XRPL On-Chain Transactions to Jump 108% in Q1 2024
The XRP Ledger (XRPL) saw the number of transactions in the first quarter of 2024 more than double compared to the previous quarter, with the average transaction cost halved, according to Ripple's latest XRP market report.
In the first quarter of 2024, XRPL's on-chain transaction activity increased by 108%, recording approximately 251.39 million, compared to a total of 121.03 million in the last quarter of 2023, according to a report published on May 17.
Additionally, the average cost per transaction dropped 45 percent to $0.000856.
“Therefore, the decline in average transaction costs has resumed and there was no network congestion during the quarter,” he explained.
Meanwhile, the distribution of XRP (XRP) trading volume among cryptocurrency exchanges remained stable in the first quarter of the year, with Binance, Bybit and Upbit accounting for more than 70% of the total trading volume.
It also noted that the volume traded through fiat pairs during Q1 fell from 15 percent in Q4 to 11 percent. Currently, most XRP trading occurs on Tether (USDT).
Related: SEC Files Final Response in Ripple XRP Case
The report also described the ongoing lawsuit against the United States Securities and Exchange Commission (SEC) – the lawsuit filed by the SEC in December 2020 that the executives conducted an initial public offering (IPO) of XRP, which it considers to be an unregistered security at the time. Capital raising period.
On April 22, Ripple responded to the SEC's $2 billion settlement request, which it disagreed with. Ripple has argued that the law does not allow the SEC to demand a release or demand a release unless they can prove someone has been harmed.
“In terms of next steps, both sides will wait until the judge makes a decision on the final solutions – probably in the coming months,” Ripple explained.
“Ripple is confident that the arbitrator will deliver the settlement proposals in a fair manner,” he added.
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