Ripple-backed XRP Ledger (XRPL) noticed a notable drop in transaction quantity in Q2 2024, based on the newest XRP Markets Report. This decline is a part of a wider development affecting main blockchain protocols, with XRPL experiencing an identical downturn.
In Q2 2024, XRPL logged 86.39 million transactions, a 65.6% lower from the earlier quarter. Regardless of this drop, common transaction charges on the community surged by 168% to 0.00394 XRP.
Ripple Stays Bullish on XRPL Regardless of Falling Quantity
XRP’s buying and selling quantity, together with Bitcoin and Ethereum, fell by 20% through the second quarter. Nonetheless, spot buying and selling volumes for XRP remained excessive all through a lot of the quarter. Binance continued to dominate the buying and selling quantity, with different exchanges like Bybit and Upbit displaying assorted contributions.
Buying and selling of XRP in opposition to fiat currencies decreased to 10%, with most buying and selling occurring in opposition to the USDT stablecoin. Ripple views this shift positively, notably with the upcoming launch of its USD Stablecoin later this yr.
Learn extra: Ripple (XRP) Worth Prediction 2024/2025/2030
In the meantime, Ripple stays optimistic about XRPL’s future. The corporate expects elevated community exercise as a consequence of upcoming updates. Key developments embody the combination of Archax, a regulated alternate and custodian, and OpenEden, which might convey vital tokenized real-world property to XRPL.
Ripple additionally highlighted a number of improvements on the horizon. These embody the XRPL Ethereum Digital Machine (EVM) sidechain, Axelar interoperability, and the brand new Oracle and Multi-Goal Token (MPT) normal. These developments are anticipated to drive XRPL’s progress within the upcoming quarters.
“[The] progress with the XRPL EVM sidechain and Axelar for interoperability, and Archax’s expected influx of tokenized real-world assets, [alongside] the preparation for future Oracle and Multi-Purpose Token (MPT) standard, excites me about Q3 and Q4.” Monica Lengthy, Ripple President, commented.
On a separate observe, Ripple awaits a courtroom resolution on its longstanding case in opposition to the US Securities and Change Fee (SEC). The agency acknowledged that the courtroom would rule on the treatments associated to institutional XRP gross sales and it stays longing for a good judicial consequence.
Learn extra: All the things You Want To Know About Ripple vs SEC
Additional, Ripple famous the importance of the upcoming November elections, calling them “the most consequential in crypto’s history to date” and essential for the way forward for crypto regulation within the US. The corporate highlighted its $25 million donation to Fairshake, a federal tremendous PAC supporting pro-crypto candidates, bringing its complete contributions to $50 million.
“This is an industry-wide, bipartisan effort to ensure there is a strong future with regulatory clarity for crypto in the US. The SEC’s repeated attempts to smother the crypto industry through enforcement actions has benefitted other key global markets that have embraced responsible innovation and economic growth,” Ripple added.
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