In the wake of Ripple’s recent legal triumph against the United States Securities and Exchange Commission (SEC), the blockchain has witnessed a surge in activity. As a result, XRP has surpassed the market leader Ethereum (ETH) in terms of daily transactions conducted on its blockchain.
XRP’s Ascendancy Continues
Despite the initial euphoria fading after Judge Analisa Torres’s ruling, XRP, the native token of XRP Ledger (XRPL), continues to achieve significant milestones.
Notably, the number of daily transactions on the XRPL has soared after the ruling, signaling the resilience of the technology that powers the digital token XRP.
After a sluggish end to July, XRP transactions gained momentum in August. According to data from BitInfoCharts, daily transactions on the Ripple Ledger consistently surpassed the 1 million mark since the beginning of the month.
This rapid increase in activity positions XRPL ahead of other leading blockchains such as Ethereum (ETH), and Bitcoin (BTC). On August 2, a standout day for XRP, transaction figures surpassed 1.3 million, compared to 1.04 million for Ethereum and 390,000 for Bitcoin.
From Dip to Advancement
XRP initially experienced a considerable decline in July. However, the digital asset quickly turned the tide and embarked on an upward trajectory. Present data reveals that on Thursday, August 9, the XRP Network processed 1.1173 million transactions, nearly double its low of 612,000 on July 29.
While XRP’s transaction numbers demonstrate impressive growth, it still falls behind Bitcoin and Ethereum in terms of transaction volume. According to CoinMarketCap data, Bitcoin’s volume over the last day reached $14 billion, while Ethereum maintained second place with $4.2 billion. XRP’s volume stood at $1.7 billion.
SEC’s Appeal Casts a Shadow on XRP’s Momentum
XRP experienced a substantial surge following Judge Analisa Torres’s partial summary judgment in favor of Ripple in the ongoing SEC case. However, the token has since retraced back to its current price range, with little upward movement observed since the beginning of August.
Additionally, the SEC’s intention to file an interlocutory appeal has dampened XRP’s momentum. Notably, the token reacted negatively to this news, currently trading at around $0.6293, marking a 2.24% decline in the last 24 hours.