One of the top 10 largest altcoins, Ripple‘s decentralized network XRP Ledger (XRPL), closed out 2023 with a significant increase in transactions and network activity. According to the XRP Ledger explorer and network analysis platform XRPScan, XRP Ledger reached record levels of transactions towards the end of 2023.
Daily Transaction Count Hits New Record
Data provided by XRPScan shows that daily transaction counts on the XRP Ledger reached an all-time high on December 30 with 6.8 million transactions, refreshing the record. The previous highest transaction count was recorded in November 2021 with nearly 5 million transactions per day.
The specific reason for the increase in the number of transactions on the network is unknown, but several factors are prominent. The increase in transactions is likely due to the growing utility of the XRP Ledger. Particularly, recent developments in the XRPL ecosystem could have contributed to the rapid increase in transaction numbers.
As known, on December 26, shortly after the emergence of a new project called “XRP Script” aimed at placing inscriptions on the XRP Ledger, a similar surprising jump in transaction numbers was observed. With the release of inscriptions, participants flocked to the XRPL.
Due to inscriptions, the daily transaction count on the network jumped from the usual 1.2 million to 4.11 million on December 26. Additionally, the number of new daily activated accounts also surged from around 2,200 to over 20,000.
XRPL’s Free TPS Test Succeeds
An XRPL developer, Wietse Wind, pointed out that the XRPL mainnet successfully passed the free TPS (transactions per second) test due to network congestion caused by inscriptions.
Interestingly, XRPScan discovered that a large portion of the transaction volume increase on December 26 was due to thousands of newly created accounts. This indicates that the increase in transactions and network activity on the XRPL is directly related to inscriptions.
According to CoinMarketCap data, XRP is trading at $0.6188, down 0.94% in the last 24 hours. The data indicates that the altcoin’s price has fallen by 3.11% over the last 7 days, but has risen by 0.74% over the last 30 days.
