According to Cointelegraph, Ripple's Q2 2024 XRP Market Report shows that transactions on the XRP Ledger (XRPL) dropped significantly from the first quarter to the second quarter of 2024 amid a surge in average transaction costs. The report highlights that in the second quarter of 2024, XRPL on-chain transaction activity fell by 65.6% to approximately 86.38 million transactions, compared to 251.39 million transactions in the first quarter of 2023.