The number of on-chain Ripple (XRP) transactions on the XRPL is down 65% from 2.5 million on March 19 to less than 900,000 on May 14, 2023.
XRP Transactions Crashing
As of May 14, 2023, 852,000 transactions were processed by the XRPL, a decentralized blockchain network by Ripple Labs curated for fast value transfer. This represents a 65% drop from March 19 peak when the total number of transactions on the XRPL stood at over 2.5 million.
Notably, there has been no solid technical reason, such as blockchain or node vulnerability in the XRPL, during this period to explain the contraction in transaction count.
However, what’s evident is that the crypto market has been under pressure in the last two months from March to May 2023. This might have contributed to the drop in the number of on-chain transactions.
On March 29, XRP prices peaked at around $0.58. This was 10 days after the XRP transaction count surged to the highest level on March 19. From the second half of March, however, tra
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