According to Ripple's Q1 2024 XRP Markets Report, the volume of transactions on the XRP Ledger (XRPL) increased by more than 100% from Q4 2023 to Q1 2024, while the cost per transaction dropped about 45%.
There was a significant increase in on-chain transaction activity for XRPL during Q1 2024, reaching approximately 251.39 million transactions compared to 121.03 million in Q4 2023. The average cost per transaction decreased to around $0.000856, indicating a reduction of 45%. The report also highlighted the distribution of traded volume across different exchanges, with Binance, Bybit, and Upbit leading the way.
One ongoing point mentioned in the report was the legal dispute between Ripple and the US SEC, which began in December 2020. The SEC alleged that Ripple executives had raised funds through an XRP IPO, which they deemed an unregistered security. Ripple disagreed with the SEC's proposed $2 billion in remedies, asserting that the SEC lacked the authority to demand such remedies without demonstrating harm to any party.
