Ripple has released its first quarter report of the year highlighting substantial network activity for the XRP token and the XRP Ledger (XRPL).
These growth metrics coincide with Ripple making significant progress in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
XRP and XRPL had big wins in the first quarter.
Daily spot trading activity for XRP increased 40% during the reporting period, reaching approximately $865 million. The company noted that XRP trading volume across exchanges has remained fairly consistent, with Binance, Bybit, and Upbit accounting for over 70% of total volume.
Speculative interest among cryptocurrency traders in XRP remained high in the first quarter, averaging $500 million per day. Ripple stated that high spot and open interest trading volumes are highly correlated with general market activity, pointing to robust activity across XRP trading and venues.
Additionally, XRPL transactions in the first quarter of 2024 doubled compared to the previous quarter. The number of transactions jumped from approximately 121 million in the fourth quarter of 2023 to more than 251 million by the end of the first quarter of 2024. Notably, this surge in transactions coincided with a significant decline in average transaction fees, which fell approximately 45% to $0.000856 by the end of March. .
“Average transaction fees hit record highs in December due to widespread inscription testing for XRP. Therefore, a decrease in average cost per transaction signals a reset and indicates that no network congestion occurred in the quarter,” Ripple explained.
Read more: Ripple (XRP) price prediction for 2024/2025/2030
Additionally, XRPL underwent significant technology upgrades in the first quarter. During this period, XLS-30, a non-custodial automated market maker (AMM), was introduced to improve on-chain liquidity and trading capabilities for DeFi developers and users.
“More XRPL Traction – We are particularly excited about the launch of native AMM in Q1, one of the biggest updates to the XRP Ledger,” said Ripple CEO Brad Garlinghouse.
Additionally, XRPL has been integrated with other platforms such as Axelar. This integration expands the capabilities of XRPL, allowing developers to easily interact with smart contracts and decentralized applications across 55+ blockchains.
Read more: Everything you need to know about Ripple and the SEC
Despite this ecosystem growth, Ripple’s ongoing lawsuit with the SEC continues to unfold. Notably, this case is nearing a conclusion with the SEC imposing a $2 billion fine on Ripple. Ripple deemed the request unfounded and argued that a fine not exceeding $10 million should be imposed.
“As for next steps, both parties will wait for the judge to make a decision on final relief in the coming months. We are confident that the judge will take a fair approach to the relief phase,” Ripple concluded.
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