- 251.39 million on-chain transactions were registered by the XRP Ledger in the first quarter of 2024, up almost 108% from the same period in 2023.
According to Ripple’s Q1 2024 XRP Markets Report, the number of transactions on the XRP Ledger (XRPL) nearly doubled and the average transaction cost nearly halved between the end of the first quarter and the fourth quarter of 2023.
According to the data released on May 17, there was a 108% rise in XRPL on-chain transaction activity during Q1 of 2024, with about 251.39 million recorded, compared to 121.03 million in Q4 of 2023.
Furthermore, the average transaction cost decreased by 45% to roughly $0.000856.
According to the research, this meant that there was no network congestion during the quarter, as seen by the decline in the average cost per transaction.
As for the distribution of XRP trading volume among cryptocurrency exchanges, it remained stable during the first quarter, with more than 70% of the total traded volume coming from Binance, Bybit, and Upbit.
It was also noted that, from 15% in Q4 to 11% in Q1, the percentage of volume traded using fiat pairs decreased in Q1. The majority of XRP trade currently takes place against Tether USDT tickers down $1.00.
The report also discussed the ongoing legal dispute between the SEC and Ripple. The SEC filed the lawsuit in December 2020, claiming that the executives had offered XRP for initial public trading (XRP IPO), which the SEC considered to be an unregistered security at the time of the capital-raising period.
In response to the SEC’s proposal for $2 billion in remedies, Ripple stated on April 22 that it disagreed with the request. According to Ripple, the SEC cannot legally demand disgorgement or interest on disgorgement unless they can demonstrate that someone was injured.
Regarding the following course of action, Ripple clarified that both parties would have to wait for the Judge to decide on the ultimate remedies, which should happen in the upcoming months.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
