XRPL on-chain transactions jump 108% in Q1 2024

The XRP Ledger (XRPL) recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% compared to the last quarter of 2023.

The XRP Ledger (XRPL) has seen over double the number of transactions during the first quarter of 2024 compared to the previous quarter, alongside the average transaction cost almost slashing in half, according to Ripple’s recent XRP market report.

The XRPL on-chain transaction activity increased by 108% during the first quarter of 2024, with approximately 251.39 million recorded, compared to the total 121.03 million in the last quarter of 2023, as per the report published on May 17.

Additionally, the average cost per transaction fell 45% to approximately 0.000856 USD.

“As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” it explained.

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

It was also highlighted that during Q1, the proportion of volume traded via fiat pairs dropped from 15% in Q4 to 11%. Presently, most of XRP trading occurs against Tether (USDT).

Related: SEC files final response in Ripple XRP case

The report also addressed the ongoing lawsuit against the United States Securities and Exchange Commission (SEC) — a lawsuit filed by the SEC in December 2020 alleging that the executives conducted an initial public offering (IPO) of XRP, which it deemed 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 it. 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.