Ripple Labs has recently released its latest ecosystem performance report, providing an overview of the main network activities that took place in the first quarter of 2024. The report reveals that transactions on the XRP Ledger (XRPL) have experienced a significant increase, surpassing 100%.
According to the report, the total number of transactions on the XRP Ledger protocol reached 251,397,881, marking a 108% surge compared to the 121,031,713 transactions recorded in the previous quarter. This milestone was achieved due to the growth of new applications and users on the protocol.
Ripple explained in its report, “Last quarter witnessed a 108% increase in on-chain transactions, accompanied by a 45% decrease in the average cost per transaction. The average transaction fee had reached its peak in December due to extensive testing of XRPL signups. The decrease in the average cost per transaction indicates a reset and suggests that no network congestion occurred during the quarter. Moving forward, the report will also include AMM volume in DEX volume.”
The report also featured a graph illustrating the movement of the XRP markets during the first quarter. It highlighted that the lowest point for the price of XRP was in mid-February, followed by a peak in March. Despite the increase in prices towards the end of the quarter, volatility levels remained high above 90%.
At the time of writing, the price of XRP stood at US$0.5252, marking a 0.9% increase in the last 24 hours.
In recent times, there has been a noticeable activity among XRP whales, who have accumulated a total of 110 million XRP, valued at approximately $55 million. This surge in activity comes at a crucial time for Ripple, as the company continues to face a rigorous 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. Cryptocurrency analyst Ali Charts has revealed that these major holders are capitalizing on the challenging situation to strengthen their positions, demonstrating clear support for XRP.
It is important to note that the views and opinions expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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