Fintech company Ripple has released its Q1 report, showcasing impressive growth and significant milestones for the XRP Ledger ecosystem and its native cryptocurrency, XRP.

The report indicates that XRP has seen a substantial increase in both volume and transactional activity.

In Q1, 2024, XRP spot volumes increased by 40% from Q4, 2023, to arrive at $865 million. Daily average XRP derivatives open interest increased by $500 million in Q1, 2024, compared to $460 million in Q4 of 2023. Spot volumes and open interest have remained highly correlated with overall market activity, suggesting robust XRP trading and activity across venues.

The Q1 2024 XRP Markets Report is out now: https://t.co/rd2kKQMNvRNotable market developments in Q1 include:🇺🇸 Continued U.S. demand for BTC Spot ETFs📶 CEX & DEX volume growth⚖️ Key regulatory & legal updates🔗 Technical blockchain upgrades including AMM on the #XRPLedger

— Ripple (@Ripple) May 17, 2024

On-chain transactions grew by 108% last quarter, reaching 251,397,881 from 121,031,713 in Q4, 2023. The average cost per transaction in XRP fell by 44% in the past quarter, from 0.00262 to 0.00147.

The average transaction fee peaked in December as a result of the broad testing of inscriptions on XRPL. As a result, the decrease in average cost per transaction indicated a reset, as there was no network congestion during the quarter.

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XRP burned for transaction fees increased by 101%, from 317,271 in Q4, 2023, to 636,184 in the first quarter of 2024. The dollar volume on DEX increased by 5% in the last quarter, from 54,907,170 to 57,618,270.

Meanwhile, the XRP price fell 5% over the last quarter, while the number of new wallets fell 11% to 185,809.

Ripple also disclosed information about its XRP holdings, which are divided into two categories: XRP that is currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months.

Ripple does not have access to the second category of XRP until the escrow releases it to them monthly. Every month, the vast majority of the XRP released is returned to the escrow account.

As of March 31, 2024, Ripple held 4,836,166,156 XRP, whereas the total XRP subject to on-ledger escrow was 40,100,000.005.