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Ripple-supported XRP Ledger saw a significant drop in transaction volume in the second quarter of 2024, according to the latest XRP Report. This decline is part of a broader trend affecting major blockchain protocols, with the XRPL ecosystem experiencing a similar downturn. In the second quarter of 2024, XRPL recorded 86.39 million transactions, a 65.6% decrease from the previous quarter. Despite this decline, the average transaction fees on the network increased by 168% to 0.00394 XRP.
What’s Happening on the XRP Front?
XRP’s transaction volume dropped by 20% in the second quarter alongside Bitcoin and Ethereum. However, spot trading volumes for XRP remained high for most of the quarter. Binance continued to dominate trading volume, with other exchanges like Bybit and Upbit contributing variously. XRP’s trading against fiat currencies fell to 10%, with most transactions occurring against stablecoin projects. Ripple views this shift positively, especially with the upcoming launch of the USD Stablecoin later this year.
Meanwhile, Ripple remains optimistic about XRPL’s future. The company expects increased network activity due to upcoming updates. Important developments include the integration of Archax, a regulated exchange and custodian, and OpenEden, which could bring significant tokenized real-world assets to XRPL.
Details on the Subject
Ripple also highlighted several innovations on the horizon. These include the XRPL Ethereum Virtual Machine (EVM) sidechain, Axelar interoperability, and a new Oracle and Multi-Purpose Token (MPT) standard. These developments are expected to drive XRPL’s growth in the coming quarters. Ripple President Monica Long shared the following statements:
“Progress on the XRPL EVM sidechain and interoperability with Axelar, along with the anticipated influx of tokenized real-world assets from Archax, prepares us for the future Oracle and Multi-Purpose Token (MPT) standard. I’m excited about the third and fourth quarters.”
On a separate note, Ripple is awaiting a court decision regarding its long-standing case with the U.S. Securities and Exchange Commission (SEC). The company stated that the court would decide on resolutions related to institutional XRP sales and remains hopeful for a fair judicial outcome.
