The number of daily transactions on the XRP network has increased significantly in the last week, reaching 2018 levels. Meanwhile, Ripple is preparing to host its annual conference, Swell.
Despite the increase in the number of transactions, the price of cryptocurrency remains relatively constant, around $ 0.30.
Most transactions among all networks
On October 26, the number of daily transactions on the XRP blockchain amounted to 1.65 million, according to BitInfoCharts data. This represents a 100% increase over the number of network transactions a few days before.
By comparison, the number of daily transactions in the Ethereum network was 717,000 transactions, while Bitcoin ranked third with 305,000 daily transactions. The next top blockchains were Bitcoin Cash and Litecoin, with 62,000 and 22,000 daily transactions respectively.
Similar values for the XRP network were recorded at the beginning of 2018, when the maximum of 1.70 million daily transactions was recorded. At that time, the XRP price had reached a maximum of $ 3.30.
Analysts believe that this increase in activity is due to the closure of the Swell conference organized by Ripple.
Swell by Ripple conference
Ripple, the company behind XRP, is organizing an annual conference that brings together some of the most prominent figures in the financial services and payments sector. Named Swell, the event was created to look at different trends, as well as real-world issues in the blockchain industry.
The conference will be held in Singapore on November 7-8. Guests included BKash Kamal Quadir, Singapore Foreign Ministry Ambassador Chan Heng Chee and former Governor of the Federal Reserve Bank of India, Dr. Raghuram Rajan.
The XRP price remains constant
Despite the increase in the number of transactions, the XRP price remains constant in the last week, fluctuating slightly around $ 0.30.
The reason for the lack of enthusiasm may be the regulatory uncertainty. The status of XRP is still unclear, with the possibility that this cryptocurrency may be considered a security by the SEC.
Brad Garlinghouse, Ripple’s general manager, revealed that he spends about 25% of his time engaging in discussions with global regulatory authorities. It remains to be seen whether Garlinghouse’s influence is significant enough to grant XRP a “non-security” status and whether Swell will have a positive impact on this cryptocurrency.