- XRP daily transactions are skyrocketing ahead of its most anticipated conference.
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The number of daily transactions on the XRP network is reaching levels not seen since 2018. Meanwhile, Ripple is preparing to host its annual conference, Swell. Despite the hype around the event, this cryptocurrency is drifting sideways, as traders seem worried about the regulatory uncertainty surrounding XRP.
Swell by Ripple
Ripple, the company behind XRP, organizes an invite-only annual conference that brings together some of the most prominent figures in the financial services and payments sector. Dubbed Swell, the event was created to examine different trends as well as real-world issues in the remittance industry.
The conference is going to take place in Singapore on Nov. 7-8. The CEO of BKash Kamal Quadir, the Singapore Foreign Ministry Ambassador Chan Heng Chee, and the former governor at the Reserve Bank of India, Dr. Raghuram Rajan, are the keynote speakers for the summit.
As the event approaches, XRP experienced a significant spike in the number of daily transactions.
Transactions on the Rise
On Oct. 26, the number of daily transactions on the XRP ledger skyrocketed to 1.65 million, according to data from BitInfoCharts. The move represents a 100% increase compared to the number of transactions in the network a few days before. The only time XRP was this active was in early 2018. At the time, it peaked at 1.70 million daily transactions as its price retraced from an all-time high of $3.30.
The recent transaction spike was so significant that XRP decoupled from the top cryptocurrencies in terms of daily transactions.