The number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024, and the average transaction cost almost halved, according to Ripple’s Q1 2024 XRP Markets Report.
The XRPL on-chain transaction activity increased by 108% during Q1 of 2024, with approximately 251.39 million recorded, compared to 121.03 million in Q4 of 2023, according to the report published on May 17.
Additionally, the average cost per transaction fell 45% to approximately $0.000856.
“As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” the report states.
Meanwhile, the distribution of XRP (XRP) trading volume among cryptocurrency exchanges stayed steady in the first quarter, with Binance, Bybit and Upbit accounting for more than 70% of the total traded volume.
It was also highlighted that during Q1, the proportion of volume traded via fiat pairs dropped from 15% in Q4 to 11%. Presently, most XRP trading occurs against Tether (USDT).
Related: SEC files final response in Ripple XRP case
The report also addressed the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple, which was filed by the SEC in December 2020, alleging that the executives conducted an initial public offering of XRP, which it deemed an unregistered security during the capital-raising period.
On April 22, Ripple responded to the SEC’s request for $2 billion in remedies, disagreeing with it. Ripple argued that the law doesn’t permit the SEC to demand disgorgement or interest on disgorgement unless they can prove someone was harmed.
“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies - likely in the coming months,” Ripple explained.
“Ripple remains confident that the Judge will approach the remedies phase fairly,” it added.
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