Ripple’s Q1 2024 XRP Markets Report reveals significant growth in the number of transactions on the XRP Ledger (XRPL) and a decrease in average transaction costs. The report states that on-chain transaction activity on the XRPL increased by 108% during Q1 of 2024, recording approximately 251.39 million transactions compared to 121.03 million in Q4 of 2023. Additionally, the average cost per transaction dropped by 45% to around $0.000856.
The report highlights that this decrease in average transaction cost indicates a reset and suggests that no network congestion occurred during the quarter. The XRPL experienced a steady distribution of trading volume among cryptocurrency exchanges in the first quarter, with Binance, Bybit, and Upbit accounting for over 70% of the total traded volume. It is worth noting that the proportion of volume traded via fiat pairs dropped from 15% in Q4 to 11% in Q1, with most XRP trading now occurring against Tether (USDT).
The report also addresses the ongoing lawsuit between the SEC and Ripple. The SEC filed the lawsuit in December 2020, alleging that Ripple conducted an unregistered security offering of XRP during its capital-raising period. Ripple responded to the SEC’s request for $2 billion in remedies on April 22, disagreeing with it and arguing that the law does not allow the SEC to demand disgorgement or interest on disgorgement without proving harm. Ripple remains confident that the judge will approach the remedies phase fairly and expects a determination to be made in the coming months.
In other news, a UK cannabis millionaire is conducting legal transactions using cryptocurrency through a mobile platform.