XRP daily transaction volume hits all-time high, dwarfing Bitcoin and Ethereum

XRP transactions yesterday hit an all-time high to reach over 4 million in a single day, according to data from BitInfoCharts. The number of daily transactions was around four times greater than Bitcoin, Ethereum, and Litecoin combined.

XRP’s previous best was 1.7 million in January last year. This record is more than double that. 

The daily number of transactions for XRP has been steadily rising over the past few months. XRP has also raced ahead of its main rival for transaction volume, Ethereum. At the start of October, there were around 850,000 transactions for XRP per day, and around 700,000 daily Ethereum transactions. 

XRP took the lead towards the end of October and at the start of November, typically netting more than 1.5 million transactions per day. Ethereum stayed much the same. Last week, XRP daily transactions dipped slightly, to around 1.1 million transactions per day. 

But this week has been marked by significant growth. On Monday, daily transaction volume for XRP was 1.2 million; on Tuesday 1.9 million; on Wednesday 1.7 million; on Thursday 2.3 million; on Friday 3.35 million, and yesterday, slightly more than 4 million. Meanwhile, daily transaction volumes on Ethereum, Litecoin, and Bitcoin, have remained relatively stable. 

The spike in transactions might have something to do with XRP’s partnership with money transfer company MoneyGram, which this month pledged to step up usage of xRapid, a means of settling cross-border payments using XRP. 

Increased transaction volume has not bumped up XRP’s price. In fact XRP sunk this week to a yearly low of $0.225687.