- Ripple made massive progress in Q1 in many areas.
- Development activity on the network fell.
Ripple [XRP] saw massive fluctuations in terms of price over the last week. However, the progress of Ripple in the first quarter of 2024 could lay the foundation for XRP’s growth in the long run.
Looking at Q1
According to Ripple’s Q1 2024 XRP Markets Report, the number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023 to the end of the first quarter of 2024, while the average transaction cost almost halved.
Published on the 17th of May, the report reveals that XRPL on-chain transaction activity surged by 108% during Q1 of 2024, reaching approximately 251.39 million transactions, compared to 121.03 million in Q4 of 2023.
Furthermore, the average cost per transaction dropped by 45% to approximately $0.000856.
Throughout the first quarter, the distribution of XRP trading volume among cryptocurrency exchanges remained stable, with Binance, Bybit, and Upbit collectively accounting for over 70% of the total traded volume.
Source: Ripple
The report also notes a shift in trading dynamics, as the proportion of volume traded via fiat pairs decreased from 15% in Q4 to 11% in Q1, with most XRP trading now occurring against Tether.
Legal battles
Addressing the ongoing lawsuit with the United States Securities and Exchange Commission (SEC) filed in December 2020, Ripple responded to the SEC’s request for $2 billion in remedies on the 22nd of April.
Ripple argued that the law doesn’t permit the SEC to demand disgorgement or interest on disgorgement unless they can prove someone was harmed.
Ripple stated,
“In terms of next steps, both parties will wait for the Judge to make a determination on the final remedies – likely in the coming months.”
Development activity
In terms of overall development, it was observed that the number of core developers on Ripple’s team had increased. However, the number of code commits being made by these developers had fallen significantly.
This implied that the overall development activity on the network had fallen.
Read Ripple’s [XRP] Price Prediction 2024-25
A declining development activity could result in the slowing down of upgrades and updates on the network.
Source: token terminal
In terms of price, XRP was trading at $0.5149 reflecting a 1.66% decline in the last 24 hours.
Source: Token Terminal
