Ripple’s reports show progress in XRP trading and activity on the XRPL network.

Ripple released its first quarter report for this year, showing significant network activity for the XRP token and XRP Ledger (XRPL).

These growth metrics coincide with significant progress in Ripple's ongoing legal battle with the US Securities and Exchange Commission (SEC).

XRP and XRPL won big in the first quarter

During the reporting period, XRP's daily spot trading activity increased by 40% to approximately $865 million. The firm noted that the volume of XRP exchanges remained fairly constant, with Binance, Bybit and Upbit responsible for more than 70% of the total trading volume.

Crypto traders' speculative demand for XRP remained high in the first quarter, reaching an average of $500 million per day. Ripple noted that high position and open interest rates are highly correlated with overall market activity, indicating strong XRP trading and movement across positions.

Additionally, transactions on XRPL doubled from the previous quarter in Q1 2024. The number of transactions increased from around 121 million in Q4 2023 to more than 251 million by the end of Q1 2024. Specifically, this increase in transactions was driven by a significant decrease in average transaction fees, which dropped 45% to $0.000856 at the end of March. .

Average transaction fees hit a high in December due to the widespread cryptographic testing on XRPL. Therefore, the decrease in the average cost per transaction shows that it has restarted and no network congestion occurred during the quarter, Ripple said.

Read More: Ripple (XRP) Price Prediction 2024/2025/2030

Moreover, XRPL has made significant technical improvements in the first quarter. At the time, the XLS-30—a blockchain Automated Market Maker (AMM)—was introduced to increase on-chain liquidity and transaction capabilities for DeFi developers and users.

“Additional XRPL traction – I'm especially excited about the release of native AMM in Q1, one of the biggest updates to the XRP Ledger,” said Ripple CEO Brad Garlinghouse.

Additionally, XRPL is integrated with other platforms such as Axelar. This integration expands the capabilities of XRPL, allowing developers to easily interact with smart contracts and decentralized applications on more than 55 blockchains.

Read more: Everything you need to know about Ripple vs SEC

Despite the development of this ecosystem, Ripple will continue its ongoing lawsuit with the SEC. In particular, the case is approaching its conclusion, the SEC wants a penalty of 2 billion dollars against Ripple. Ripple rejected this request, considering it baseless and advocated for a fine of no more than 10 million dollars.

“In terms of next steps, both parties will wait until the judge makes a decision on the final solutions – likely in the coming months. Ripple remains confident that the judge will offer solutions fairly.”