Cryptocurrencies

The XRP Ledger (XRPL) saw cross-chain transaction activity increase by 108% during the quarter

The XRP Ledger (XRPL) saw cross-chain transaction activity increase by 108% during the first quarter of 2024, while the average transaction cost decreased by 45%, according to Ripple’s latest XRP market report.

Nearly 251.39 million transactions were conducted on XRPL during the first quarter of 2024, compared to 121.03 million transactions during the fourth quarter of 2023, according to the report published on May 17.

In addition, the average transaction cost decreased by 45% to approximately $0.000856.

“As such, the decrease in average cost per transaction indicates a reset and no network congestion during this quarter,” he explained.

The average transaction cost on XRPL fell by 45% in the first quarter of 2024. Source: Rippe

Meanwhile, the distribution of XRP (XRP) trading volume among cryptocurrency exchanges remained flat in the first quarter of the year, with Binance, Bybit, and Upbit accounting for more than 70% of the total trading volume.

It was also highlighted that during the first quarter, the proportion of trading volume across fiat currency pairs decreased from 15% in the fourth quarter to 11%. Currently, most XRP trades are for Tether (USDT).

Related: The Securities and Exchange Commission (SEC) provides final response in the Ripple XRP case

The report also addressed the ongoing lawsuit against the US Securities and Exchange Commission (SEC) – a lawsuit filed by the SEC in December 2020 alleging that executives conducted an initial public offering (IPO) of XRP, which it considered an unregistered security during the Capital increase.

On April 22, Ripple responded to and disagreed with the SEC’s request for $2 billion in damages. Ripple argued that the law does not allow the SEC to demand redemption or interest on the dump unless they can prove someone was harmed.

“Regarding next steps, both parties will wait until the judge makes a decision on final remedies – likely in the coming months,” Ripple explained.

She added: “Ripple remains confident that the judge will handle the relief phase fairly.”

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