Ripple’s Q1 2024 XRP Markets Report highlighted significant growth and cost reductions on the XRP Ledger (XRPL).
According to Ripple’s Q1 2024 XRP Markets Report, the number of transactions on the XRP Ledger (XRPL) increased by more than twofold throughout the span of time from the fourth quarter of 2023 to the end of the first quarter of 2024.
Additionally, the average transaction cost decreased by almost half during this same time period.
According to a report that was released on May 17, 2024, the number of XRPL on-chain transactions that were recorded during the first quarter of 2024 was roughly 251.39 million, which is a 108% increase over the 121.03 million that were recorded during the fourth quarter of 2023.
In addition, the average cost of each transaction decreased by 45 percent, reaching around $0.000856.”As a result, the decrease in average cost per transaction indicated a reset, and there was no network congestion that occurred during the quarter,” according to the report.
XRPL Trading Volume Distribution Stable in Q1
While everything was going on, the distribution of XRPL trading volume among cryptocurrency exchanges remained stable during the first quarter. More than 70 percent of the total exchanged volume went to Binance, Bybit and Upbit.
The percentage of volume traded via fiat pairs fell from 15% in the fourth quarter to 11% during the first quarter, which was also brought to everyone’s attention.
At the moment, the majority of XRP trade takes place versus Tether. The report also covered the ongoing lawsuit the United States Securities and Exchange Commission (SEC) is pursuing against Ripple.
The SEC initially filed the lawsuit in December 2020, alleging that the executives of Ripple conducted an initial public offering of XRP, which the SEC considered to be an unregistered security during the period of capital-raising.
Ripple sent a response on April 22 to the Securities and Exchange Commission’s request for $2 billion in remedies, rejecting the proposal. Ripple contended that the law prohibits the SEC from pursuing disgorgement or interest in disgorgement unless they can provide evidence of damage to an individual.
According to Ripple’s explanation, “In terms of the subsequent steps, both parties will wait for the judge to make a determination on the final remedies, which is likely to occur within the next few months.”The statement continued by saying, “Ripple continues to be confident that the judge will approach the remedies phase fairly.”