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The number of daily XRP transactions is on the verge of hitting an all-time high.

According to the crypto data tracker BitInfoCharts, the number of XRP transactions on the ledger hit 1.63 million on Monday, just short of an all-time high of 1.70 million.

The previous high was hit back in January of 2018, at the height of the crypto market’s last parabolic bull run.

The XRP explorer from XRPL.org shows many of the transactions are IOUs being sent across the ledger.

The XRP Ledger features a built-in decentralized exchange with an IOU system that’s designed to give people a way to trade any type of asset electronically.

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The IOU transfers have triggered speculation on Reddit that Ripple or another company is currently giving the feature a test drive.

IOU transactions are represented in the image below with green dots.

The number of XRP transactions is so great that it has accounted for more than half of all crypto transactions in the last 24 hours.

Ethereum is in second place, followed by Bitcoin and Bitcoin SV.

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