XRP, the sixth largest cryptocurrency by market capitalization, has seen an interesting trend in its transaction activity, despite a few notable declines in other metrics. A recent analysis by a CryptoQuant analyst, Wenry, sheds light on key trends within the XRP ecosystem, offering insights into the activity happening behind the scenes. The analyst particularly revealed where XRP transactions are used by category activity. Related Reading: XRP Price Stays Range-Bound: Will It Soon Make a Move? XRP Transactions: Decline in NFT Activity And Rise in DEX Volume According to Wenry, XRP’s daily transaction volume has been “competitive with major Layer 1 networks,” showing that XRP’s Ledger remains highly active, even though it is less known to retail investors than other blockchain networks. In his analysis posted on the CryptoQuant QuickTake platform, Wenry highlighted that between September 15 and October 15, 2023, the creation of new wallets on the XRP Ledger increased by 10.39%, reaching a total of 18,321 new accounts. However, total transactions on the network fell by 17.57% to 18.82 million, and payments dropped by 26.16% to 6.81 million. Despite these declines, the number o ..
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