In the first quarter of 2024, there was a meteoric rise in on-chain transaction activity in the XRP Ledger, as shown in the latest XRP Market Report by Ripple. An astonishing 251.39 million transactions were recorded, indicating a staggering growth of 108% compared to the previous quarter.
Not only did transaction volumes increase, but costs fell simultaneously. The average transaction fee nose-dived by 45% to only $0.000856 signaling a decongested network operating at peak efficiency.
The report said, “The decrease in average cost per transaction indicated a reset and that no network congestion occurred in the quarter.”
The legal battle between Ripple and the U.S. Securities Exchange Commission (SEC) was still ongoing while XRP ledger flourished. The SEC claimed that Ripple conducted an unregistered securities offering through XRP sales. However, Ripple strongly disagreed with SEC’s demand for $2 billion worth of remedies, stating that there was no provable investor harm suffered.
Ripple remains “confident” of a fair outcome as both parties wait for the judge’s final ruling likely within the next couple of months, given it believes this could be a milestone crypto case reshaping the regulatory environment.
