Ripple has released its Q1 2024 report, highlighting significant growth for the XRP Ledger ecosystem and its native token, XRP.
In the first quarter of the year, XRP spot volumes rose by 40% from Q4 2023. Daily average XRP derivatives open interest also increased from $460M in Q4 2023 to $500M in Q1 2024. On-chain transactions for XRP grew by 108% last quarter, hitting 251M from 121M in Q4 2023,
Meanwhile the average transaction cost dropped by 44%. This decrease followed a period of network congestion due to extensive testing of inscriptions on the XRP Ledger. Ripple also updated its XRP holdings. As of March 31, 2024, Ripple held 4.8B XRP. Additionally, 40.1B XRP is locked in escrow, set to be released monthly over the next 42 months.
The company behind XRP also mentioned its ongoing legal battle with the SEC. Despite scoring a partial victory against the agency in 2023, the report mentioned that the SEC and Ripple need to wait for a few months for the court to decide on the final remedies, adding,
"Ripple remains confident that the Judge will approach the remedies phase fairly."
Despite these positive trends, the XRP price fell by 5% over the quarter, and the number of new wallets decreased by 11%.