XRP network activity is on the rise as its price consolidates

Daily XRP transactions are skyrocketing as Ripple prepares to host its annual conference, Swell.

The hype around the event has not been able to push the price of this cryptocurrency higher, but there are several fundamental reasons to be bullish about XRP moving forward.

As the most anticipated conference of the year for the XRP community approaches, the network activity is rising.

As XRP transactions were skyrocketing on Saturday, Ethereum was transacted 717,000 times while Bitcoin 305,000.

Despite the high number of daily transactions, XRP has not been able to move higher than $0.30.XRP price analysis.

After rising more than 12 percent to reach a high of $0.315 on Oct. 26, XRP moved back into the no-trade zone between $0.24 and $0.30.

The lack of buying pressure behind XRP could be related to a new complaint filed against Ripple on Aug. 5, 2019.

The complaint claims that the payment processor company broke a number of laws in the state of California by reportedly "Blurring differences between Ripple's enterprise solutions and XRP to drive demand further," and "Paying exchanges to list XRP, limiting the supply of XRP to drive demand."

Although Ripple CEO Brad Garlinghouse has limited himself to comment on the lawsuit, he maintains that XRP is not a security.

Even though the regulatory uncertainty around XRP persists since the SEC has yet to release an official statement, Ripple continues expanding.