Report: Traders move to XRP for cross-exchange transactions increase whenever ETH transaction fees surge

 

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An Xpring report on May 13 stated XRP exchanges see increased inflow/outflow volumes whenever Bitcoin and Ethereum networks are hit by surging transaction fees and congestion.

Traders move to XRP during crunch

While the sample sizes in terms of days were not specified, Xpring notes XRP cross-exchange transactions went up significantly when Ethereum — widely-used as a market on-ramp — was congested.

The report said Bitcoin fees went up by a maximum of 500 percent in the weeks leading to halving. Ethereum’s network was similarly strained. On some days in March 2020, users even faced waiting times of 44 minutes per transaction, even though fees did not increase as much:

Shae Wang of Xpring, who authored the report,…


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