Ripple has released its first-quarter report for this year, highlighting substantial network activity for its XRP token and the XRP Ledger (XRPL).
These growth metrics coincide with substantial progress in Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
XRP And XRPL Wins Big in the First Quarter
XRP’s daily spot trading activities surged 40% to approximately $865 million during the reporting period. The firm noted that XRP volume across exchanges remained fairly constant, with Binance, Bybit, and Upbit responsible for over 70% of the total traded volume.
Crypto traders’ speculative interest in XRP remained high in the first quarter, hitting a daily average of $500 million. Ripple stated that the high spot and open interest volume highly correlated with general market activity, pointing towards robust XRP trading and activity across venues.
Furthermore, transactions on XRPL doubled in Q1 2024 from the previous quarter. The number of transactions soared from around 121 million in Q4 2023 to over 251 million by the end of Q1 2024. Notably, this transaction surge coincided with a significant decrease in average transaction fees, which fell about 45% to $0.000856 by the end of March.
“Average transaction fee reached a high in December due to widespread testing of inscriptions on the XRPL. As such, the decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter,” Ripple explained.
Read More: Ripple (XRP) Price Prediction 2024/2025/2030
Ripple XRPL On-chain Activity. Source: Ripple
Moreover, XRPL underwent significant technical upgrades in the first quarter. During the period, XLS-30—a non-custodial automated market maker (AMM)—was introduced to enhance on-chain liquidity and trading capabilities for DeFi developers and users.
“More XRPL traction – I’m particularly excited that the native AMM, arguably one of the largest updates to the XRP Ledger, went live in Q1,” Ripple CEO Brad Garlinghouse said.
Furthermore, XRPL integrated with other platforms like Axelar. This integration expanded XRPL’s capabilities, allowing developers to easily interact with smart contracts and decentralized applications across over 55 blockchains.
Read More: Everything You Need To Know About Ripple vs SEC
Despite this ecosystem growth, Ripple’s ongoing lawsuit with the SEC continues afoot. Notably, the case is nearing its conclusion, with the SEC seeking a $2 billion fine against Ripple. Ripple has countered this request, deeming it baseless and advocating for a penalty not exceeding $10 million.
“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 remains confident that the Judge will approach the remedies phase fairly,” Ripple concluded.
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