As an experienced financial analyst, I find the recent XRP market report from Ripple to be quite intriguing. The significant increase in transaction activity and the substantial decrease in average transaction costs on the XRP Ledger (XRPL) during Q1 2024 are noteworthy developments. This suggests that the network is becoming more efficient and scalable, which could potentially attract more users and investors.
During the first three months of 2024, the XRP Ledger (XRPL) experienced a significant increase in transactions, with over two times more than the previous quarter. Simultaneously, the average cost of these transactions noticeably decreased by nearly half, as indicated by Ripple’s latest XRP market report.
As a crypto investor, I’ve noticed an impressive surge in XRPL transaction activity during the first quarter of 2024. The report released on May 17 reveals that this on-chain activity jumped by no less than 108% compared to the last quarter of 2023. To be more specific, we’re talking about approximately 251.39 million transactions recorded during Q1 2024, a significant leap from the 121.03 million transactions in Q4 2023.
Additionally, the average cost per transaction fell 45% to approximately 0.000856 USD.
In simpler terms, this means that the cost for completing an average transaction went down during that period, signaling a reset and indicating there was no issue with network congestion during the quarter.
I analyzed the distribution of XRP (XRP) trading volume across various cryptocurrency exchanges during the first quarter of the year. Notably, Binance, Bybit, and Upbit collectively accounted for over 70% of the total XRP trading volume.
During the first quarter, the share of trading volume conducted via fiat pairs decreased from 15% in the previous quarter to 11%. Currently, a large proportion of XRP trades is transacted against Tether (USDT).
As an analyst, I’d put it this way: The report acknowledged the ongoing legal dispute between the SEC and my company over the December 2020 IPO of XRP. The SEC initiated this lawsuit, claiming that we had failed to register XRP as a security during the fundraising process.
On April 22nd, Ripple contested the SEC’s demand for $2 billion in penalties in response to their request. According to Ripple, the law does not grant the SEC the authority to enforce disgorgement or interest on disgorgement without providing evidence of harm inflicted upon any specific victim.
As a researcher, I would express it this way: “Regarding the subsequent actions, we’ll be left in suspense as the Judge decides on the ultimate resolutions – an expectation that may materialize within the next few months.”
“Ripple remains confident that the Judge will approach the remedies phase fairly,” it added.
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2024-05-19 11:46