Crypto:
30188
Bitcoin:
$69.313
% 3.48
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.313
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

XRPL Transactions Surge in Q1 2024: A 108% Increase

Quicknode Announced That It Has Added Support For Xrp Ledger.

The XRP Ledger (XRPL) counted an unbelievable 251.39 million on-chain transactions were conducted in the first quarter of 2024, which is a dramatic increase of 108% compared to the last quarter of 2023. The sharp increase in activity was pointed out in Ripple’s latest XRP market report, which was released on May 17.

Reduced Transaction Costs

The transaction volume alone had a sudden increase, and the average cost per transaction also decreased remarkably. The cost of each transaction on average decreased by 45%, going down to about 0.000856 USD. “Hence, the reduction in average cost per transaction meant a reset, and no network congestion happened in the quarter” the report stated. This decreased cost is most probably going to be the reason for more activity on XRPL in the months that are yet to come.

Stable Trading Volume Amid Legal Battles

The trading volume of cryptocurrencies was evenly distributed among the cryptocurrency exchanges. Binance, Bybit, and Upbit were responsible for more than 70% of the total traded volume of XRP. Moreover, the percentage of trading volume via fiat pairs dropped from 15% in Q4 to 11% in Q1 2024; most of it is now against Tether.

Besides, the report also mentioned the ongoing legal fight with the United States Securities and Exchange Commission (SEC). The SEC sued in December 2020, claiming that Ripple made an unregistered security offering with its IPO of XRP. On April 22, Ripple replied to the SEC’s demand for $2 billion in remedies by saying that the SEC cannot ask for disgorgement or interest on disbursal without proving harm to someone. “Both parties will wait for the judge to make a decision on the final remedies, which is most likely in the coming months,” Ripple clarified. The company is still sure that the judge will be fair in his judgment of remedies.

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Outlook

The first quarter of 2024 has been a turning point for XRPL, with the highest transaction volumes and lowered costs that mean a strong and effective network. Although there are many legal issues surrounding Ripple at the moment, its constant progress and good network performance indicate that it has a bright future.

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