Processing power is the price point of blockchain. It attracts investors and traders to use the network and look for profit opportunities. Blockchains that are scalable and can handle a higher number of transactions continue to grow over the years. Bitcoin and Ethereum are the pioneer networks and of course, there will be an advantage from there. However, Ripple has surpassed even the “big brothers” in this area.
As reported by CryptoCompare recently, Ripple has had a significantly higher number of transactions since April 2021. The number of transactions peaked in June as the rest of the market was recovering from the crash of May.
While Bitcoin recorded 7.52 million transactions during the month of June, ETH reached a nearly 4 times higher number of transactions, up to 29.7 million. But XRP even outstrips these two networks with 40.3 million transactions.
What is surprising, however, is that at the time of writing, Ethereum is processing the same number of transactions as Ripple, even at times overtaking. The successful Merge event on the Sepolia testnet in early July triggered this increase.
Even so, Ethereum and Bitcoin still outperform Ripple when it comes to transaction fees. Ethereum recorded more than half a billion dollars in fees in April but decreased since then and only $200 million in June. Bitcoin, on the other hand, recorded $11.5 million in fees and XRP collected only $16,142 in fees last month.
Fees down 40% month over month make Ripple a much more viable blockchain than the big brothers.
On the other hand, the price chart shows that XRP is not doing well after falling continuously for over a year now and is currently hovering around an 18-month low.
At the same time, the case between the SEC and Ripple is currently not making any significant progress. The most recent development was that the SEC filed a new, multi-opinion motion to exclude or limit expert testimony. Ripple accepted the offer on a similar condition and has yet to make another update.
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