Ripple Sees Big Growth in Q1

Ripple's first-quarter report for 2024 shows significant growth for XRP and the XRP Ledger (XRPL). XRP's daily spot trading surged by 40%, and transactions on XRPL doubled to over 251 million, while average fees dropped by 45%. Ripple’s Q1 report highlights substantial activity for XRP and XRPL. This progress aligns with ongoing developments in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).

XRP’s daily spot trading jumped 40% to about $865 million in Q1 2024. Ripple noted that XRP trading volume on major exchanges like Binance, Bybit, and Upbit remained steady, accounting for over 70% of total volume. Speculative interest in XRP was high, with a daily average trading volume of $500 million. Ripple said this high activity correlated with general market trends, showing robust XRP trading.

Transactions on XRPL increased significantly in Q1 2024. They rose from 121 million in Q4 2023 to over 251 million by the end of Q1 2024. This increase came with a notable 45% drop in average transaction fees, down to $0.000856 by the end of March. Ripple explained that the fees peaked in December due to extensive testing of inscriptions on the XRPL, and the subsequent decrease indicated a reset and no network congestion during the quarter.

XRPL saw major technical upgrades in the first quarter. A key update was the introduction of XLS-30, a non-custodial automated market maker (AMM), which enhanced on-chain liquidity and trading for DeFi developers and users. Ripple CEO Brad Garlinghouse called this one of the biggest improvements to the XRP Ledger.

Moreover, XRPL integrated with platforms like Axelar. This integration expanded XRPL’s capabilities, allowing developers to work with smart contracts and decentralized applications across more than 55 blockchains. This was part of Ripple's broader plan to boost interoperability and utility within the blockchain world.

Despite these advancements, Ripple’s lawsuit with the SEC continues. The case is nearing its end, with the SEC seeking a $2 billion fine against Ripple. Ripple has countered, arguing for a penalty of no more than $10 million, calling the larger request unfounded.

Ripple remains optimistic about the outcome. “Both parties now await the judge’s final decision on remedies, which is expected in the coming months. Ripple is confident the Judge will be fair,” Ripple stated.

XRP’s daily spot trading increased by 40%, reaching around $865 million. Transactions on XRPL doubled from 121 million in Q4 2023 to over 251 million in Q1 2024. Average transaction fees on XRPL dropped by 45%, to $0.000856 by March’s end. Significant technical upgrades included the launch of XLS-30, a non-custodial AMM. Integration with Axelar boosted XRPL’s interoperability with over 55 blockchains.

Ripple’s first-quarter report for 2024 highlights major growth and advancements within the XRP and XRPL ecosystems. Despite the ongoing SEC lawsuit, Ripple continues to make significant technical upgrades and increase network activity. The market awaits the final decision in the legal case, hoping for a favorable result that will strengthen Ripple’s position in the cryptocurrency industry.