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Surprisingly strong usage of XRP
With a significant increase in trading volume, the number of payments, and the value transferred, XRP Ledger reports a substantial rise in on-chain activity, with the number of newly created accounts increasing by 535.2%. These figures indicate that this may be one of the strongest growth phases for the network in recent times.
The latest online activity dashboard shows that the number of newly created XRP Ledger accounts increased by 535.2% to 2,900; the number of active accounts increased by 218.1% to 15,300. On the other hand, the number of active users decreased by 70.6% to 140,000. This indicates that although new wallets are being created and the activity of existing accounts is also on the rise, the number of independent users who conduct regular transactions has decreased during the same period.
Trading indicators also show similarly notable changes. Successful transactions increased by 80.8%, to 1.7 million; the total number of transactions grew by 138.7%, to 2.4 million.
Among them, the number of payments increased by 108.9% to 1.2 million transactions. The throughput of ledgers also improved significantly, with the number of closed ledgers increasing by 288% to 20,400, while the average number of transactions per ledger decreased by 38.5% to 116.47 transactions. This pattern is consistent with faster ledger closure times, which involves distributing the same or higher transaction loads across more, but smaller batches.
Comprehensive Growth
The interval between ledgers remained essentially unchanged, with only a slight increase of 0.1% to 389 seconds. The value of transfers across the entire network also saw a significant rise. The volume of payments increased by 894.3% to approximately 704.2 million XRP; meanwhile, the number of XRP destroyed as network transaction fees increased by 225.7% to 300.3 XRP.
The report indicates that this is a result of the increase in transaction throughput, as each transaction on XRP Ledger destroys a small portion of the transaction fees. This surge in activity coincides with a renewed strengthening in the trend of XRP.
XRP / USD showed a clear reversal in late August. Prior to that, it had been in a continuous downward trend for most of the second and third quarters. Subsequently, the price rose from around $1.05 to nearly $1.70 during trading, before entering a consolidation phase. After reaching a high of around $1.65, the price once again managed to stay above key moving averages and has recently been trading around $1.53.
Overall, the increase in new accounts, payment volume, and the destruction of transaction fees indicates a significant rise in network usage; however, the decline in the number of active users also suggests that this growth may be concentrated among a smaller group of users who are much more active, rather than representing a broader expansion of the user base.
