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Cryptocurrency markets have shown that the monthly transaction volume on XRP Ledger (XRPL) has fallen to its lowest level in recent years following the volatility in Ripple (XRP) value. With less than ten days to the end of March, the total value of XRP transactions on the open-source and decentralized blockchain has dropped by 65% to 12 billion XRP, compared to the 34 billion XRP recorded in February.
Ripple Network Transaction Volume Increases
The decline followed the network’s record of the highest monthly transaction volume of 691 billion XRP in January. This milestone in the cryptocurrency occurred despite a malicious attempt on January 14 to transfer 25.6 billion XRP tokens to the Bitfinex cryptocurrency exchange. According to data tracked by The Block, the last time XRPL’s monthly transaction volume fell below 12 billion XRP was before 2020.
The low transaction volume recorded on XRPL since the beginning of March occurred despite an increase in the number of new addresses created daily on the blockchain. User activity on XRPL, tracked by The Block using a seven-day moving average, shows a 68% increase in the daily number of unique addresses appearing in a transaction since the beginning of the month.
Negative Sentiment on XRPL
As new demand increased, transaction fees also rose. As of March 7, the average transaction fee on XRPL reached 0.0037 XRP, the highest level since the beginning of the year, representing a 131% increase from the 0.0016 XRP collected as the average transaction fee on January 1.
However, while the network recorded an influx of new users throughout the month, the daily number of transactions remained significantly low. On March 7, the daily number of transactions on XRPL fell to its lowest level of the year at 686,000. According to the data obtained, after reaching the highest level in five months at 1.09 billion dollars on March 12, the daily transaction volume in the token’s futures market began to decline and has since fallen by 6%. This period was marked by a corresponding decrease in open positions, which could indicate an increase in the number of transactions made daily.
