Ripple Labs has released its latest report on the performance of its ecosystem, outlining the key network activities that took place in the first quarter of 2024. The report reveals that transactions on the XRP Ledger (XRPL) saw a significant increase, surpassing 100%.
According to the report, the total number of transactions on the XRP Ledger protocol exceeded 251,397,881, marking a 108% growth compared to the 121,031,713 transactions recorded in the fourth quarter of 2023. This milestone was achieved due to the protocol’s expansion in terms of new applications and users.
In the report, Ripple stated, “Last quarter, on-chain transactions increased by 108% and the average cost per transaction decreased by 45%. The average transaction fee reached its peak in December due to widespread testing of XRPL signups. The decrease in the average cost per transaction indicates a reset and no network congestion occurred during the quarter. For future reporting, AMM volume will be included in DEX volume.”
Additionally, the report includes a graph illustrating the movement of the XRP markets in the first quarter, highlighting that the lowest point for the price of XRP occurred in mid-February and reached its peak in March. The graph also shows that despite the price increase at the end of the quarter, volatility levels remained high above 90%.
At the time of publication, the price of XRP was quoted at US$0.5252, with a 0.9% increase in the last 24 hours.
In recent times, there has been a notable activity from XRP whales, who have accumulated a total of 110 million XRP, valued at approximately $55 million. This increase in activity comes at a crucial moment for Ripple, as it continues to face a legal battle against the U.S. Securities and Exchange Commission (SEC).
The significant accumulation of XRP by large investors reflects their confidence in the digital asset, despite the ongoing regulatory uncertainty. These large holders are taking advantage of the challenging situation to strengthen their positions, demonstrating clear support for XRP.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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