XRP Ledger Transactions Drop 65.6% in Q2 2024
YEREVAN (CoinChapter.com) — The XRP Ledger (XRPL) saw a significant decrease in transaction activity in Q2 2024. According to Ripple’s Q2 2024 XRP Markets Report, transactions dropped by 65.6% compared to the previous quarter. The ledger recorded 86.38 million transactions in Q2, down from 251.39 million in Q1.
Ripple reported that this decline is consistent with a broader trend across major protocols.
“Activity across most major protocols decreased in Q2. XRPL was no exception with on-chain activities noticeably lower in Q2 as compared to Q1,”
Ripple noted. This decrease in activity highlights a notable shift in the XRP Ledger’s transaction volume.
XRP Ledger Faces Rising Costs Amid Decreased Transaction Volume
As the number of transactions decreased, the cost per transaction on XRPL rose. The average transaction cost increased by 168% in Q2 2024, reaching 0.00394 XRP per transaction. This cost increase helps manage network load and protect against spam.
In USD terms, the average transaction cost rose by 141%. This is a change from Q1 2024, when transaction costs were lower. The combination of fewer transactions and higher costs marked a challenging quarter for the XRP Ledger.
Ripple’s Upcoming Projects: Tokenized Assets and Stablecoin Launch
Despite the reduced transaction activity, Ripple has several upcoming initiatives. The digital asset exchange Archax plans to introduce “hundreds of millions of dollars” worth of tokenized Real-World Assets (RWA) onto the XRPL in the coming year.
Ripple also announced plans to launch a stablecoin called Ripple USD later in 2024. This stablecoin will be backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.
Additionally, the tokenization platform OpenEden has launched tokenized United States Treasury bills (T-bills) on the XRPL. These TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements collateralized by US Treasurys. KYC and AML screenings ensure compliance for participants involved in these tokenized assets.
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