According to ChainCatcher, Ripple's XRP market report for the first quarter of 2024 showed that the number of transactions on the XRP Ledger (XRPL) more than doubled from the fourth quarter of 2023, and the average transaction cost was almost cut in half. XRPL on-chain transaction activity increased by 108% in the first quarter of 2024, with approximately 251.39 million transactions, compared to a total of 121.03 million transactions in the fourth quarter of 2023. At the same time, the average cost per transaction fell by 45% to approximately $0.000856.