According to the data provided by monitoring resource BitInfoCharts, XRP's daily transactions account for 50% of all crypto transactions carried out over the last 24 hours.
This figure has been very close to 1.7 million, almost reaching an all-time high for the token developed by Ripple.
The second currency with the highest number of transactions is ethereum, followed by bitcoin and Bitcoin SV.
The last time the crypto's transaction volume hit this level was during the market rally in December 2017, when bitcoin reached $20,000.
XRP was processing about 730,000 daily transactions on October 21. However, just eight days later, the third largest cryptocurrency by market cap processed more than 1.6 million transactions per day, representing an increase of almost 120% in less than a week.
It is still unknown what is fueling this sharp increase, but some experts believe it is related to Ripple’s forthcoming Swell event next month. Others believe this is due to Ripple’s partnership with MoneyGram, which has recently announced it is exploring new ways to use XRP.
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