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Ripple Unveils Strong Growth of XRP in Q1 According to Latest Report
The report highlights a significant surge in both volume and transactional activity for XRP, marking a period of notable growth.
During the first quarter of 2024, XRP spot volumes soared by 40% compared to the previous quarter, totaling a robust $865 million. Additionally, daily average XRP derivatives open interest spiked by $500 million, reflecting a vibrant market environment.
On-chain transactions surged by an impressive 108% from the previous quarter, totaling 251,397,881 transactions. The average cost per transaction in XRP also experienced a significant 44% decrease, showcasing a more cost-effective network.
Moreover, XRP burned for transaction fees saw a notable 101% increase, reaching 636,184 in the first quarter of 2024. The dollar volume on DEX platforms saw a 5% uptick, underscoring growing activity in the decentralized exchange space.
Despite a 5% dip in XRP price, the ecosystem remained vibrant. The number of new wallets created fell by 11% to 185,809, reflecting shifting trends in user behavior.
Ripple’s disclosure of XRP holdings revealed a meticulous categorization, distinguishing between available XRP in wallets and XRP subject to on-ledger escrow lockups. This strategic approach ensures a gradual release of XRP over the next 42 months.
As of March 31, 2024, Ripple held 4,836,166,156 XRP, with an additional 40,100,000.005 XRP subject to on-ledger escrow. This transparency underscores Ripple’s commitment to a structured and controlled release of XRP into the market.
