Ripple’s daily trading volume suddenly soared to 1.6 million, accounting for more than 50% of all cryptocurrency transactions

The number of daily transactions of Ripple (XRP) is booming, approaching a record high of 1.7 million.

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Daily trading volume surged to 1.6 million

According to the data of the cryptocurrency data tracker BitInfoCharts, XRP's daily transactions now account for more than 50% of all cryptocurrency transactions in the past 24 hours. Ethereum (ETH) ranked second, while Bitcoin (BTC) and BSV ranked third.

The cryptocurrency market is fascinated by the famous bull market in December 2017 when XRP's last daily transaction volume was so high.

According to the data, on October 21, XRP processed about 730,000 transactions per day, and only eight days later, the third-ranked cryptocurrency hit a record of 1.6 million transactions per day. In less than a week, more than 100% growth was achieved. Since then, XRP has been constantly refreshing its daily trading volume.

It is unclear what is causing an increase in daily trading volume, but it is almost certain that speculation will be in full swing. One of the reasons for this sudden outbreak may be the Swell event that will be held next month by Ripple. Another possible reason is Ripple's partnership with payment service provider MoneyGram, who may now be exploring new ways to use XRP.

In any case, since the cryptocurrency of Ripple seems to be breaking its record of 1.7 million transactions per day, major events behind the scenes are highly likely to happen.

XRP's current transaction price is about $0.302, which has risen 1.6% in the past 24 hours. The altcoin set the highest price for the week on October 26 and was at a weekly low of $0.262 on October 23.

Ripple joins the Blockchain Association

In October, San Francisco-based blockchain startup Ripple announced that it would join the Blockchain Association. Ripple becomes a member of the Blockchain Association and will keep the company in touch with many regulators and lobbyists working in the field. The association is a non-profit organization comprised of blockchain advocates and promotes the adoption of blockchain technology on a global scale.