- In comparison to Q4 2023, the on-chain transaction activity for XRPL surged by 108% in Q1 2024.
- The average cost per transaction dropped to around $0.000856, a reduction of 45 percent.
As per Ripple’s Q1 2024 XRP Markets Report, the volume of XRP Ledger (XRPL) transactions increased by more than 100% between Q4 2023 and Q1 2024, while the average cost of such transactions decreased by about 45%.
In comparison to 121.03 million in Q4 of 2023, the on-chain transaction activity for XRPL surged by 108% during Q1 of 2024, reaching about 251.39 million, as reported in the report issued on May 17.
Also, the average cost per transaction dropped to around $0.000856, a reduction of 45 percent. According to the report, there was no network congestion throughout the quarter and the drop in average cost per transaction suggested a reset.
Binance, Bybit, and Upbit accounted for over 70% of the overall traded volume of XRP (XRP) in the first quarter, with the distribution of this volume across crypto exchanges remained stable. Also noted was the decline from 15% in Q4 to 11% in the amount of volume traded via fiat pairings during Q1. Trading XRP versus Tether is the most common at the moment.
Ongoing SEC Tussle
Additionally, the report touched on the ongoing legal battle between Ripple and the US SEC. The SEC filed the lawsuit in December 2020, claiming that Ripple’s executives raised funds through an IPO of XRP, which it considered an unregistered security at the time.
In response to the SEC’s demand for $2 billion in remedies, Ripple expressed its disagreement with the proposal on April 22. Ripple contended that the SEC does not have the legal authority to seek disgorgement or interest on disgorgement without proof of harm to someone.
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