$XRP Ledger Surpasses Ethereum ($ETH) in Daily Transaction Volume Despite SEC Lawsuit

Data from the XRP Ledger has revealed that it has been seeing over 1.2 million transactions per day since the beginning of August, surpassing the number of daily transactions seen on the second most popular network in the cryptocurrency space, Ethereum ($ETH), which has recorded 1.09 million a day.

According to data from BitInfoCharts, both networks are seeing transaction volumes significantly above those of the flagship cryptocurrency Bitcoin ($BTC) which has been seeing around 300,000 transactions per day on its blockchain.

As first reported by Finbold, XRP saw a significant decline in daily transactions seen on its network, but has since recovered from the drop and is now seeing transactions above those of the Ethereum network, making it one of the leaders in the cryptocurrency space in terms of transaction volume.

In terms of total transaction volume, it’s worth noting, Bitcoin is ahead with over $8.35 billion moved in July, while Ethereum moved $1.8 billion billion and XRP moved nearly $500 million. As CryptoGlobe reported, XRP has seen its market capitalization drop by nearly $10 billion from its peak this year, which was seen shortly after Judge Analisa Torres ruled the cryptocurrency isn’t necessarily a security.

The ruling saw numerous cryptocurrency trading platforms relist the token, including Coinbase, Kraken, and Gemini.

XRP’s price decline is likely a result of recent criticism from U.S. District Judge Jed Rakoff of the Southern District of New York, which contested Judge Torres’ differentiation between institutional sales and sales to retail investors on cryptocurrency exchanges.

XRP was relisted on a number of cryptocurrency exchanges after Judge Torres’ ruling, including on Kraken, Coinbase, and Gemini, which helped its liquidity surge.

Featured image via Pixabay.