According to Ripple's Q1 2024 XRP Markets Report, the number of transactions on the XRP Ledger (XRPL) more than doubled.
According to Ripple's Q1 2024 XRP Markets Report, the number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024. The report, published on May 17, disclosed that on-chain transaction activity on the XRPL surged by 108% in Q1 2024, with approximately 251.39 million transactions recorded compared to 121.03 million in Q4 2023.
In addition to the spike in transaction volume, the average cost per transaction witnessed a significant decline of 45%, reaching approximately $0.000856. Ripple's report highlighted that this decrease in average transaction cost indicated a reset and demonstrated that no network congestion occurred during the quarter.
The report briefly addressed the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Ripple in December 2020, accusing the company's executives of conducting an unregistered security offering during the capital-raising period of XRP. Ripple responded to the SEC's request for $2 billion in remedies on April 22, strongly disagreeing with it and arguing that the law does not permit the SEC to demand disgorgement or interest on disgorgement unless harm can be proven.
Meanwhile, the distribution of XRP trading volume among cryptocurrency exchanges remained steady in the first quarter, with Binance, Bybit, and Upbit accounting for over 70% of the total traded volume. The report also noted that during Q1, the proportion of volume traded via fiat pairs dropped from 15% in Q4 to 11%, with most XRP trading occurring against Tether (USDT).
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