XRP Saw 819 Transactions Worth At Least $280,000 a Day Despite Recent Ghost Chain Claims

Despite recent claims from Litecoin proponents that the XRPL barely sees any significant XRP transactions, data shows massive daily volume. XRP has always been at the center of criticism from various corners of the crypto community. The earliest pushback came from the Bitcoin camp, while more recent attacks have emerged from Chainlink advocates, who claim their project enjoys stronger real-world adoption and could eventually surpass XRP in market rankings. Interestingly, the Litecoin community appears to have also taken a recent interest in this trend. Specifically, the official Litecoin X account, managed by an intern, recently took a straightforward jab at XRP. Notably, it claimed that the hype surrounding XRP is "cosmic delusion," and referred to Ripple CEO as "Brad Garlicmouse." Expectedly, the XRP Army responded to the criticism, leading to a broader clash between both communities. Meanwhile, in what appears to have been a miscalculated attack, one Litecoin proponent suggested that while Litecoin boasts real-world utility, he has never seen a real-life transaction on the XRP Ledger. This claim received massive pushback from the XRP camp, who highlighted on-chain analytics to debunk it. In response, the Litecoin advocate argued that while the XRP might be seeing multiple daily transactions, most of them are worth fractions of a penny. XRPL Seeing Multiple Large-Value Transactions However, XRPScan, an XRPL explorer, replied to this with data indicating that the network saw up to 3,356 transactions worth at least $28,000 on Sept. 1 alone, with some transactions worth over $560,000. This translates to at least $94 million from these transactions alone. https://twitter.com/xrpscan/status/1962930790427463799 Meanwhile, an independent analysis carried out by The Crypto Basic through XRPScan's Console resource shows even more impressive metrics. Specifically, on-chain data shows that the XRPL saw 4,723 transactions worth at least 5,000 XRP ($14,000) yesterday, Sept. 2, alone. 

Moreover, there were 2,145 transactions worth 20,000 XRP ($56,000) and above on the same day. These transactions alone accounted for at least $120 million worth of value moved on the XRPL yesterday.  However, a more interesting feat involved 819 transactions worth 100,000 XRP ($280,000) on the same day. For context, the cumulative worth of these transactions was at least $229.3 million. Notably, this was not a one-off milestone, as similar transactions worth $280,000 and above hit 734 on Sept. 1 and 832 on Aug. 27, a week ago.

XRP Also Beats Litecoin in Transaction and Trade Volumes These metrics confirm that the XRP Ledger boasts multiple large-value transactions, as opposed to recent claims. Further data from XRPScan also reveals that payment transactions on the XRPL range from 700,000 to 1.1 million each day, with values ranging from $300 million to over $1 billion.

In contrast, the Litecoin network typically sees between 175,000 and 200,000 transactions each day, much lower than what the XRPL records within the same timeframe. 

However, it is important to note that these metrics refer to on-chain payment transactions carried out on the networks themselves, and not trading activity on centralized and decentralized exchanges. When it comes to trading volume, there is a much larger gap. Specifically, XRP currently boasts a 24-hour volume of $6.8 billion, according to CoinMarketCap, the seventh-largest in the market. Meanwhile, Litecoin only has a volume of $568.8 million, ranking 31st.