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XRP Ledger: Transaction Surge vs. Declining Wallet Creation

Published 05/18/2024, 07:28 PM
Updated 05/18/2024, 08:15 PM
XRP Ledger: Transaction Surge vs. Declining Wallet Creation
XRP/USD
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  • 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 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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