There were more than twice as many activities on the XRP Ledger (XRPL) from the end of the fourth quarter of 2023 to the end of the first quarter of 2024. This is the most important news of the day. The Q1 2024 XRP Markets Report from Ripple says that the average cost of transactions went down a lot at the same time that traffic went up.
It’s crazy how many more XRPL transactions there were in the first quarter of this year than in the fourth quarter of 2023. There were 121.03 million transactions, a huge 108% rise. On average, they cost about $0.000856 per transaction, which is 45% less than before the rise.
XRP Ledger Experiences No Network Congestion as Transaction Costs Drop
There was no network congestion during the quarter, as shown by the drop in average transaction prices, which was a key point of the study. Lower transaction costs can help more people use the network and get things done, which is good for people who use the XRP Ledger.
The research found that the amount of trading on cryptocurrency platforms stays the same. Binance, Bybit, and Upbit still handle the most XRP deals, with more than 70% of all trades happening there. The trade pairs did change a little, though. Cash pairs were used in 11% of trades in Q1, down from 15% in Q4. Most of the trade in XRP is against Tether (USDT).
The piece also discussed the ongoing court case between Ripple and the US Securities and Exchange Commission (SEC). After Ripple sold assets without registration, the Assets and Exchange Commission (SEC) sued the company in December 2020.
On April 22, Ripple told the SEC that it did not agree with their demand for $2 billion in damages. It told the SEC that they can’t ask for disgorgement or interest on disgorgement unless they can prove harm. “As for the next steps, both sides will wait for the judge to decide on the final solutions, which should happen in the next few months,” said Ripple.
In other XRP news, Ripple said it would bring the XRP Ledger and other services built on crypto, like security solutions, to Africa. Ripple wants to use blockchain technology for more than just sending money between countries, and this move fits with that plan.
The Central Bank of Ireland (CBI) gave Ripple a Virtual Asset Service Provider (VASP) license last year, the company said. In 2021, the Central Bank of Ireland began registering the VASP license. Their main goal was to make sure that laws against money laundering and funding terrorists were followed.
Recent events involving XRP and Ripple show that the number of transactions and places where they can be used is growing and changing quickly. Despite growing worldwide, the company still has to deal with regulatory problems.
