Ripple's Q1 Report Highlights Significant Growth in XRP Ledger Ecosystem

According to U.Today, fintech firm Ripple has published its Q1 2024 report, highlighting substantial growth and key milestones for the XRP Ledger ecosystem and its native cryptocurrency, XRP. The report reveals a significant increase in both volume and transactional activity for XRP. XRP spot volumes rose by 40% from Q4 2023, reaching $865 million in Q1 2024. The daily average XRP derivatives open interest also saw an increase, from $460 million in Q4 2023 to $500 million in Q1 2024. These figures suggest robust XRP trading and activity across various platforms. On-chain transactions saw a 108% increase last quarter, reaching 251,397,881 from 121,031,713 in Q4 2023. The average cost per transaction in XRP fell by 44% in the past quarter, from 0.00262 to 0.00147. This decrease in average cost per transaction indicates a reset, as there was no network congestion during the quarter. XRP burned for transaction fees also increased by 101%, from 317,271 in Q4 2023, to 636,184 in Q1 2024. The report also disclosed information about Ripple's XRP holdings, which are divided into two categories: XRP currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months. Ripple does not have access to the second category of XRP until the escrow releases it to them monthly. As of March 31, 2024, Ripple held 4,836,166,156 XRP, whereas the total XRP subject to on-ledger escrow was 40,100,000.005. Despite these positive figures, the XRP price fell 5% over the last quarter, while the number of new wallets fell 11% to 185,809.