XRP Ledger Sees Over 100% Surge in Transaction Activity Amid Decline in Average Costs
In today’s top news, the XRP Ledger (XRPL) has experienced an increase in transaction activity, with the number of transactions more than doubling from the fourth quarter of 2023 to the end of the first quarter of 2024.
According to Ripple’s Q1 2024 XRP Markets Report, the increase in activity came as the average transaction cost witnessed a notable decline.
During the first quarter of the year, the XRPL recorded approximately 251.39 million on-chain transactions, marking a remarkable 108% surge compared to the 121.03 million transactions in Q4 2023.
Furthermore, the average cost per transaction decreased by 45%, reaching around $0.000856.
No Network Congestion Happened in Q1
The report emphasized that the decrease in average transaction costs indicated a reset and demonstrated that no network congestion occurred during the quarter.
The development is positive news for users of the XRP Ledger, as lower transaction costs can enhance accessibility and encourage increased activity on the network.
BREAKING: Report confirms Ripple-SEC May 16th at 2pm for a Settlement Meeting.
Settlement any day now.
The #XRPL is anticipated to handle a $1 trillion transaction volume in #DeFi. Among the top 10, the #CTF token shines as the premier #XRP ledger DeFi token!
Even with a… pic.twitter.com/CHBqKJgczJ
— CryptoGeek (@CryptoGeekNews) May 13, 2024
In terms of trading volume, the report highlighted the steady distribution among cryptocurrency exchanges.
Binance, Bybit, and Upbit accounted for more than 70% of the total traded volume, maintaining their dominance in XRP trading.
However, there was a slight shift in trading pairs, with the proportion of volume traded via fiat pairs dropping from 15% in Q4 to 11% in Q1.
Currently, a significant portion of XRP trading occurs against Tether (USDT).
The report also addressed the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC).
The SEC filed a lawsuit in December 2020, alleging that Ripple conducted an unregistered securities offering with XRP.
Ripple responded to the SEC’s request for $2 billion in remedies on April 22, disagreeing with the demand.
The firm argued that the law does not allow the SEC to require disgorgement or interest on disgorgement unless they can prove harm.
“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies – likely in the coming months,” Ripple explained.
“Ripple remains confident that the Judge will approach the remedies phase fairly.”
In Other XRP News – Ripple Expands in Africa
Ripple has announced plans to introduce XRP Ledger and crypto-native services, including custody solutions, in Africa.
The move aligns with Ripple’s vision to leverage blockchain technology for cross-border payments and more.
Last year, Ripple announced it obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland (CBI).
The Central Bank of Ireland initiated the registration process for the VASP license in 2021, focusing on ensuring compliance with anti-money laundering and countering the financing of terrorism provisions.
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