According to Ripple’s latest XRP Markets report, the
According to a report published on May 17, XRPL on-chain transaction activity increased 108% during the first quarter of 2024, reaching approximately 251.39 million, compared to a total of 121.03 million in the fourth quarter of 2023. no see.
Additionally, the average cost per transaction decreased by 45% to approximately 0.000856 USD.
“This decrease in average cost per transaction signals a reset and means we did not experience network congestion during the quarter.”
Meanwhile, the distribution of XRP (XRP) trading volume among cryptocurrency exchanges remained steady in the first quarter of this year, with Binance, Bybit, and Upbit accounting for more than 70% of the total trading volume.
It was also highlighted that during the first quarter, the percentage of volume traded via fiat pairs decreased from 15% in the fourth quarter to 11%. Currently, most XRP transactions are conducted via Tether (USDT).
Related: SEC files final response to Ripple XRP case
The report also covered ongoing litigation against the U.S. Securities and Exchange Commission (SEC). The lawsuit was filed by the SEC in December 2020, alleging that management conducted an initial public offering (IPO) of XRP. Capital raising period.
On April 22, Ripple responded to the SEC’s $2 billion relief request by disagreeing. Ripple argued that the law does not allow the SEC to demand interest on repatriation or repatriation unless it can prove that someone was harmed.
“As for next steps, both parties will wait for the judge to make a decision on final relief,” Ripple said. “Probably in the next few months,” he explained.
“Ripple is confident that the judge will take a fair approach to the relief phase,” he added.
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