It’s not all about the prices in the crypto space, and this is one thing that not every crypto enthusiast understands.
The crypto prices are not the only thing that matters; there are also other essential elements to look for in the crypto space, such as the developments and adoption of the blockchain technology and the mainstream adoption of digital currencies as well, among others.
Now, it’s been revealed that Ripple’s crypto XRP managed to score a great success these days, despite the falling price.
XRP number of transactions skyrockets to the moon
BitInfo charts reveal that transactions on XRP skyrocketed to an all-time high of 3.53 million this Friday. The number surpassed the previous high of 1.70 million, which was set back in January.
The transactions are also ahead of BTC, ETH, BCH, and LTC.
The online publication the Daily Hodl noted that prominent data analyst and Forbes contributor Thomas Silkjær, explained that the XRP Ledger is bombarded with payments that are not serving any other purpose other than to spam the network.
“The XRPL is currently processing roughly 90 transactions per second while being ‘under attack’ by countless payments serving no purpose, other than burning fees.The minimum fee has increased by two drops (or ~USD 0,000045).”
One person might be sending massive numbers of IOUs
He also said that he believes one person sends massive amounts of IOUs across the ledger.
The XRP Ledger features a built-in decentralized exchange with an IOU system that is designed to offer people a way to trade any type of asset electronically.
He also said that whoever sends these transfers, has spent 40,000 XRP worth about $9,200 in the process.
“Somebody has spent 40K+ XRP to activate more than 2000 accounts, that is slowly burning away all the account reserve by sending non-XRP payment transactions,” he said.
The XRPL is currently processing roughly 90 transactions per second while being "under attack" by countless payments serving no purpose, other than burning fees. The minimum fee has increased by 2 drops (or ~USD 0,000045).
— Thomas Silkjær (@Silkjaer) November 22, 2019
It’s also worth noting that you can track transactions on the ledger in real-time via the XRP Ledger Livenet here.
