XRP remains prominent as one of the largest altcoins in terms of market cap. There are noteworthy details in the latest report. While its legal battle with the SEC continues, there are many investors who believe that it will be successful in the long term compared to other major cryptocurrencies.
Highlights from Ripple (XRP) Report:
A 40% increase in XRP trading volume: During the reporting period, XRP's daily trading volume increased by 40% to $865 million. Platforms such as Binance, Bybit and Upbit are responsible for 70% of the total trading volume.
Strong speculative interest: Speculative interest in XRP was quite high in the first three months of 2024. Strong demand in spot and futures is highly correlated with overall market activity.
XRPL transactions doubled: Transactions in XRPL doubled compared to the previous quarter in the first quarter of 2024, reaching 251 million.
Low transaction fees: By the end of March, XRPL transaction fees dropped to an average of $0.000856.
XLS-30 introduced: XLS-30 introduced for DeFi developers and users. This improves automated market maker (AMM) and trading capabilities.
Ripple CEO Brad Garlinghouse is excited: Ripple CEO Brad Garlinghouse stated that he is excited about the launch of XLS-30 and the future of XRPL.
The SEC case is ongoing: Both sides are waiting for the Judge to make a final decision. Ripple believes that a fair solution will be found.
General evaluation:
XRP's Q1 2024 report reveals positive developments for XRP and XRPL. Transaction volume, network usage and developer activity are increasing. Even though the SEC case is ongoing, Ripple remains confident in the long-term success of XRP.
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I EXPLAIN IN DETAIL.
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