According to Ripple’s Q1 2024 XRP Markets Report, the volume of transactions on the XRP Ledger (XRPL) experienced a significant increase of over 100% from Q4 2023 to Q1 2024. During this period, the on-chain transaction activity for XRPL surged by 108%, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 2023. Moreover, the average cost per transaction decreased by about 45%, dropping to around $0.000856.
The report, released on May 17, highlighted that there was no network congestion throughout the quarter, and the decrease in the average cost per transaction indicated a reset in the system. Notably, Binance, Bybit, and Upbit accounted for more than 70% of the overall traded volume of XRP in the first quarter, and the distribution of this volume across different crypto exchanges remained stable. Additionally, the report noted a decline from 15% in Q4 to 11% in the amount of volume traded via fiat pairings during Q1. Currently, trading XRP against Tether is the most common practice.
The report also addressed the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit in December 2020, alleging that Ripple’s executives raised funds through an initial public offering (IPO) of XRP, which the SEC deemed an unregistered security at the time. On April 22, Ripple expressed its disagreement with the SEC’s demand for $2 billion in remedies. Ripple argued that the SEC lacks the legal authority to seek disgorgement or interest on disgorgement without evidence of harm to someone.
In other news, Venezuela has recently taken action against cryptocurrency mining farms due to an energy crisis.