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On-chain activity on the XRP Ledger (XRPL) has surged, with new account creation skyrocketing by over 500% and the number of payments doubling. However, the number of active users has sharply declined, indicating a prominent concentration of transactions among a few large participants.
According to U.Today, a virtual asset specialized media, on September 28 (local time), data compiled from the XRP Ledger dashboard showed that the number of newly created accounts surged by 535.2% to approximately 2,900. The number of active accounts also increased by 218.1% to 15,300, indicating a significant rise in network interaction among existing accounts.
Payment transaction volume and network throughput indicators also soared. The number of payments increased by 108.9% to approximately 1.2 million, driving the overall expansion of transactions. Total network transactions reached 2.4 million, a 138.7% increase, and successful transactions were tallied at 1.7 million, an 80.8% increase. The payment value surged by 894.3% to approximately 704.2 million XRP, exceeding $1 billion based on recent prices. With increased transaction processing, network fee burns also rose by 225.7% to 300.3 XRP. The number of closed ledgers increased by 288% to 20,400, but the number of transactions per ledger decreased by 38.5% to 116.47.
Conversely, there were limitations in expanding the overall participation base. The active user count plummeted by 70.6% to approximately 140,000. Despite the significant increase in transactions and payment volume, the sharp decrease in the number of unique active users suggests that the overall network ecosystem's participants did not grow, but rather a small number of highly active participants concentrated transactions.
This surge in on-chain activity coincided with a recent rebound in XRP's price. XRP bounced back from around $1.05 in late August, soared to $1.70 intraday, and is currently undergoing a consolidation phase around the $1.53 mark. Major events are scheduled, starting with a financial event with major commercial banks in Seoul, South Korea, in early October, followed by the application of protocol amendments related to delegated authority and deployment, and the annual Swell conference, all of which are supporting increased network interest.
The combination of concentrated transactions by a few large participants and anticipation for key ecosystem events is increasing the volatility of XRP Ledger's metrics. The market is keenly watching whether the surge in on-chain payment volume will lead to a genuine expansion of the network's participant base and drive a sustained rebound in XRP's price.
[Article Summary]
-New XRP Ledger accounts surged by 535.2%, and the number of payments increased by 108.9% to 1.2 million.
-Payment volume skyrocketed by 894.3% to 704.2 million XRP, but active users plummeted by 70.6%.
-Amid transaction concentration by a few large participants, XRP maintained the $1.53 level ahead of major ecosystem events in October.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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