Ripple Transaction Volume Decreasing

Fluctuation in the cryptocurrency markets caused the monthly transaction volume of Ripple (XRP) to fall to its lowest level in history. Towards the end of March, the transaction volume on the XRP Ledger decreased by 65% compared to February, dropping to 12 billion XRP. A Record Was Broken in January This decrease occurred right after the monthly transaction volume hit a record high in January. Despite a malicious attempt on Bitfinex on January 14, the record was broken. The monthly transaction volume of XRPL had fallen to less than 12 billion XRP, last seen before 2020. The low transaction volume in March occurred despite an increase in daily new address count on the blockchain. User activity showed a 68% increase in daily unique address count created since the beginning of the month. Transaction Fees Increased Transaction fees also increased with the rising demand from new users. As of March 7, […]

Ripple Transaction Volume Decreasing

Fluctuation in the cryptocurrency markets caused the monthly transaction volume of Ripple (XRP) to fall to its lowest level in history. Towards the end of March, the transaction volume on the XRP Ledger decreased by 65% compared to February, dropping to 12 billion XRP.

A Record Was Broken in January

This decrease occurred right after the monthly transaction volume hit a record high in January. Despite a malicious attempt on Bitfinex on January 14, the record was broken. The monthly transaction volume of XRPL had fallen to less than 12 billion XRP, last seen before 2020.

The low transaction volume in March occurred despite an increase in daily new address count on the blockchain. User activity showed a 68% increase in daily unique address count created since the beginning of the month.

Transaction Fees Increased

Transaction fees also increased with the rising demand from new users. As of March 7, the average transaction fee increased by 131% compared to the beginning of the year, reaching 0.0037 XRP.

However, despite an influx of new users throughout the month, daily transaction count remained low. On March 7, the daily transaction count reached its lowest level of the year. The daily volume in the futures market experienced a 6% decrease after reaching its highest level in five months on March 12, and a decrease in open positions was also observed.

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