Ramazan Eles 
XRP spot trading volume increased by 40% in Q1 2024, reaching $865 million. This growth was driven by increased demand from both retail and institutional investors. Binance, Bybit, and Upbit accounted for 70% of the total XRP trading volume.
XRP derivatives open interest also increased in Q1 2024, reaching $500 million. This suggests that traders are becoming more bullish on XRP’s future price and are using derivatives to speculate on its price movements.
XRPL Adoption and Usage
XRPL transactions doubled in Q1 2024 compared to Q4 2023. This growth was driven by the launch of XLS-30, a new feature that enables developers to create decentralized applications (DApps) on XRPL.
The number of XRPL accounts also increased in Q1 2024, reaching over 3.5 million. This suggests that more and more people are using XRP and XRPL for payments and other purposes.
Ongoing SEC Lawsuit
Ripple is currently facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) that alleges that XRP is an unregistered security. The lawsuit has been ongoing for over two years and is still in its early stages.
Despite the lawsuit, Ripple remains optimistic about the future of XRP and XRPL. The company believes that XRP is a utility token and that the SEC’s lawsuit is without merit.
The XRP Q1 2024 report highlights significant growth in XRP trading volume, XRPL adoption, and XRPL usage. Despite the ongoing SEC lawsuit, Ripple remains optimistic about the future of XRP and XRPL.