XRP transactions experienced a massive surge of 108% during the first quarter of 2024.
Ripple, the company behind XRP, is strongly opposed to the proposed $2 billion penalty by the US Securities and Exchange Commission (SEC).
Ripple Labs Inc. recently released its ecosystem performance report for the first quarter, which includes updates on their ongoing legal dispute with the SEC and highlights of noteworthy on-chain activity.
According to the report, there was a remarkable 108% increase in total transactions on the XRP Ledger protocol, rising from 121,031,713 transactions in Q4 2023 to 251,397,881. This surge can be attributed to the influx of new applications and users on the protocol.
Additionally, the amount of XRP burned for transaction fees doubled, increasing by 101% from 317,271 in Q4 2023 to 636,184. This significant rise indicates the heightened activity on the ledger. The dollar volume on the decentralized exchange (DEX) also saw a 5% increase to $57,618,270 from $54,907,170 in the previous quarter.
Despite these positive trends, the report highlighted a few areas of decline. The number of new wallets created on the XRP Ledger decreased by 11% in Q4 2023, dropping from 208,522 to 185,809. On a positive note, the average USD transaction fee decreased by 45% to $0.000856. This reduction indicates a more cost-effective environment for users conducting ledger transactions, as previously reported by Crypto News Flash.
The report also shed light on Ripple’s legal battle with the SEC. The SEC has accused Ripple of violating federal securities laws by selling XRP to institutional investors and is seeking a $2 billion penalty. This penalty includes disgorgement of approximately $900 million, prejudgment interest of $200 million, and penalties of $900 million, along with an injunction. Ripple has responded by submitting its objections to the SEC’s requests and intends to continue defending itself against the allegations.
As of the time of writing, CoinMarketCap data shows that the value of XRP is $0.5202, with a slight decrease of 0.48% compared to the previous day. Despite this minor fall, XRP has remained bullish with a 2.68% increase over the past seven days.
