XRP Ledger Sees Over 100% Increase in Transaction Activity Amid Falling Average Costs

Last Updated: May 20, 2024 6:16am EDT | 2 minute read

In major news today, the XRP Ledger (XRPL) has seen an increase in transaction activity, with the number of transactions more than doubling from Q4 2023 to the end of Q1 2024.

According to Ripple Q1 2024 XRP Markets Reportthe increase in activity occurred at a time when the average transaction cost saw a notable decline.

During the first quarter of the year, XRPL recorded approximately 251.39 million on-chain transactions, marking a notable increase of 108% compared to 121.03 million transactions in the fourth quarter of 2023.

Additionally, the average cost per transaction decreased by 45% to approximately $0.000856.

There was no network congestion in the first quarter

The report highlights that the decrease in average transaction costs indicates a recovery and demonstrates that no network congestion occurred during the quarter.

The development is positive news for XRP Ledger users, as lower transaction costs can improve accessibility and encourage greater activity on the network.

In terms of trading volume, the report highlighted the consistent distribution among cryptocurrency exchanges.

Binance, Bybit, and Upbit accounted for more than 70% of the total volume traded, maintaining their dominant position in XRP trading.

However, there was a slight shift in trading pairs, with the percentage of volume traded via fiat pairs dropping from 15% in the fourth quarter to 11% in the first quarter.

Currently, a significant portion of XRP trading occurs against Tether (USDT).

The report also addresses 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 had 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 request.

The company argued that the law does not allow the SEC to seek disgorgement or disgorgement interest unless they can demonstrate harm.

“In terms of next steps, both sides will wait for the judge to make a decision on final remedies, likely in the next few months,” Ripple explained.

“Ripple remains confident that the judge will approach the remedies phase fairly.”

In other XRP news – Ripple expands into Africa

Ripple yes announced plans to introduce XRP Ledger and crypto-native services, including custody solutions, in Africa.

The move is in line with Ripple’s vision to leverage blockchain technology for cross-border payments and more.

Ripple announced this last year has obtained a Virtual Asset Service Provider (VASP) license. by the Central Bank of Ireland (CBI).

The Central Bank of Ireland began the registration process for the VASP license in 2021, with a focus on ensuring compliance with anti-money laundering regulations and countering terrorist financing.

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