XRP Coin, a leading altcoin by market capitalization, has once again become a focal point of discussion. The latest quarterly report released by Ripple reveals crucial insights. Despite facing ongoing legal challenges with the SEC, many investors remain optimistic about XRP’s long-term potential.
What Does the Latest Ripple Report Reveal?
Ripple’s first quarterly report of the year sheds light on significant developments concerning XRP and the XRP Ledger (XRPL). As the legal dispute between Ripple and the SEC progresses, the report brings forth promising information. Notably, XRP Coin’s daily transaction volume surged by 40% during this period, with Binance, Bybit, and Upbit contributing to 70% of the total transactions. Speculative interest in XRP remained robust, as evidenced by strong spot trading volumes and futures demand.
Why Is XRPL Performance Improving?
The XRPL network saw a remarkable doubling of transactions in the first quarter of 2024 compared to the previous quarter. The total transaction count reached 251 million, significantly up from 121 million in the last quarter of 2023. Importantly, the average transaction fee on XRPL fell to $0.000856, indicating a reset following a peak in December due to extensive testing.
Key Takeaways for Users
Several crucial inferences can be drawn from the report, which can be beneficial for users:
- XRP Coin’s daily transaction volume saw a substantial 40% increase.
- Total transactions on XRPL doubled in the first quarter of 2024.
- The introduction of XLS-30, an automated market maker, enhances trading capabilities.
- Average transaction fees have significantly decreased, indicating improved network efficiency.
- Speculative interest and market activity around XRP remain high.
Ripple CEO Brad Garlinghouse expressed excitement over the new developments, particularly the launch of XLS-30 for DeFi developers and users, calling it a significant update for XRP Ledger. As the legal battle with the SEC continues, both parties are awaiting the judge’s decision on final remedies. Ripple remains hopeful for a fair resolution.