As an experienced financial analyst, I find Ripple’s Q1 report for 2024 to be quite impressive. The substantial growth in XRP‘s volume and transactional activity is a positive sign that the cryptocurrency is gaining traction among investors and traders. The increase in XRP derivatives open interest also suggests that there is growing demand for XRP-related financial instruments.
Ripple, a fintech firm, has unveiled its first-quarter update, highlighting remarkable expansion and major accomplishments for the XRP Ledger platform and its digital currency, XRP.
The report reveals a significant surge in the trading volume and transaction count for XRP.
In the first quarter of 2024, the trading volume for XRP spots rose by 40%, reaching a total of $865 million, up from $619 million in the fourth quarter of 2023. Additionally, the daily average open interest for XRP derivatives grew by approximately $500 million during Q1 of 2024, compared to $460 million in the previous quarter. The consistency between the growth in spot volumes and open interest indicates a strong market presence and active trading for XRP across various platforms.
Last quarter witnessed a significant surge in on-chain transactions for XRP, with the number increasing by approximately 108%. This brought the total transactions to 251,397,881 from a previous count of 121,031,713 recorded in Q4, 2023. Simultaneously, there was a noticeable decline in the average transaction cost for XRP during this period. The cost dropped by around 44%, transitioning from 0.00262 to 0.00147 per transaction.
As a researcher studying XRPL transactions, I observed that the average fee hit its highest point in December due to widespread testing of inscriptions on the network. Consequently, the subsequent decline in the average cost per transaction suggested a reset, as there was no notable network congestion during the preceding quarter.
In Q4, 2023, XRP worth approximately $317,271 was burned for transaction fees. This figure rose by 101% in the first quarter of 2024, amounting to around $636,184. The dollar volume traded on Decentralized Exchanges (DEX) saw a 5% growth during the last quarter, reaching approximately $57.6 million from the previous $54.9 million.
Over the past three months, the XRP price declined by 5%, whereas the count of newly created wallets decreased by 11% to reach a total of 185,809.
Ripple revealed details regarding its XRP reserves, categorizing them into two groups: XRP readily accessible in their digital wallets, and XRP secured by on-ledger escrow contracts, set to be unlocked and distributed monthly for the subsequent 42 months.
Ripple doesn’t obtain control over the second group of XRP until the escrow makes monthly transfers of it to them. Most of the XRP that is freed up each month gets sent back to the escrow account once again.
I have researched and found that as of March 31, 2024, I discovered Ripple holding a total of 4,836,166,156 units of XRP. On the other hand, the amount of XRP subjected to on-ledger escrow came up to be only 40,100,000.005 units.
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2024-05-18 16:40