XRP Ledger OCTs (On-Chain Transactions) See Remarkable Rise of 108% in Q1


The volume of on-chain transactions surged by 108% on the XRP Ledger, with numbers going from 121 million to exceeding 240 million. We expect demand to rise dramatically in the next quarter from 03 million in Q4 2023 to 251, as young people pursue their education and professional goals, at the figure of USD close to 39 million for the first quarter of 2024. The amount of transactions this system facilitates signifies the increasing activity by users within the XRP network. Along with that, the figure of transactions cost on the XRPL decreased by 45% and the transaction fee took a form of $0. The cost of transaction, depicted by 000856, which is a measure of the efficient network with less congestion, ultimately leads to a positive outlook as forwarded by Ripple.

An Analysis of Ripple's Position in Crypto Market

The first three months of 2024 were characterized by many events that had a large impact on the cryptocurrency market. The observed interest in the BTC Spot ETF in the U.S. was intense, which had great inflows and traded volumes. There is overwhelming evidence, and by the way, BlackRock’s iShares Bitcoin Trust had about $13.4 billion in assets under management, or Net Asset Value (NAV), with 9 billion in inflows. The crypto market also noted the increase in leverage use from traders which authorized participants on the CME used leverage to manage hedging inventories, projects like Ethena holding a hear halt which pointed towards a more progressive trading system.

The central exchange liquidity sought as much as $2 per asset coin. During the previous month, spot volumes climbed to 93 trillion, the highest input since May 2021, while decentralized exchanges also posted rising volumes, showing the investors' and traders' activity in crypto-trading was at its apex.

The cases of XRP reaching outstanding heights and making huge news gain notable developments.

The XRP traded volumes saw a remarkable rise especially during the first quarter. The average daily trading volumes for the period were around $865 million, which represents a 40% growth in comparison to the previous quarter. This trend manifested in the derivatives market too as the mean average daily open interest in derivatives based on XRP also increased.

Some of the technological innovations such as the Coinbase crypto platform which enables users to use the full on-chain ecosystem, Ethereum's shard enabled of exploiting the benefits of computer computing in combination with the Bitcoin’s blockchain, have greatly reduced the barriers for entry thus leading to a broader adoption of cryptocurrencies.

The U.S. Securities and Exchange Commission in its continued litigation against Ripple over sales of a service token XRP has a new twist. Actions of Ripple against both SEC`s claims and the allegation to bear the financial losses is more highlighted. Ripple, in their arguments, suggest that the SEC claims lack merits, especially as it is not proven that there has been any investors' harm. Therefore, they are recommending much of a token fine, if any.

Regarding cryptocurrencies, globally, there were many changes in the legal framework, as revealed by the report. The EU’s MiCA stands out as a license to extend strict regulation requirements to all the stablecoin issuers. Besides the administration in Hong Kong is drafting up the immediately needed crypto regulations bill.

XRPL Witnessed Major Integrations

Recently, the XRPL itself went through a lot of upgrade mostly with the XLS-30 amendment, which adopted the non-custodial automated market maker (AMM) implementation to the platform. Based on information, this subsidy has the aim of increasing on-chain liquidity and the implementation of more streamlined trading on the XRPL’s (Ripple) decentralized exchange.

Furthermore, Axelar’s XRPL integration has played a crucial role in widening its applicability, allowing it to support decentralized applications and operating mechanisms while also empowering the ecosystem to cater to DeFi. Along with EasyA initiatives, other programs are also instrumental in enlarging the XRPL community by attracting more developers, in this way they also enhance the ledger by bringing more features and outreach.

Events like the recent surge in transaction volume and slowdown of transaction costs build a solid base for the health and ageing growth of the XRP Ledger’s network of users.

Font Size
lines height