Activity on the XRP Ledger, XRP's native network, has surged substantially over the past few months, spurred by growing adoption and bullish macroeconomic factors.With XRP and Ripple incessantly in the spotlight, the XRPL network has benefited from the renewed traction. This growing adoption has seen the activities on the blockchain surge extensively since the start of last year.Recent data brought forward by senior software engineer at RippleX, Mayukha Vadari, has identified the upward trajectory in the activities on the XRPL network. The chart shows an impressive 24% growth in accounts on the blockchain and surging trustlines.XRPL Ledger Benefits from Growing TractionA chart accompanying Vadaris chart further highlights the growing adoption evident in the XRPL network. It identified two metrics that have been on the rise in the Ledger since the start of last year: accounts and trustlines.Per the chart, accounts on the XRP Ledger surged over 24% from their value in January 2024. Starting off at approximately 5 million, the number of accounts on the Ripple-affiliated blockchain has maintained a steady growth pace, nearing 6.2 million this month.XRP Ledger Activity Over TimeThis notable growth highlights the network's spreading adoption and utility. Recall that the account reserve on the XRP Ledger dropped 90% from 10 XRP to 1 XRP in December, a factor that also contributed to the increased user deployment on the blockchain.Meanwhile, the XRPL trustline, a feature that allows users determine which assets they are willing to hold in their accounts, has also surged alongside the number of accounts. Catalysts for Growing AdoptionA few factors have contributed to XRP Ledgers surging utility, including XRPs blossoming price and institutional traction. For context, XRP surged over 500% in November following Donald Trumps win.The bullish momentum continued until January, when XRP recorded its highest close in history. While prices have retreated considerably, the adoption of the XRPL network has not slowed down. Also, the rise in meme coin activity has been a major contributor to the spike in XRPL accounts and trustlines.Furthermore, institutional traction towards the XRP ecosystem has grown following increasing chances of regulatory clarity after years of litigation with the US Securities and Exchange Commission (SEC). This heightening optimism has seen exchange-traded fund (ETF) applications from multiple asset managers, further boosting XRP and the XRP Ledger.Other bullish developments, like the official launch of the Ripple USD (RLUSD) stablecoin and strategic partnerships between Ripple and major financial institutions, have contributed immensely to the growing XRP Ledger activities.
WE AND OUR PARTNERS USE COOKIES ON THIS SITE TO IMPROVE OUR SERVICE, PERFORM ANALYTICS, PERSONALIZE ADVERTISING, MEASURE ADVERTISING PERFORMANCE, AND REMEMBER WEBSITE PREFERENCES.
By using this website, you automatically accept that we use cookies.
To learn more about use of cookies see our Privacy Policy. Learn More.
