Title: “XRPL Transaction Surge: Q1 2024 Cost Reduction & Market Growth”

May 19, 2024

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XRPL Transaction Activity Surges in Q1 2024


In Q1 2024, XRPL on-chain transaction activity surged by 108% compared to Q4 2023 while the average cost per transaction decreased by 45%, as reported in Ripple’s Q1 2024 XRP Markets Report.


The first quarter of 2024 witnessed significant growth in XRPL transaction activity and a notable decrease in transaction costs, according to the latest report from Ripple. This article provides an overview of the key findings and developments in the cryptocurrency space during this period.

Main Points

During Q1 2024, the volume of XRPL transactions increased by over 100% from Q4 2023, reaching approximately 251.39 million. The average cost per transaction also saw a significant drop to around $0.000856, indicating a 45% reduction. Major cryptocurrency exchanges such as Binance, Bybit, and Upbit accounted for more than 70% of the total XRP traded volume in the first quarter, with trading against Tether being the most common pairing.

The report highlighted a shift in trading volume from fiat pairings to cryptocurrency pairs, with a decrease from 15% to 11% in the volume traded via fiat during Q1. Ripple’s ongoing legal battle with the US SEC was also discussed, with Ripple expressing disagreement with the SEC’s demand for $2 billion in remedies and questioning the legal basis for such claims.


Despite regulatory challenges and ongoing legal disputes, the cryptocurrency market continues to show resilience and growth. The surge in XRPL transaction activity and the decrease in transaction costs in Q1 2024 reflect the dynamic nature of the industry amid evolving regulatory landscapes and market conditions.


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