{"id":20814,"date":"2024-05-19T12:30:01","date_gmt":"2024-05-19T09:30:01","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20814"},"modified":"2024-05-19T11:17:26","modified_gmt":"2024-05-19T08:17:26","slug":"xrpl-transactions-surge-in-q1-2024-a-108-increase","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/xrpl-transactions-surge-in-q1-2024-a-108-increase\/","title":{"rendered":"XRPL Transactions Surge in Q1 2024: A 108% Increase"},"content":{"rendered":"<p><strong>The XRP Ledger (XRPL)<\/strong> counted an unbelievable <strong>251.39 million<\/strong> on-chain transactions were conducted in the first quarter of 2024, which is a dramatic increase of 108% compared to the last quarter of 2023. The sharp increase in activity was pointed out in Ripple\u2019s latest XRP market report, which was released on May 17.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/xrpl-transactions-surge-in-q1-2024-a-108-increase\/#Reduced_Transaction_Costs\" title=\"Reduced Transaction Costs\">Reduced Transaction Costs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/xrpl-transactions-surge-in-q1-2024-a-108-increase\/#Stable_Trading_Volume_Amid_Legal_Battles\" title=\"Stable Trading Volume Amid Legal Battles\">Stable Trading Volume Amid Legal Battles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/xrpl-transactions-surge-in-q1-2024-a-108-increase\/#Outlook\" title=\"Outlook\">Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Reduced_Transaction_Costs\"><\/span>Reduced Transaction Costs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The transaction volume alone had a sudden increase, and the <strong>average cost per transaction also decreased remarkably.<\/strong> The cost of each transaction on average decreased by 45%, going down to about 0.000856\u00a0USD. <strong>&#8220;Hence, the reduction in average cost per transaction meant a reset, and no network congestion happened in the quarter&#8221;<\/strong>\u00a0the report stated. This decreased cost is most probably going to be the reason for more activity on XRPL in the months that are yet to come.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stable_Trading_Volume_Amid_Legal_Battles\"><\/span>Stable Trading Volume Amid Legal Battles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The trading volume of cryptocurrencies was evenly distributed among the cryptocurrency exchanges. <a href=\"https:\/\/coinengineer.net\/blog\/former-binance-ceo-sentenced-to-four-months-in-prison\/\">Binance<\/a>, <a href=\"https:\/\/coinengineer.net\/blog\/bybit-adds-usde-for-perpetual-futures-collateral\/\">Bybit<\/a>, and <a href=\"https:\/\/coinengineer.net\/blog\/upbit-listing-sends-altcoin-prices-soaring\/\">Upbit<\/a> were responsible for more than 70% of the total traded volume of XRP. Moreover, the percentage of trading volume via fiat pairs dropped from 15% in Q4 to 11% in Q1 2024; most of it is now against Tether.<\/p>\n<p>Besides, the report also mentioned the ongoing legal fight with the United States Securities and Exchange Commission (SEC). The SEC sued in December 2020, claiming that Ripple made an unregistered security offering with its IPO of XRP. On April 22, Ripple replied to the SEC\u2019s demand for $2 billion in remedies by saying that the SEC cannot ask for disgorgement or interest on disbursal without proving harm to someone. &#8220;Both parties will wait for the judge to make a decision on the final remedies, which is most likely in the coming months,&#8221; Ripple clarified. The company is still sure that the judge will be fair in his judgment of remedies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Outlook\"><\/span>Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first quarter of 2024 has been a turning point for XRPL, with the highest transaction volumes and lowered costs that mean a strong and effective network. Although there are many legal issues surrounding Ripple at the moment, its constant progress and good network performance indicate that it has a bright future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The XRP Ledger (XRPL) counted an unbelievable 251.39 million on-chain transactions were conducted in the first quarter of 2024, which is a dramatic increase of 108% compared to the last quarter of 2023. The sharp increase in activity was pointed out in Ripple\u2019s latest XRP market report, which was released on May 17. Reduced Transaction<\/p>\n","protected":false},"author":6,"featured_media":1808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[22,509,6221],"class_list":["post-20814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-binance","tag-ripple","tag-xrp-ledger-xrpl"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>XRPL Transactions Surge in Q1 2024: A 108% Increase - Coin Engineer<\/title>\n<meta name=\"description\" content=\"XRPL recorded 251.39M on-chain transactions in Q1 2024, up 108% from Q4 2023, with average costs halved. 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