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Messari announced in a new report that XRP Ledger (XRPL) saw an increase in quarterly user demand between January and March. The crypto analytics company found in its report titled “State of XRP Ledger Q1 2024” that demand for XRPL increased over the 90-day period, reaching the highest quarterly revenue of the year.
Messari’s XRP Report
During the first quarter, the average number of daily addresses completing at least one transaction on the blockchain was 41,000. This represents a 37% increase from the average daily active addresses of 30,000 recorded in the last quarter of 2023. The increase in the number of active addresses on the blockchain led to an increase in the number of transactions performed in the first quarter. According to Messari, the average daily transactions on the network increased by 113% during this period. There was a decrease in the number of new addresses created on XRPL during the period under review. Messari said the following about the issue:
This QoQ decrease is due to the unusually high number of addresses created in Q4 when inscription activity began. On an annual scale, quarterly new addresses increased by 29.8% from Q1 2023 to Q1 2024. Deleted addresses rose to 33,000 with a 55.9% increase from the previous quarter. Deletion transactions occurred when inscription activity ended.
Will It Affect XRP?
However, this did not affect the network’s quarterly revenue. Between January and March, XRPL’s revenue in dollar terms reached $205,000, the highest level of the year. The revenue valued in the network’s token XRP increased by 10.3% in the reviewed quarter, reaching 350,000 XRP. At the time of writing, XRPL’s token XRP is trading at $0.52. According to CoinMarketCap data, the altcoin lost 2% of its value in the last seven days.
This situation can be attributed to the steady decline in demand from market participants. According to Santiment’s data, the token’s daily active addresses observed using the seven-day moving average decreased by 12% last week. This decline in XRP demand occurred amid an increase in the daily profit/loss ratio of transaction volume during the reviewed period. At the time of writing, this ratio was 1.34, indicating that for every losing XRP transaction, 1.34 transactions resulted in profit.
