The XRP Ledger (XRPL) saw a significant increase in transaction activity, more than doubling from Q4 2023 to Q1 2024, according to Ripple’s Q1 2024 XRP Markets Report.
This period recorded approximately 251.39 million transactions, a 108% increase, and a 45% reduction in average transaction costs to $0.000856. This indicates no network congestion and suggests greater accessibility for users.
In trading volume, Binance, Bybit and Upbit maintained dominance, accounting for over 70% of total XRP trading volume. The proportion of fiat trading pairs decreased from 15% to 11%, with a significant portion now traded against Tether (USDT).
The report also discussed the ongoing legal battle between Ripple and the SEC, with Ripple contesting the SEC’s demand for $2 billion in remedies. Both parties await a judicial decision on final remedies.
Additionally, Ripple plans to introduce XRP Ledger and crypto-native services in Africa, aligning with its vision for blockchain technology in cross-border payments.
Ripple also obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland to ensure compliance with anti-money laundering and counter-terrorism financing regulations.
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