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XRP Ledger Transaction Activity Surges
In recent news, the XRP Ledger (XRPL) has witnessed a significant increase in transaction activity, with the number of transactions more than doubling from the fourth quarter of 2023 to the end of the first quarter of 2024.
Key Highlights from Ripple’s Q1 2024 XRP Markets Report
- 251.39 million on-chain transactions recorded in Q1, a 108% surge from Q4 2023
- Average transaction cost decreased by 45% to approximately $0.000856
The report indicated that the decrease in transaction costs signaled a reset and confirmed the absence of network congestion during the first quarter. This development is expected to benefit XRP Ledger users by improving accessibility and encouraging greater network activity.
Trading Volume Distribution and Legal Updates
The report also highlighted the distribution of trading volume among cryptocurrency exchanges, with Binance, Bybit, and Upbit dominating XRP trading, accounting for over 70% of the total volume. Notably, the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11% in Q1, with a significant portion of trading now occurring against Tether (USDT).
Regarding the legal battle between Ripple and the SEC, Ripple responded to the SEC’s request for remedies by disagreeing with the demand for $2 billion. The firm is awaiting the Judge’s decision on the final remedies, with confidence in a fair approach to the resolution.
Ripple’s Expansion in Africa
Ripple has announced plans to introduce XRP Ledger and crypto-native services, including custody solutions, in Africa. This strategic move aligns with Ripple’s vision of utilizing blockchain technology for cross-border payments and beyond.
Last year, Ripple obtained a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland, focusing on compliance with anti-money laundering and counter-terrorism financing regulations.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
