- XRP transactions overall climbed by 108% in the first quarter of 2024.
- The $2 billion penalty that the SEC has suggested for XRP sales is something Ripple objects to.
With updates on their ongoing SEC complaint and a summary of noteworthy on-chain activity, Ripple Labs Inc. just published its first quarter ecosystem performance report.
According to the research, there was a startling 108% rise in total transactions on the XRP Ledger protocol from the 121,031,713 transactions reported in Q4 2023 to 251,397,881. The flood of new applications and users on the protocol was credited with this remarkable expansion.
Lower Transaction Fees and Wallet Numbers
In addition, XRP burned for transaction fees doubled overall, rising from 101% from 317,271 in Q4 2023 to 636,184. This significant increase highlights the increased activity on the ledger. Dollar volume on the decentralized exchange (DEX) increased 5% as well, to $57,618,270 from $54,907,170 in the prior quarter.
The report pointed up several areas of decrease in spite of these encouraging trends. On the XRP Ledger, there were 11% fewer new wallets created in Q4 2023—185,809 as opposed to 208,522 in Q4. Positively, the average USD transaction fee fell by 45% to $0.000856. This decrease points to a more economical setting for users doing ledger transactions, building on previous reports by Crypto News Flash.
Ripple Versus SEC: Legal Battle Update
The paper also provided insights into Ripple’s ongoing legal dispute with the US Securities and Exchange Commission (SEC). Seeking a $2 billion penalty, the SEC has accused Ripple of breaking federal securities laws by selling XRP to institutional investors.
Disgorgement of around $900 million, prejudgment interest of $200 million, and penalties of $900 million make up this punishment. And the SEC has asked for an injunction.
In answer, Ripple said it had submitted its protest to the SEC’s requests and will keep up its defense of the claims.
Meanwhile, CoinMarketCap data show the value of XRP at the moment of writing is at $0.5202, down just 0.48% over the previous day. With a 2.68% rise during the previous seven days, XRP has remained bullish despite this little fall.
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