Ripple’s Q1 2024 XRP Markets Report reveals significant growth in transaction activity on the XRP Ledger (XRPL) and a decrease in average transaction costs. According to the report, XRPL on-chain transaction activity surged by 108% in Q1 2024, with a recorded total of approximately 251.39 million transactions, compared to 121.03 million in Q4 2023. In addition, the average cost per transaction dropped by 45% to around $0.000856. This decrease in average cost signifies a reset and indicates that there was no network congestion during the quarter.
The report also highlights the distribution of XRP trading volume among cryptocurrency exchanges, which remained steady in Q1. Binance, Bybit, and Upbit accounted for over 70% of the total traded volume. It further notes that the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11% in Q1. Currently, the majority of XRP trading is conducted against Tether (USDT).
Regarding the ongoing lawsuit between the SEC and Ripple, initiated by the SEC in December 2020, the report addresses Ripple’s response to the SEC’s request for $2 billion in remedies. Ripple disagreed with the request, arguing that the law does not allow the SEC to demand disgorgement or interest on disgorgement unless they can prove harm. Both parties are now awaiting the Judge’s determination on the final remedies, which is expected in the coming months. Ripple expresses confidence that the Judge will approach the remedies phase fairly.
In other news, a UK cannabis millionaire is reportedly conducting “deals on wheels” using cryptocurrency.