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XRP Transactions Skyrocketed at End of 2023: Here's Why

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Mon, 1/01/2024 - 10:20
XRP Transactions Skyrocketed at End of 2023: Here's Why
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XRP Ledger (XRPL), the decentralized network that powers the XRP cryptocurrency, ended 2023 with a bang, as it recorded a massive surge in transactions and activity.

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According to the XRP Ledger explorer and network analysis platform XRPScan, XRP Ledger hit record highs in transactions at the very close of 2023.

XRPScan reports that XRP Ledger (XRPL) processed an all-time high of 6.8 million transactions per day on Dec. 30. The previous high was almost 5 million transactions per day in November 2021.

The specific cause of the increase in transactions is unknown; however, several factors are likely. The rise in transactions is most likely due to the growing utility of XRP Ledger.

The recent developments in the XRPL ecosystem might have also contributed to the skyrocketing increase in transactions.

As reported, on Dec. 26, XRP Ledger saw a similar astounding jump in transactions, days after a new project, "XRP Script," emerged, intending to put inscriptions on XRP Ledger.

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The initiative began, resulting in a flood of "XRP20" inscriptions on XRPL from participants. They accomplished this by attempting to inscribe arbitrary data on XRP drops, XRP's lowest value. This was comparable to how inscriptions on the Bitcoin blockchain operated by utilizing satoshis.

Because of the inscriptions, daily network transactions increased to 4.11 million on Dec. 26 from the usual 1.2 million. In addition, the number of new daily accounts activated increased from around 2,200 to above 20,000.

Wietse Wind, an XRPL developer, pointed out that the XRPL mainnet was undergoing a free TPS (transactions per second) test due to the network congestion caused by the inscriptions.

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In an interesting twist, XRPScan discovered that a large portion of the transaction volume spike generated on Dec. 26 was driven by thousands of newly created accounts.

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