s daily transactions per day have increased from 169k to 370k — a 120 percent increase — in just one year. Litecoin and Ethereum posted more meager increases, at six percent and three percent, respectively.
Ripple’s XRP has seen a significant decline. From April 2018, its on-chain transactions have plummeted from 678k daily transactions to 417k, a 39-percent decline.
— Ceteris Paribus (@ceterispar1bus) April 9, 2019
Is Ripple’s xRapid Payment Network Even Being Used?
In late 2018, Ripple officially released its xRapid payment network to much enthusiasm. It was intended for payment providers and institutions to facilitate easier cross-border payments at a fraction of the cost. Over a dozen banks and institutions reportedly signed up to use it. However, based on on-chain activity, it is still unclear how popular xRapid is.
Recently, the company reaffirmed its commitment to xRapid by expanding its presence in Asia. It reportedly doubled the employees at its headquarters in Singapore to 24 full-time staff members. It seems the company is now setting its sights on East Asia as the region most likely to adopt its payment technology.XRP's on-chain activity has plummeted since April 1st 2018, declining -39% in a year. Click To Tweet
Should You Be Worried About xRapid?
For XRP holders, the decline in on-chain activity should be worrying. It is an indication that the spike many were hoping for after the release of xRapid still has not come.
However, with the continued expansion of Ripple’s offices worldwide, whether or not this trend will persist in 2019 is yet to be seen.
Do you think the decline in on-chain activity for XRP is worrying? Let us know your thoughts below!
Images courtesy of Twitter, Shutterstock.