Great Milestone for Ripple (XRP) in 2023: On-Chain Transaction Vol Soars

September ushered in a triumphant mood for XRP, marked by major milestones, including a spike in daily on-chain transaction volumes, a surge in single-day token circulation, and increased development activities. 

On Sept. 1, XRP recorded a 7-month high in daily transaction volumes, with a staggering 4.8 billion tokens changed wallets.

Ripple (XRP) On a High Road

This is the second-largest daily transaction volume this year, with the highest recorded in February at 5.2 billion XRP. Nevertheless, these impressive figures still fall short of XRP’s historical high, a whopping 6.99 billion XRP traded in a single day.

XRP metrics. Source: Santiment

XRP’s 7-month peak in daily transaction volumes coincided with the surge in 1-day token circulation, which reached 2.03 billion tokens. The record for 1-day XRP circulation still stands at 5.79 billion XRP, set in December 2022.

Other Areas Also Improve

There was also a substantial upswing in development activities within the XRP network towards the end of August and the dawn of September. Per Santiment, on Aug. 18, there were just about 2.52 development activities within the XRP network. By the end of August, the number of development activities had increased to 7.95. 

On Sept. 1, the number of development activities increased to 14.86, also a 7-month high. On Sept. 7, the number of development activities was about 12.48. 

According to Santiment, the dual record-breaking signals utility spikes within the XRP blockchain. However, analysts are already crediting these momentous events and the positive metrics to the recent court triumph by Ripple.

XRP 3-month price actions. Source: CoinGecko

Even as XRP continues to break records in different metrics, the token still struggles with a strong resistance at $0.500.


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