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The XRP Ledger (XRPL) recorded a significant surge in activity with on-chain transactions shooting up by 108% in the first quarter of 2024. This spike in transactions, from 121.03 million in the last quarter of 2023 to 251.39 million, highlights a growing engagement within the XRP ecosystem. 
Simultaneously, the cost for each transaction on the XRPL experienced a sharp 45% decline, bringing the average transaction fee down to just $0.000856. This reduction in cost is indicative of the network’s efficiency improvements and the absence of congestion, as noted in Ripple’s latest quarterly <a href="https://ripple.com/insights/q1-2024-xrp-markets-report/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter" rel="nofollow noopener" target="_blank">XRP Markets Report.</a> 
<h2 class="wp-block-heading" id="ripple-played-a-major-role-in-the-crypto-market">Ripple Played a Major Role in the Crypto Market&nbsp;</h2> 
The first quarter of 2024 was filled with major crypto market activities. There was a continued interest in BTC Spot ETFs in the U.S., with huge inflows and trading volumes. Notably, BlackRock’s iShares Bitcoin Trust alone saw inflows amounting to approximately $13.9 billion. 
The quarter also witnessed a change in crypto market dynamics, with a rise in leverage use among traders. For instance, ETF-authorized participants used leverage at the CME to hedge their inventories. Similarly, projects like Ethena managed significant funds, indicating a more sophisticated trading infrastructure to support these activities. 
Related: <a href="https://www.cryptopolitan.com/xrp-price-rebounds-whales-cooling-inflation/">XRP Price Rebounds, Fueled by Whales Amid Cooling U.S. Inflation</a> 
Centralized exchange volumes peaked at levels not seen since May 2021, with a total of $2.93 trillion recorded in spot volumes during March alone. This, coupled with the surging volumes on decentralized exchanges, shows a strong interest and activity in crypto trading. 
<h2 class="wp-block-heading" id="xrp-sees-remarkable-performance-and-major-developments">XRP Sees Remarkable Performance and Major Developments</h2> 
The XRP’s trading volumes saw a notable increase with the average daily volumes in Q1 standing at $865 million, up 40% from the previous quarter. This trend was mirrored in the derivatives market, where the average daily open interest on XRP derivatives also increased. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="823" height="693" class="wp-image-527589" src="https://www.cryptopolitan.com/wp-content/uploads/2024/05/image-150.png" alt="" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/05/image-150.png 823w, https://www.cryptopolitan.com/wp-content/uploads/2024/05/image-150-300x253.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/05/image-150-768x647.png 768w" sizes="(max-width: 823px) 100vw, 823px"> 
 <figcaption class="wp-element-caption">
 Source: Ripple
 </figcaption> 
</figure> 
Several technical upgrades within the crypto industry, such as Coinbase’s initiative to enable full on-chain operations for users and Ethereum’s Dencun upgrade, have significantly lowered the entry barriers, facilitating a broader adoption of cryptocurrencies. 
The SEC’s ongoing lawsuit against Ripple over its institutional sales of XRP has seen new developments. Ripple is pushing back against the SEC’s demands for huge financial penalties. Ripple argues that the SEC’s claims are unwarranted as there is no evidence of harm caused to investors, advocating for a much lower penalty, if any. 
Also Read: <a href="https://www.cryptopolitan.com/ripple-partners-with-evmos/">Ripple Partners With Evmos to Build XRP Ledger EVM Sidechain</a> 
Globally, regulatory frameworks for cryptocurrencies continued to change, as per the report. The EU’s Markets in Crypto-Asset Regulation (MiCA) is set to introduce stringent compliance standards for stablecoin issuers. Hong Kong has also been actively trying to push out a crypto regulations bill. 
<h2 class="wp-block-heading" id="xrpl-witnessed-major-integrations">XRPL Witnessed Major Integrations</h2> 
The XRPL itself has seen some major enhancements, notably with the activation of the XLS-30 amendment, which introduced a non-custodial automated market maker (AMM) feature. According to Ripple, this addition plans to strengthen on-chain liquidity and improve trading efficiencies on the XRPL’s decentralized exchange. 
Additionally, integrations such as Axelar’s have expanded the XRPL’s capabilities, enabling it to support cross-chain functionalities and broadening its utility in the DeFi industry. Education initiatives like those from EasyA are also pivotal in bringing more developers into the XRPL ecosystem, further enhancing the ledger’s functionality and outreach. 
Overall, the uptick in on-chain transactions and the reduction in transaction costs reflect a healthy and growing ecosystem for the XRP Ledger. 
Cryptopolitan reporting by Jai Hamid

XRP Ledger On-Chain Transactions Surge 108% in Q1

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