Messari, a prominent crypto analytics firm, revealed in its latest report that the XRP Ledger (XRPL) experienced a significant rise in user demand during the first quarter of 2024. The report, titled “State of XRP Ledger Q1 2024,” highlights a notable increase in quarterly user engagement and transactions from January to March, achieving the highest quarterly revenue of the year.
Messari’s XRP Findings
Throughout this period, an average of 41,000 daily addresses carried out at least one transaction on the blockchain, up by 37% from the previous quarter’s average of 30,000. This uptick in active addresses led to a remarkable 113% increase in daily transactions. However, the number of new addresses created on XRPL saw a decline during the same timeframe. Messari attributed this quarterly drop to the unusually high rate of address creation in the fourth quarter of 2023 when inscription activity commenced. Despite the decline, annual data showed a 29.8% increase in new addresses from Q1 2023 to Q1 2024, though deleted addresses surged by 55.9%, reaching 33,000, as inscription activities concluded.
Will It Affect XRP?
Despite these fluctuations, XRPL’s quarterly revenue remained unaffected. From January to March, dollar-denominated revenue reached $205,000, the highest of the year, while revenue in XRP tokens grew by 10.3% to 350,000 XRP. As of now, XRP is trading at $0.52, although it has depreciated by 2% in the past week according to CoinMarketCap. This depreciation aligns with a 12% decrease in daily active addresses, based on Santiment’s seven-day moving average data. However, the daily profit/loss ratio of transaction volume increased to 1.34, suggesting 1.34 profitable transactions for every losing one.
Key Takeaways from the Report
– Average daily active addresses increased by 37% in Q1 2024.
– Daily transactions surged by 113% during the same period.
– New address creation saw a quarterly decline but a 29.8% annual increase.
– Deleted addresses rose by 55.9% due to ending inscription activities.
– XRPL’s quarterly revenue hit $205,000, the highest of the year.
– XRP token revenue grew by 10.3% to 350,000 XRP.
Conclusion
The findings from Messari illustrate a dynamic quarter for the XRP Ledger, marked by increased user interaction and transactional growth. While there were fluctuations in new and deleted addresses, the overall revenue and engagement metrics point to a robust performance in the first quarter of 2024.