Daily transactions on XRP have spiked, and it seems likely that the cryptocurrency will break its record of 1.7M daily transactions very soon.
The number of daily transactions on XRP has exploded in what could be the most significant spike in transactional output ever recorded for the cryptocurrency.
XRP Eyes New All-Time High in Daily Transactions
The on-chain metrics for Ripple’s XRP are indicating that something serious is brewing in the background. On October 21st, XRP was processing some 727,000 or so transactions daily. In the following days, this began to tick upwards at an accelerating rate.
On October 26th—just five days later—XRP was recording 1.65M daily transactions. That’s an increase of over 100% in less than a week. Since then, it has maintained its high transactional output. Yesterday, Ripple’s XRP recorded a whopping 1.55M daily transactions.
If XRP continues to maintain this level in daily transactions, it could soon break its all-time high. The current all-time high was set on January 16, 2018, when XRP processed 1.7M daily transactions. However, this recent uptick seems to have legs. We will likely see a new all-time high in daily transactions sometime in the coming weeks.
At the time of writing, XRP is up 2% and has broken the $0.30 price point.
What Is Causing the Spike?
There’s room for speculation over what could be causing the spike in XRP’s daily transactions.
One of the reasons could be MoneyGram. As BeInCrypto reported earlier this year, the cross-border payment service signed a two-year commercial deal with Ripple. Recent reports seem to suggest that MoneyGram is now stepping up its involvement with Ripple. Brad Garlinghouse, Ripple’s CEO, confirmed this in a recent statement and told reporters that MoneyGram was exploring new ways to use XRP.
In effect, we could be witnessing MoneyGram utilize XRP on-chain, which would explain the recent spike in daily transactions. However, there is no way to be sure until an official statement comes out.
Regardless, it seems clear that something is brewing behind-the-scenes for Ripple. Perhaps we can expect a major announcement or comment on these developments in the coming weeks from the team themselves.
Images are courtesy of BitInfoCharts, Shutterstock.
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