The XRP Ledger (XRPL) witnessed a significant surge in transaction activity in the first quarter of 2024, recording 251.39 million on-chain transactions. This marks a 108% increase from the 121.03 million transactions in the fourth quarter of 2023, according to Ripple’s Q1 2024 XRP Markets Report.
Transaction Costs and Network Efficiency
The average transaction cost on the XRPL nearly halved during this period, falling by 45% to approximately $0.000856. The report highlights that this decrease in transaction costs suggests that there was no network congestion, indicating efficient performance.
Steady Trading Volume Distribution
The distribution of XRP trading volume across cryptocurrency exchanges remained stable in the first quarter. Binance, Bybit, and Upbit collectively accounted for over 70% of the total traded volume. However, the proportion of volume traded via fiat pairs decreased from 15% in Q4 2023 to 11% in Q1 2024, with most XRP trading occurring against Tether (USDT).
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SEC Lawsuit Developments
The report also touched on the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). Filed in December 2020, the SEC’s lawsuit alleges that Ripple’s executives conducted an unregistered securities offering through the sale of XRP.
On April 22, Ripple responded to the SEC’s demand for $2 billion in remedies, arguing that the SEC is not entitled to disgorgement or interest unless they can prove harm was caused. Ripple remains optimistic about the Judge’s forthcoming decision on the final remedies, which is expected in the coming months.
