Ripple and its native cryptocurrency XRP have made waves in the cryptocurrency field with several developments and tie-ups across the planet. The third-largest cryptocurrency on the planet has also been lauded for its efforts to make cross borer transactions faster and much more seamless than what it is today.
On November 29, fans of the cryptocurrency noticed that the cryptocurrency had broken its own record for the highest number of transactions in a single day. On this particular day, the XRP ledger witnessed 4.8 million transactions occurring on the platform, creating a new standard for the cryptocurrency’s community. The ledger statistics stated that the metric had begun a steady rise from November 25, when the number of transactions was clocked at 2.585 million.
Yesterday marked the highest number of transactions on the #xrp ledger with a total of 4.8 million transactions…
— rippleitin.nz (@rippleitinNZ) November 29, 2019
Since that day, the transactions only climbed, recording 2.95 million, 3.23 million, 4.524 million, and finally, the record-breaking 4.869 million. The XRP army has always boasted about the low transaction fees levied during transfers was one of Ripple’s biggest highlights. This fact was again proven when it was revealed that out of the 4.8 million transactions, the maximum transfer fee levied was 1.057 XRP.
The average fee for all the transactions on November 29 was 0.0021, while the lowest fee was recorded to be 0.00001 XRP. A more in-depth look into the ecosystem further contributed to the joy of XRP fans as the number of transactions enjoyed almost triple the magnitude towards the end of November.
XRP transactions on the rise
The spike in the number of transactions resulted in the average sustained transactions to climb to 55 TPS for 24 hours. On the contrary, the number of XRP of transactions in mid-October was less than one million, which picked up with the arrival of November. It was only from November 21 that the figure broke the 2 million transactions mark after which it pumped up rapidly. XRP proponents like xrp_me tweeted:
“It’s awesome that the XRP Ledger can keep up with it all – right now it seems like we are sustaining 150-300+ tx/l. I’m sure hubs are noticing, though. My hub is averaging ~440Mb/s the last few days, which is more than twice normal.”
The increase in the number of transactions has restored the faith of the community in the cryptocurrency as well as its price. Despite the pump in several factors, XRP’s price is still at a low of $0.22 as we write this. Ripple’s native cryptocurrency holds a market cap of $9.81 billion and a 24-hour market volume of $1.18 billion after a slight 1.5 percent price fall in the 24-hour time frame.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Instant crypto credit lines from only 5.9% APR - unlock your crypto-weatlh tax-efficiently, without selling it. Earn up to 8%interest per year on your stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Get started now..