The XRP Ledger (XRPL) is a layer-1 blockchain created by Ripple [XRP] that serves as a worldwide payments network for large banks and financial institutions. Its trading activity has increased significantly during the last month. According to XRP Scan, the number of new accounts activated, a solid measure of network growth, just reached a three-month high of 3,383 on March 29.
Furthermore, since mid-March, the blockchain has completed an average of more than 1.4 million transactions per day, including a 16-month record of 2.236 million on March 19.
Ripple Labs is planning a new technology upgrade to address scalability difficulties that may arise in the future, in anticipation of greater expansion.
Ripple announced the availability of XRPL sidechains functionality for testing and beginning application development on a new devnet. Ripple has requested that the developer community test the new design and provide input on features, bugs, and other network issues.
The Ripple ecosystem has been developing its vision of federated sidechains, which would allow developers to customize the XRP Ledger (XRPL) to their own use case requirements.
Ripple has launched an Ethereum Virtual Machine (EVM) sidechain on devnet to allow existing Solidity-based smart contracts created on EVM-compatible chains to be transferred to the XRPL.
Hooks, a native smart contract-like functionality, was also revealed in response to popular demand. These minor pieces of code will add to the programmability of XRPL.
XRP reacted favourably to this news, rising 1.3% to $0.544 at press time, according to CoinMarketCap. The coin is in the midst of a bullish wave, having increased by 24% in the last week and by 40% in the last month.
According to Santiment data, huge addresses were on an XRP accumulating spree in March. The number of addresses holding 1,000 to 10 million bitcoin has drastically increased.
This group of investors’ accumulation is a solid sign of a coin’s current optimistic feelings.
XRP’s social volume increased steadily throughout March, reaching a one-month high on March 29, implying that the crypto community was taking notice of XRP’s progress.
XRP also saw tremendous interest in the futures market, with the Open Interest (OI) reaching roughly $730 million at press time, marking a 38% weekly increase, according to Coinglass statistics.