• XRP Ledger transactions hit 5 million on July 19
• XRP price surged 20% in the past week
• Micropayments drive transaction volume
• Active and new account numbers remain stable

XRP Ledger Hits Record Transaction Count

As ambcrypto reported, On July 19, the XRP Ledger (XRPL) experienced a remarkable spike in activity, with transaction counts approaching the 5 million mark. This figure, not seen since January 2024, marks a substantial increase from the less than 1 million transactions recorded at the end of June. This surge has largely been attributed to a rise in micropayments, reflecting increased usage among existing users.

XRP Price Rallies Amidst Transaction Surge

Alongside this transactional growth, XRP has seen a significant price uptick. Over the past week, the cryptocurrency’s value has climbed by 20%, making it one of the top performers in the crypto market. This price increase is noteworthy as it coincides with the uptick in transaction volume on the XRPL, suggesting a strong correlation between usage and value.

Despite this increased transaction activity, the number of active accounts and new account creations on the XRPL has remained relatively stable. This stability indicates that the recent boost in activity is primarily driven by existing users rather than an influx of new participants. This trend underscores the loyalty and engagement of the current XRP user base.

A Strong Quarter for XRPL

This period of heightened activity and price surge follows a robust first quarter for XRPL. The network reported a yearly high in quarterly revenue, reaching $205,000. This strong financial performance set the stage for the recent growth, highlighting the network’s ongoing development and adoption.

The increased transaction volume and price appreciation of XRP are promising indicators for the future. As the network continues to attract and retain users, its role in the cryptocurrency ecosystem looks poised to expand further.