Journalist
Posted:
- The XRP Ledger has seen increased demand in recent days.
- This has pushed the number of daily transactions on the network to the highest level since January.
The XRP ledger [XRPL] has witnessed an increase in daily transaction volume, reaching the highest level since early 2023.
According to data from The block dashboardthe daily number of transactions on the XRPL has been steadily increasing since December 24, peaking at a peak of 1,000,000 transactions on December 29.
Over the five days, trades expect XRPL to rise 287%.
Source: Het Blok
This increase comes amid a corresponding increase in user activity and new demand for the network, AMBCrypto found.
On December 28, the number of unique addresses active on the XRPL reached 33,000, the highest in a single month.
The daily number of unique addresses on the XRPL also started an upward trend on December 23, rising by almost 50% in the five days that followed.
Likewise, new demand for the XRPL is at a multi-month high at the time of writing.
On December 28, the number of unique addresses that first appeared in a transaction on the ledger was 7,000, a 253% increase from the 1,840 new addresses the network recorded on December 23.
Most XRP holders make a profit
At the time of writing, XRP was exchanging hands at $0.62, according to data from CoinMarketCap. While the altcoin’s price is down 10% from its December 9 high of $0.69, daily XRP trades continue to generate profits.
A review of the token’s ratio of daily trades in volume, profit and loss showed that for every XRP trade that produced a loss in the past month, 1.61 trades ended in profit.
Additionally, the Market Value to Realized Value Ratio (MVRV), which tracks the ratio between the current market price of the asset and the average price of each acquired coin or token of that asset, was 66% at the time of writing.
Realistic or not, here is the market cap of XRP in BTC terms
This showed that if all XRP holders sold their tokens at press time, they would realize at least a 66% profit on their investments.
Source: Santiment
According to data from SantimentOf the token’s total supply of 99.98 billion XRP, 87.21 billion XRP is held in profit at the time of the report.
