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Ripple's XRP Ledger Sets New Daily Transaction Record, Dwarfing Bitcoin, Ethereum, and Litecoin

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  • Alex Dovbnya
    📰 News

    Ripple's daily transaction volume blasts past the 4 mln mark for the first time, significantly surpassing other top cryptocurrencies

Ripple's XRP Ledger Sets New Daily Transaction Record, Dwarfing Bitcoin, Ethereum, and Litecoin
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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On Nov. 23, the number of transactions on the XRP ledger skyrocketed to a whopping 4 mln, thus allowing the third biggest cryptocurrency to easily shatter the previous record of 1.7 mln transactions that was set in January, according to data provided by BitInfoCharts.     

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A new daily volume high

It is worth noting that XRP managed to greatly outperform other top cryptocurrencies when it comes to the daily transactions volume. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin have all failed to breach the 1 mln mark. 

During Ripple's SWELL event, the company's CEO Brad Garlinghouse claimed that 2019 was their strongest year. RippleNet, the Blockchain payment platform that runs on Ripple's software, now boasts more than 300 customers around the globe. Such big names as MoneyGram, FlashFX, and Bitso use the On-Demand Liquidity (ODL) product. Speaking of the latter, the XRP/MXN liquidity index recently hit 6.34 mln on the biggest cryptocurrency exchange in Mexico. 

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XRP's gloomy price action 

Oddly enough, this flurry of positive news didn't translate into the token's price performance. On Nov. 22, it reached $0.226, its lowest point since Nov. 22, 2017. Yes, XRP hasn't performed this badly after the peak of the previous bull run.

XRP
image by coinstats.app

At the time of writing, the token is sitting at $0.229, but crypto Twitter is already rife with bearish price predictions despite the community's enthusiasm. According to trader "DonAlt," a drop to the $0.19 level could be on the cards. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls

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    The Bitcoin price could soon touch $7,800 if bulls persist, but this move could be a short-lived one

Bitcoin Price Predicted to "Rocket Up." $7,400 Level Reclaimed by Bulls
Cover image via u.today

Popular crypto trader Wendy O recently predicted that the price of Bitcoin would "rocket up" if it managed to surge above the $7,400 level. 

Bitcoin Price
image by @CryptoWendyO

Shortly after that, the BTC price did rise above the aforementioned level, currently sitting at $7,444, according to CoinStats data

Bitcoin Price
image by coinstats.app

If the aforementioned forecast turns out to be accurate, Bitcoin traders could soon see another fakeout, which would be similar to the one that took place on Dec. 4. As reported by U.Today, BTC printed a massive green candle in less than a minute, but this unexpected pump quickly evaporated.     

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Earlier today, multiple traders predicted that Bitcoin was about to make a big move in either direction, but $7,800 seems to be the main area of interest for them. The leading cryptocurrency hasn't touch this level since Nov. 30. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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