XRPL experienced a surge in user demand and revenue in the first quarter of 2024, despite a decrease in new addresses. The market performance was impacted by a well-known XRP whale who dumped 50 million coins.
According to a recent analysis by Messari, the XRPL witnessed a significant increase in user demand during the first quarter of the year. The study, called “State of XRPL Q1 2024,” revealed that XRPL’s quarterly income experienced a substantial rise, reaching its highest point of the year within the ninety-day period.
One of the key findings of the analysis was the increase in the average daily count of addresses that completed at least one blockchain transaction, which reached 41,000. This represented a 37% increase from the previous quarter’s reported count of 30,000 addresses.
The increase in active addresses on the XRPL led to a significant rise in transactions carried out on the network during Q1. According to Messari, the average daily transactions on the XRPL increased by 113% during this time.
Interestingly, the number of new addresses established on the XRPL decreased during the reviewed quarter. This decrease was attributed to the exceptionally high number of addresses generated in Q4, which marked the beginning of inscription activity.
However, on an annual basis, the number of quarterly new addresses grew by 29.8% from Q1 2023 to Q1 2024. Additionally, as inscription activity decreased, there was a 55.9% increase in deleted addresses quarter over quarter, totaling 33,000.
The drop in new addresses did not affect XRPL’s quarterly income. In fact, the dollar revenue for XRPL reached a record high of $205,000 between January and March. Furthermore, the revenue expressed in XRP, the native coin of XRPL, increased by 10.3% to 350,000 XRP during the reviewed quarter.
Currently, the XRP token is trading at $0.5174. CoinMarketCap data shows that the cryptocurrency has experienced a 2.22% decrease in value over the past seven days. Market players attribute this value reduction to a consistent drop in demand.
Data from Santiment reveals that the daily active addresses of the XRP coin decreased by 12% in the previous week, as measured by a seven-day moving average. Additionally, XRP demand declined while the daily profit-to-loss ratio of transaction volume increased.
Furthermore, a CNF report disclosed that a well-known XRP whale dumped nearly 50 million coins on the Bitstamp and Bitso exchanges.
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