The number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024, while the average transaction cost nearly halved, according to Ripple’s Q1 2024 XRP Markets Report.
On-chain transaction activity on the XRPL surged by 108% during Q1 of 2024, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 of 2023, as noted in the report published on May 17.
Additionally, the average cost per transaction fell by 45%, amounting to approximately $0.000856.
“As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” the report states.
The distribution of XRP trading volume among cryptocurrency exchanges remained stable in the first quarter.
Binance, Bybit, and Upbit together accounted for over 70% of the total traded volume.
During this period, the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11%. Currently, most XRP trading occurs against Tether.
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The report also addressed the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple.
The SEC filed the lawsuit in December 2020, alleging that Ripple’s executives conducted an initial public offering of XRP, which it considered an unregistered security during the capital-raising period.
On April 22, Ripple responded to the SEC’s request for $2 billion in remedies, disagreeing with the demand.
Ripple argued that the law doesn’t permit the SEC to demand disgorgement or interest on disgorgement unless they can prove someone was harmed.
“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,” it added.
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