The XRP Ledger (XRPL) recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% compared to the last quarter of 2023. Ripple’s recent XRP market report shows that the XRPL saw an increase in on-chain transaction activity of 108% during the first quarter of 2024, along with a 45% reduction in average transaction costs.
The report was published on May 17. It also shows that during the first quarter of 2024, there were approximately 251.39 million transactions on the XRPL, in comparison to 121.03 million transactions during the last quarter of 2023.
Accordingly, it stated, “a reset and the absence of network congestion during the quarter were indicated by the decrease in average cost per transaction.”
The distribution of XRP trading volume among cryptocurrency exchanges remained stable in the first quarter of this year, with Binance, Bybit, and Upbit holding over 70% of the overall traded volume. Additionally, it was noted that during Q1, the percentage of volume traded using fiat pairs decreased from 11% in Q4 to 15% in Q1
Currently, the majority of XRP trades are made against Tether. The ongoing lawsuit between the executives and the United States Securities and Exchange Commission (SEC) was also discussed in the report.
The SEC filed the lawsuit in December 2020 and claims that the executives conducted an initial public offering (IPO) of XRP, which it considers to be an unregistered security during the capital-raising period. In response to the SEC’s proposal for $2 billion in remedies, Ripple stated on April 22 that it disagreed with the request.
According to Ripple, the SEC cannot legally demand disgorgement or interest on disgorgement unless they can demonstrate that someone was injured. “The parties will await the Judge’s decision regarding the ultimate remedies, which is expected to occur in the upcoming months,” Ripple clarified as to the next course of action..
“Ripple remains confident that the Judge will approach the remedies phase fairly,” it added