Breaking Records: XRPL Reports A 108% Spike In On-Chain Transactions For Q1 2024

According to Ripple’s latest XRP market report, the XRP Ledger (XRPL) experienced more than double the number of transactions in the first quarter of 2024 compared to the previous quarter, with transaction costs significantly reduced.

The report, released on May 17, reveals that on-chain transaction activity on the XRPL surged by 108% in Q1 2024, reaching around 251.39 million transactions, up from 121.03 million in Q4 2023.

Moreover, the average transaction cost dropped by 45%, falling to approximately $0.000856.

The report states, “This decrease in average transaction cost indicates a network reset and absence of congestion during the quarter.”

The average cost per transaction on the XRPL decreased by 45% in the first quarter of 2024, according to Ripple.

In the first quarter of the year, the distribution of XRP trading volume across cryptocurrency exchanges remained consistent, with Binance, Bybit, and Upbit together representing over 70% of the total volume.

XRPL Trading Shifts Amid SEC Lawsuit

During the first quarter, regular money pairs trading decreased from 15% to 11%. Right now, most of the trading for XRP happens with Tether.

The report also discussed the current lawsuit with the United States Securities and Exchange Commission (SEC). The SEC filed this lawsuit in December 2020, saying the executives conducted an initial public offering (IPO) of XRP. The SEC claims this IPO was an unregistered security when they raised money.

On April 22, Ripple said no to the SEC’s ask for $2 billion in fixes, saying they don’t agree. They argued that the law doesn’t let the SEC ask for money back or interest on it unless they show someone got hurt.

“Next, both sides will wait for the Judge to decide what to do, probably in the next few months,” Ripple said.

“Ripple believes the Judge will handle the next steps fairly,” it added.

Related Reading | Kraken Weighs Delisting Tether’s USDT Amid Upcoming EU Crypto Regulations

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

Comments (No)

Leave a Reply