Ripple’s blockchain network, the XRP Ledger (XRPL), has had an excellent first quarter.

Although the XRP crypto has been anything but fireworks in this time frame, and remains suppressed by the ongoing lawsuit with the US Securities and Exchange Commission (SEC), the number of transactions on the network has shown impressive growth.

Number of XRP transactions doubled

Ripple publishes a report after every quarter in which it provides transparency on the results of its own XRPL, and updates on the company’s view on the state of the crypto market. On May 17, the ‘Q1 2024 XRP Markets Report’ was released, which was received with enthusiasm by the XRP community.

The crypto giant writes that the number of transactions on the XRPL during the first three months of the year has more than doubled compared to the last quarter of last year. In total, the network processed 251.39 million transactions in Q1, an increase of no less than 108% compared to the previous quarter.

Additionally, average transaction fees have dropped by approximately 45% to approximately $0.000856. In the last quarter of last year, fees were still at a peak due to extensive tests of inscriptions on the network. “The decrease in average cost per transaction indicates a reset and that no network congestion occurred in the quarter,” Ripple explained.

The trading volume of XRP on spot exchanges has also increased significantly, Ripple notes. To be precise, volume increased by 40% to a total of $865 million.

Ripple continues to develop

The report also discussed the launch of Ripple’s Automated Market Maker (AMM). After a year of extensive research, the XRPL introduced the new DeFi feature at the end of March.

With an AMM, liquidity is assured through liquidity pools. This gives the integrated decentralized exchange (DEX) on the XRPL more liquidity, which makes it easier, especially for larger traders, to exchange tokens on the platform.

The integration with Web 3.0 developer Axelar was also discussed. The partnership, which was announced at the beginning of this year, should help connect the XRPL to more than 55 different blockchains in the future.

All things considered, despite the protracted legal battle with the SEC, Ripple is working hard to increase its dominance within the crypto world.

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