XRP Ledger Sees Over 100% Surge in Transaction Activity Amid Decline in Average Costs
In today’s top news, the XRP Ledger (XRPL) has experienced an increase in transaction activity, with the number of transactions more than doubling from the fourth quarter of 2023 to the end of the first quarter of 2024.
According to Ripple’s Q1 2024 XRP Markets Report, the increase in activity came as the average transaction cost witnessed a notable decline.
During the first quarter of the year, the XRPL recorded approximately 251.39 million on-chain transactions, marking a remarkable 108% surge compared to the 121.03 million transactions in Q4 2023.
Furthermore, the average cost per transaction decreased by 45%, reaching around $0.000856.
The report emphasized that the decrease in average transaction costs indicated a reset and demonstrated that no network congestion occurred during the quarter.
The development is positive news for users of the XRP Ledger, as lower transaction costs can enhance accessibility and encourage increased activity on the network.
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