Ripple Reveals Impressive Q1 XRP Growth in New Report

Fintech
company
Ripple
has
released
its
Q1
report,
showcasing
impressive
growth
and
significant
milestones
for
the
XRP
Ledger
ecosystem
and
its
native
cryptocurrency,
XRP.

The
report
indicates
that
XRP
has
seen
a
substantial
increase
in
both
volume
and
transactional
activity.

In
Q1,
2024,
XRP
spot
volumes
increased
by
40%
from
Q4,
2023,
to
arrive
at
$865
million.
Daily
average
XRP
derivatives
open
interest
increased
by
$500
million
in
Q1,
2024,
compared
to
$460
million
in
Q4
of
2023.
Spot
volumes
and
open
interest
have
remained
highly
correlated
with
overall
market
activity,
suggesting
robust
XRP
trading
and
activity
across
venues.

On-chain
transactions
grew
by
108%
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.

The
average
transaction
fee
peaked
in
December
as
a
result
of
the
broad
testing
of
inscriptions
on
XRPL.
As
a
result,
the
decrease
in
average
cost
per
transaction
indicated
a
reset,
as
there
was
no
network
congestion
during
the
quarter.

XRP
burned
for
transaction
fees
increased
by
101%,
from
317,271
in
Q4,
2023,
to
636,184
in
the
first
quarter
of
2024.
The
dollar
volume
on
DEX
increased
by
5%
in
the
last
quarter,
from
54,907,170
to
57,618,270.

Meanwhile,
the
XRP
price
fell
5%
over
the
last
quarter,
while
the
number
of
new
wallets
fell
11%
to
185,809.

Ripple
also
disclosed
information
about
its
XRP
holdings,
which
are
divided
into
two
categories:
XRP
that
is
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.
Every
month,
the
vast
majority
of
the
XRP
released
is
returned
to
the
escrow
account.

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.