XRP Coin, one of the largest altcoins by market value, remains a hot topic. The latest report contains important details. Despite being one of the worst-performing assets among major cryptocurrencies while its battle with the SEC continues, many investors believe in its long-term success.
Ripple (XRP) Report
Ripple published the first quarterly report of the year containing significant details about XRP and XRP Ledger (XRPL). As the legal battle between Ripple and the SEC reaches a new stage, the report includes encouraging details. Some key points are as follows:
- During the reporting period, XRP Coin’s daily transaction volume increased by 40%. Binance, Bybit, and Upbit were responsible for 70% of the total transaction volume.
- Speculative interest in XRP was very strong in the first three months of 2024. Spot trading volume and strong demand in futures showed high correlation with overall market activity.
- Transactions on XRPL doubled in the first quarter of 2024 compared to the previous quarter.
- XRPL transaction count was at 121 million in the fourth quarter of 2023 and exceeded 251 million this quarter.
- At the end of March, the average XRPL transaction fee dropped to $0.000856.
The report includes the following about transaction fees and network performance:
“The average transaction fee peaked in December due to widespread testing of inscriptions on XRPL. Therefore, the drop in average cost per transaction indicated a reset and no network congestion during the quarter.”
XRPL and XRP Coin
Ripple (XRP) is among the largest cryptocurrencies but is not at the same level as its competitors in terms of applications that produce utility on the network. Since it is extremely important for the project’s future, the team is working hard to improve network capabilities. In the past first quarter, XLS-30 was introduced for DeFi developers and users. This is an automated market maker (AMM) that enhances trading capabilities.
Ripple CEO Brad Garlinghouse said:
“More XRPL support – I am particularly excited about the launch of the native AMM in the first quarter, which is arguably one of the biggest updates for XRP Ledger.”
A brief comment was also made regarding the lawsuit:
“Regarding the next steps, both parties will await the judge’s decision on final remedies – likely in the coming months. Ripple remains confident that the judge will approach the resolution phase fairly.”
