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

According to Ripple’s Q1 2024 XRP Market Report, the number of transactions on the

According to a report published on May 17, XRPL on-chain transaction activity increased 108% during the first quarter of 2024 to approximately 251.39 million, compared to 121.03 million in the fourth quarter of 2023.

Additionally, the average cost per transaction decreased by 45% to approximately $0.000856.

“Therefore, a decrease in average cost per transaction signals a reset and no network congestion occurred in the quarter,” the report says.

Meanwhile, the distribution of Ripple (XRP) trading volume among cryptocurrency exchanges remained steady in the first quarter, with Binance, Bybit, and Upbit accounting for more than 70% of the total trading volume.

It was also highlighted that during the first quarter, the percentage of volume traded via fiat pairs decreased from 15% in the fourth quarter to 11%. Currently, most XRP transactions are conducted via Tether (USDT).

Related: SEC files final response to Ripple XRP case

The report also covered the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple, which the SEC filed in December 2020. The lawsuit alleges that management conducted an initial public offering of XRP, which deemed XRP to be an unregistered security. Capital raising period.

On April 22, Ripple responded to the SEC’s $2 billion relief request by disagreeing. Ripple argued that the law does not allow the SEC to demand interest on repatriation or repatriation unless it can prove that someone was harmed.

“As for next steps, both parties will wait for the judge to make a decision on final relief,” Ripple said. “Probably in the next few months,” he explained.

“Ripple is confident that the judge will take a fair approach to the relief phase,” he added.

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