The XRP Ledger recorded a 1,300% increase in payment volume over 24 hours, jumping from 295.67 million XRP to 4.11 billion XRP, according to blockchain analytics platform XRPScan data reported Sunday.
The surge has drawn attention from cryptocurrency analysts and investors as Ripple, the company behind XRP Ledger, expands global partnerships and resolves regulatory challenges.
Crypto analyst @Xaif_Crypto first highlighted the transaction spike on social media platform X, sharing data that showed the dramatic increase in network activity.
The XRP Ledger facilitates cross-border payments designed to be faster and cheaper than traditional banking systems.
Ripple Expands Middle East Presence
The volume increase follows Ripple’s May 19 announcement of partnerships with major UAE banks, including Zand Bank and Mamo, to integrate XRP into regional payment infrastructure.
Reece Merrick, Ripple‘s managing director for the Middle East and Africa, said the collaborations address challenges including high costs and delayed settlements in cross-border payments. Internal Ripple research shows 64% of financial decision-makers in the UAE prioritize transaction speed.
SEC Settlement Pending
Ripple and the Securities and Exchange Commission filed a joint motion June 13 to release $125 million from escrow to settle a years-long legal dispute.
The agreement allocates $50 million to the SEC as a civil penalty, with $75 million returned to Ripple pending court approval.
The settlement would end a 4.5-year litigation period that created regulatory uncertainty around XRP’s status.
Price Remains Steady Despite Volume
XRP traded at approximately $2.15 as of Sunday, representing a modest 3-cent increase despite the transaction surge. The disconnect between volume and price suggests supply dynamics or market sentiment have not aligned to drive significant appreciation.
Blockchain analysts note the volume spike could reflect increased network utility, particularly as traders speculate about potential approval of an XRP exchange-traded fund. However, some analysts caution that short-term volume increases don’t always translate to sustained price growth.
The XRP Ledger maintains average transaction speeds of 3-5 seconds, supporting its capacity for high-volume activity. Whether the surge represents a sustained trend or temporary anomaly remains unclear as Ripple continues expanding its global presence.
Join our Telegram Channel