XRP Ledger (XRPL) Transactions Surge by 108% in Q1, Yet There’s a Catch

Exciting news from Ripple Labs Inc in their most recent ecosystem update report! Let’s dive into the highlights of their first-quarter on-chain activities.

XRP Ledger shines

The XRP Ledger protocol saw a significant increase in total transactions, reaching a whopping 251,397,881. This marks a remarkable 108% growth from the previous quarter’s 121,031,713 transactions. The surge in new applications and users contributed to this milestone achievement.

Additionally, the total XRP burned for transaction fees skyrocketed from 317,271 to 636,184, representing a 101% increase. Furthermore, the dollar volume in DEX witnessed a 5% rise, reaching 57,618,270 compared to the previous quarter’s 54,907,170.

While these achievements showcase the progress on XRP Ledger, there were also some setbacks. The number of new wallets on the protocol dropped by 11% to 185,809 from the previous quarter’s 208,522.

Moreover, the average cost per transaction in USD decreased by 45% to 0.000856, indicating a more cost-effective transaction environment on XRP Ledger.

Ripple’s legal battle with the SEC

Ripple Labs also provided an update on their ongoing lawsuit with the SEC. The regulatory body is seeking a $2 billion fine for alleged violations of Federal Securities laws related to the sale of XRP to institutional investors.

The charges include approximately $900 million in disgorgement, around $200 million in prejudgment interest, and roughly $900 million in penalties. The SEC is also requesting an injunction. Ripple Labs has now submitted their opposition to these demands.

The next step involves awaiting the judge’s final decision on remedies, a process that could take several months. Stay tuned for updates!