The XRP cryptocurrency is seeing major spikes in utility to start the month of September. Onchain transaction volume hit a 7-month high of 4.8 billion XRP, and circulation reached a 3-month high of 2.03 billion XRP. Additionally, development activity for the 5th largest cap asset in crypto is up big as well.
There are a few possible reasons for this recent spike in XRP utility. First, the SEC lawsuit against Ripple Labs was dealt with a conclusion, which could remove a major overhang on the price of XRP. Second, XRP is increasingly being used by financial institutions and other businesses for cross-border payments. Third, the XRP Ledger is undergoing a number of upgrades that are making it more scalable and efficient.
The recent spike in XRP utility is a positive sign for the long-term prospects of the cryptocurrency. If XRP can continue to gain traction in the financial industry, it could become a major player in the global payments market.
In addition to the factors mentioned above, the recent spike in XRP utility could also be due to the the increasing adoption of XRP by major exchanges and wallets.
Overall, the recent spike in XRP utility is a positive development for the cryptocurrency. It suggests that XRP is becoming more widely used and adopted, which could lead to further price appreciation in the future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, and Metaverse news!
Image Source: slavstan/123RF// Image Effects by Colorcinch
