Ripple (XRP) Unveils Stunning Q1 XRP Surge in Groundbreaking New Report
San Francisco’s headquartered blockchain firm Ripple’s XRP has seen a substantial increase in both volume and transactional activity.
Ripple is a San Francisco headquartered blockchain firm that is known for its cross-border payment services. Since Dec 2020, this firm has been under huge legal hurdles because of a lawsuit filed by the United States Securities and Exchange Commission (SEC) against the company over its financial activities related to XRP (XRPL) cryptocurrency.
On 18 May 2024, Ripple published its Q1 2024 report & confirmed that XRP cryptocurrency secured significant growth in the last quarter.
As per shared information, Ripple confirmed that in the last quarter, the number of on-chain transactions for XRP more than doubled, growing by 108% to 251,397,881 from 121,031,713 in Q4 2023. The average transaction cost in XRP dropped by 44%, going from 0.00262 to 0.00147. The average transaction fee spiked in Dec 2023 due to extensive testing on the XRPL, but the decrease in average cost per transaction indicates that there was no network congestion during the quarter.
It is worth it to note that the amount of XRP burned for transaction fees more than doubled, increasing by 101% from 317,271 in Q4 2023 to 636,184 in Q1 2024. The dollar volume on the decentralised exchange (DEX) also surged by 5%, rising from $54,907,170 to $57,618,270 last quarter.
XRP price action
XRP is the native token of the XRPL ledger, a Proof-of-Stake (PoS) crypto network. Many people claim XRP is a centralised cryptocurrency & Ripple controls it but every time Ripple executives dismiss all the claims with proper facts & evidence.
The current trade price of XRP coin is $0.52 & this trade price is 3% higher over the last 7 days period.
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