Ripple’s Q1 2024 XRP Markets Report reveals a significant increase in transactions on the XRP Ledger (XRPL) and a notable decrease in average transaction costs. The report, published on May 17, indicates that XRPL on-chain transaction activity rose by 108% during Q1 2024, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 2023.
Furthermore, the average cost per transaction on the XRPL dropped by 45%, amounting to around $0.000856. This decline in transaction costs suggests that there was no network congestion during the quarter, signaling a successful reset.
In terms of trading volume distribution, Binance, Bybit, and Upbit remained the top cryptocurrency exchanges, accounting for over 70% of the total traded volume in Q1. Notably, the proportion of volume traded through fiat pairs decreased from 15% in Q4 to 11%. Currently, the majority of XRP trading takes place against Tether (USDT).
The report also addressed the ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC). The SEC filed a lawsuit in December 2020, accusing Ripple executives of conducting an unregistered security offering of XRP during the capital-raising period. Ripple responded to the SEC’s request for $2 billion in remedies on April 22, disagreeing with the demand. Ripple argued that the SEC lacks the authority to demand disgorgement or interest unless it can demonstrate harm.
Both parties now await the Judge’s decision on the final remedies, which is expected in the coming months. Ripple remains confident that the Judge will approach this phase fairly.
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