XRPL’s on-chain transactions increase by 108% in Q1 2024

The XRP Ledger registered 251.39 million on-chain transactions in the first quarter of 2024, a roughly 108% increase over the fourth quarter of 2023.

The number of transactions on the XRP Ledger (XRPL) more than doubled between the fourth quarter of 2023 and the end of the first quarter of 2024, with the average transaction cost nearly halving, according to Ripple’s Q1 2024 XRP Markets Report.

According to a study published on May 17, XRPL on-chain transaction activity surged by 108% during the first quarter of 2024, with about 251.39 million recorded, up from 121.03 million in the fourth quarter.

In addition, the average transaction cost was reduced by 45% to around $0.000856.

As a result, the average cost per transaction decreased and no network congestion occurred during the quarter, the report stated.

XRP trading volume was evenly distributed across Crypto exchanges in the first quarter, with Binance, Bybit, and Upbit accounting for more than 70% of the volume.

It was also noted that during Q1, the proportion of volume traded via fiat pairs fell from 15% in Q4 to 11%. Currently, most XRP trading takes place against Tether (USDT $1.00).

The report also discussed the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple, which the SEC filed in December 2020, alleging that the executives conducted an initial public offering of XRP, which it deemed an unregistered security during the capital-raising period.

On April 22, Ripple declined the SEC’s request for $2 billion in remedies. Ripple said that the law did not allow the SEC to pursue disgorgement or interest in disgorgement unless they could prove harm was done.

The next step is to wait for the Judge to determine the final remedies – likely in the coming months,” said Ripple. Ripple continues to be confident of the Judge’s fairness throughout the remedial phase.

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