Ripple's XRP Ledger Reports Surging Q1 2024 Activity Amid Ongoing SEC Lawsuit
Summary:
Ripple's XRP Ledger (XRPL) saw a 108% increase in on-chain transaction activity and a 45% reduction in average transaction cost in Q1 2024, according to Ripple's latest report. With crypto exchanges Binance, Bybit, and Upbit handling over 70% of total traded volume, the volume traded via fiat pairs dropped to 11%. Ripple's ongoing lawsuit with the SEC, concerning the alleged unauthorized IPO of XRPL, was also addressed. Ripple disputed the SEC's $2 billion penalty demand, awaiting the judge's decision in the upcoming months.
The Ripple XRP Ledger (XRPL) experienced significant growth in the first quarter of 2024 with on-chain transaction activity climbing by 108%. In the same quarter, there was a sharp drop in average transaction cost by 45%, Ripple confirmed in their recent XRP market report. In specific terms, 251.39 million transactions took place on the XRPL in the initial quarter of 2024, a steep rise from the 121.03 million transactions in the final quarter of 2023. These figures were outlined in the report issued on May 17. Furthermore, the average cost for each transaction decreased by 45% to approximately 0.000856 USD.“This downward shift in average cost per transaction signals no network congestion for the quarter,” the report detailed.
Meanwhile, the distribution of XRP trading volume across crypto exchanges remained stable throughout the first few months of the year, with Binance, Bybit, and Upbit responsible for over 70% of the total volume traded. A notable trend was seen in Q1, where the volume traded via fiat pairs dropped from 15% in Q4 of 2023 down to 11% in Q1 of 2024. Currently, the majority of XRP trades are conducted against Tether (USDT).
The XRP market report also touched upon the continuing litigation against the United States Securities and Exchange Commission (SEC). In December 2020, the SEC filed a lawsuit against Ripple, accusing the firm of conducting an IPO of XRP which they saw as an unauthorized security during the fundraising period. Ripple disputed the SEC's demand for $2 billion in penalties on April 22, arguing that the SEC cannot insist on disgorgement or interest on disgorgement without proving that someone was negatively impacted.
“As for what's next, we are all waiting for the Judge's decision on the final penalties, expected in the following months,” Ripple stated.
Evidently, Ripple remains optimistic that the Judge will manage this phase of the proceedings fairly. In other news, a UK cannabis millionaire has been making legal deals through cryptocurrency.
Published At
5/19/2024 10:09:33 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.