Ripple Labs released, on May 17, the latest ecosystem performance report in which it outlined the main network activities that occurred in the first quarter of 2024. As the company highlighted, transactions with XRP Ledger (XRPL) presented a very significant volume, exceeding 100%.

According to the company’s report, in total, transactions on the XRP Ledger protocol exceeded 251,397,881. The number equates to a 108% increase compared to the 121,031,713, which were registered in the fourth quarter of 2023. This notable milestone in the ecosystem was achieved through the growth recorded by the protocol in terms of new applications and users.

“Last quarter, on-chain transactions increased by 108% and the average cost per transaction decreased by 45%. The average transaction fee reached a high in December due to widespread testing of XRPL signups. Thus, the decrease in the average cost per transaction indicated a reset and that no network congestion occurred in the quarter. For future reporting, AMM volume will be included in DEX volume,” Ripple explained in its report.

In the document, the company shared a graph on the movement of the XRP markets during the first quarter, highlighting that the lowest point in this period for the price of XRP occurred in mid-February and peaked in March. “Verified volatility showed a gradual decline, reaching its minimum slightly above 40% in February, and then increasing rapidly in March. Despite the increase in prices at the end of the first quarter, volatility levels remained high above 90%” .

At the time of publication, the price of XRP was quoted at US$0.5252 with an increase of 0.9% in the last 24 hours.

Recently, a notable movement of XRP whales was observed, who accumulated a total of 110 million XRP, valued at around 55 million dollars. This increase in activity comes at a crucial time for Ripple, which continues to face an intense legal battle against the US Securities and Exchange Commission (SEC).

This significant accumulation of XRP by large investors reflects a notable confidence in the digital asset, which is currently going through a period of regulatory uncertainty. According to data released by cryptocurrency analyst Ali Charts, these large holders are taking advantage of the challenging scenario to reinforce their positions, showing a clear sign of support for XRP.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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