XRP Soars: September Highlights

Martin Walker
Sep 7, 2023 at 01:25 pm

Ripple's XRP is currently on a trajectory of notable expansion when it comes to its overall on-chain transaction volume.

The month of September has ushered in a sense of triumph and jubilation for XRP enthusiasts, marked by several remarkable milestones. These include a considerable surge in daily on-chain transaction volumes, an impressive upswing in the circulation of tokens within a single day, and a noticeable uptick in development activities within the ecosystem.

Notably, on September 1st, XRP reached a peak unseen in the past seven months in terms of daily transaction volumes, with an astonishing 4.8 billion tokens changing hands between various wallets. This achievement represents the second-highest daily transaction volume recorded this year, with the peak being noted back in February at 5.2 billion XRP. It's worth noting, however, that despite these impressive figures, they still fall short of XRP's historical zenith, which saw a staggering 6.99 billion XRP traded in a single day.

XRP metrics. Source: SantimentXRP metrics. Source: Santiment  

The peak in daily transaction volumes for XRP coincided with a remarkable surge in one-day token circulation, with a total of 2.03 billion tokens being actively in circulation. It's worth mentioning that the all-time record for one-day XRP circulation remains at a staggering 5.79 billion XRP, a milestone achieved in December 2022.

Advancements in Other Aspects Also Emerge

In addition to these noteworthy achievements, there has been a noticeable upswing in development activities within the XRP network towards the end of August and the onset of September. According to data from Santiment, on August 18th, there were only approximately 2.52 development activities recorded within the XRP network. However, by the close of August, this number had surged significantly to 7.95.

The momentum carried into September 1st, with the number of development activities reaching an impressive 14.86, marking yet another seven-month high. As of September 7th, the number of development activities remained robust at approximately 12.48.

Santiment's analysis suggests that these record-breaking developments indicate a substantial increase in utility within the XRP blockchain. Analysts are quick to attribute these significant events and positive metrics to Ripple's recent legal victory, which has undoubtedly injected renewed enthusiasm into the XRP ecosystem.

XRP 3-month price actions. Source: CoinGeckoXRP 3-month price actions. Source: CoinGecko  

However, it's worth noting that despite XRP's impressive performance across various metrics, the token still encounters a formidable resistance level at the $0.500 mark.

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