Ripple reports strong Q1 results

Ripple reports a major success: the blockchain of Ripple recorded a doubling of the number of transactions in Q1 2024. What's behind this?

Fintech company Ripple has its Q1 report published, which shows significant growth in the ecosystem and its own cryptocurrency XRP.

The XRP ledger recorded an impressive 251.39 million on-chain transactions, representing an increase of about 108 percent from the fourth quarter of 2023.

The spot volume of XRP rose to $865 million. A significant 40 percent increase from the previous quarter, making XRP one of the cryptocurrencies with the highest trading volume.

In addition, the cost per transaction fell 45 percent to about $0.000856. "The decrease in the average cost per transaction indicates that a reset occurred and that there was no network congestion during the quarter," the report said.

The report also addresses the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple, which was filed in December 2020. A decision in the legal dispute is expected soon.

Even in the event of a favorable outcome for Ripple, it is not certain that the XRP price will be positively affected in the long run. XRP is currently trading at $0.51, which is lower than it was in the summer of 2023.