XRP Transactions Double: Ripple Reports Strong Q1 2024

Fintech company Ripple has released its Q1 2024 report showing impressive growth in the XRP ledger. According to BTC-ECHO | Bitcoin & Blockchain since 2014, the ledger recorded a remarkable 251.39 million on- chain transactions – a double compared to the fourth quarter of 2023.

In addition, XRP spot volume increased to $865 million, an increase of 40 percent. The cost per transaction fell by around 45 percent to around $0.000856. Despite these positive developments, uncertainty remains due to the ongoing litigation with the SEC.

XRP revolution: Court ruling and expansion promote price explosion

According to FinanzNachrichten.de, the lengthy legal battle between Ripple and the SEC is nearing its end. In the midst of this, a large whale transaction involving the transfer of 50 million XRP coins caused a stir in the crypto community.

Despite temporary price losses, XRP was able to recover and is currently rising again. Ripple also plans to launch a new stablecoin and take other innovative steps to improve its network by integrating new technologies such as Automated Market Makers (AMM).

Ripple reports impressive growth: XRP transactions double in Q1 2024

According to Crypto Magazine, Ripple’s first quarterly report for the year showed strong growth in the XRPL network, with transaction numbers doubling compared to the previous quarter.

Despite this growth, however, uncertainty remains due to the ongoing litigation with the SEC, which casts a shadow over future developments.

XRP: Why investors should be particularly careful now

According to Blockchain-Hero , although many cryptocurrencies such as Bitcoin and Ethereum are currently showing strong performance, XRP is largely moving sideways with minimal gains over the last week. The opportunity cost is a strong argument against investing in this coin .

Despite ongoing legal disputes with the SEC, Ripple continues to plan expansions into Africa and would like to expand crypto-related services there. These challenges have so far failed to produce a sustained rally for the price; it is currently only stabilizing at around $0.51$ per unit.

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