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XRP Ledger Payment Volume is really high


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The Ripple Consensus Ledger / blockchain can be used for different purposes. It can be used to keep track of each ones XRP (similar to any cryptocoin ledger like BTC) but it can also be used to track

Does it mean $141B worth of US dollars has been transferred via XRP in the last 24 hours? I remember this number hovering around $1B in the previous months.. Maybe @Hodor or someone else could ex

The toddler factor: When a tired parent hands over the Ipad to bribe the screaming toddler, not remembering that the beta version of internal payment system of the parents employer is running in the b

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14 minutes ago, Plikk said:

What does this mean? Please enlighten me

From my understanding, on ledger volume is a measure of the transactional volume that's occurring on the XRP ledger and thus being facilitated by XRP. Another way of saying it is that 1 XRP needs to be worth x amount in order to facilitate x amount of payments volume, in today's case $162B. On-chain volume is a proxy for the size of the economy being facilitated by XRP's use case. In this case I believe we could say that, XRP has facilitated $162B worth of transactions in the last 24 hours.

This is different than exchange volume, which is off-chain and is for pure speculation. The tokens traded on exchanges (i.e. off-chain) must be taken out of the total XRP supply since those tokens are not available to facilitate the on-chain transactions, discussed in the paragraph above.

Edit: Please feel free to correct me or add to if you feel I have left something out or totally whiffed on the explanation. 

Edit: Regardless, this is huge news as it basically means that the size of the XRP economy is now $162B (up from what is was before) and the price of all XRP available in the float must be such that it can support this $162B

Edited by Mpolnet
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37 minutes ago, kudlajz said:

Does it mean $141B worth of US dollars has been transferred via XRP in the last 24 hours? I remember this number hovering around $1B in the previous months..

Maybe @Hodor or someone else could explain this to me (us).. :D

Source: https://xrpcharts.ripple.com/#/

Whatever the reason, these are some very very big numbers.  I'd defer to somebody like a dev that's actually contributed code to XRPCharts.. 

Maybe if @jaesharp can comment we might understand a bit more.  He's been out of the loop on XRPCharts for a while though, so I'm not sure if even he knows the answer. 

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It's the highest volume I have seen.  If it only happens on one day then it just means that a lot of XRP was moved during that 24 hours (could be purchases, could just be wallet to wallet).  If it happens repeatedly, then someone is using xRapid. 

If memory serves, it wasn't that high even on the day that the escrow was completed.

Edited by Tyrell
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I checked this morning UK time and I’m fairly sure the payment volume was about 3Bn XRP (I look at XRP, and not any particular currency). I’ll see if I can find a graph. My memory could be wrong but that’s a hell of a spike since this morning. Payment volume always DWARFS exchange volume. My memory could be wrong however I would have noticed 160+ Bn!! 

Great post, thank you! 

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13 minutes ago, DangerMouse said:

If you click on the 'XRP Ledger Payment Volume' tab most of the volume seems to be attributed to Mr Ripple (exchange)?

Yes thank you. I see it’s showing 7 payments totalling almost exactly 10,000,000 BTC!

Mr Ripple was 64% of total volume with transactions worth 64.4 Bn XRP. Blimey!! 

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Well, Mr Ripple is one of the big Japanese exchanges. They trade a lot of IOUs for different cryptos, e.g. XLM, LTC etc. as well as JPY.

Given the xRapid is meant to source liquidity from local exchanges, and with all the SBI stuff happening... could there be a link there? I would have thought that the SBI VC thingy would be more like a competitor to Mr Ripple, but I don't know the specifics.

EDIT: Well, the JPY/XRP trade volume on the ledger is actually looking pretty thin... so I'm probably way off the mark with above thoughts.

-Matt

Edited by hammertoe
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