- XRP Ledger transactions surge 108%.
- Transaction fees on XRPL drop 45%.
- XRP price dips despite activity rise.
The XRP Ledger (XRPL) experienced a significant increase in transaction volume and a decrease in transaction fees during the first quarter of 2024, according to a report released by Ripple.
The report details that XRPL transactions surged by 108%, reaching 251.4 million in Q1 2024, compared to 121 million in the final quarter of 2023. Notably, this rise in transaction volume coincided with a 45% decline in the average transaction fee, falling from $0.001546 in Q4 2023 to $0.000856 by the end of March 2024.
The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:
Continued U.S. demand for BTC Spot ETFs
CEX & DEX volume growth
Key regulatory & legal updates
Technical blockchain upgrades including AMM on the #XRPLedger
— Ripple (@Ripple) May 17, 2024
The report attributes the decrease in fees to a return to normal activity levels on the XRPL without network congestion in Q1 2024. A spike in December 2023 due to testing on the ledger had previously contributed to higher fees.
While the report hi…
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