Both the XRP Network (XRP) and the Ethereum Network (ETH) are among the most used crypto networks, considering the daily number of transactions being carried out in Ripple’s public ledger and Ethereum’s blockchain. A metric that reflects the demand for their technologies.

On August 8, data retrieved by Finbold from BitInfoCharts shows that there were close to 1.28 million daily transactions on XRP Ledger, as opposed to 1.09 million for Ethereum. Bitcoin (BTC), the leading cryptocurrency, lies far behind with circa 0.33 million transactions taking place on its blockchain.

The competition for ‘the most used network’ in the number of transactions is fierce — coming from a long date. Both XRP and Ethereum have their shining moments, but the first saw a drop in July that is now mostly recovered.

Bitcoin, Ethereum, XRP Transactions historical chart (BitInfoCharts)
Bitcoin, Ethereum, XRP Transactions historical chart. Source: BitInfoCharts

Still, according to current data, the XRP Network has done an average of 53,330 transactions per hour in the last 24 hours, while the Ethereum Network accomplished an average of 45,900 transactions per hour. The Bitcoin Network gets an average of 17,288 per hour.

Transactions volume for XRP, ETH, and BTC

However, the situation reverses for the volume being sent in the same period:

  • Bitcoin: 280,266 BTC ($8.35 billion) — 1.44% market cap
  • Ethereum: 992,507 ETH ($1,84 billion) — 0.7812% market cap
  • XRP: 749,743,000 XRP ($0.48 billion) — 1.41% market cap

Bitcoin is the leader both in US dollar (USD) volume and percentage of the market cap; while XRP loses to Ethereum in USD volume, but gets really close to BTC when weighted by market value. The 24-hour transactions volume for the XRP Ledger was gathered from Blockchair, as BitInfoCharts didn’t provide this metric.

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XRP price analysis

Meanwhile, XRP is, by press time, changing hands at the price of $0.64, registering an increase of 4.60% on the day.

XRP 1-day price chart august 9: $0.64. Source: Finbold
XRP 1-day price chart. Source: Finbold

This is a price range that has been kept since the beginning of August. On July 13, XRP saw a massive pump from $0.47 to $0.81 (+72%) but is steadily retracing to the current zone.

Taking into account a similar demand for the number of transactions, and a superior demand for transaction volume weighted by market cap, 1 XRP would be worth $2.24 if its network had the same fully diluted market capitalization as Ethereum.

All things considered, the digital asset’s ability to meet these expectations will depend on further developments related to XRP and Ethereum, as well as the general sentiment on the wider crypto and macroeconomic landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post XRP makes over 1 million transactions daily; Here’s why it matters appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.