Declining Trading Volumes on XRPL in Q2 2024
In the second quarter of 2024, the Ripple-based XRP Ledger (XRPL) witnessed a significant drop in trading volumes, aligning with a broader trend affecting major blockchain protocols. XRPL recorded 86.39 million transactions during this period, marking a quarterly decrease of 65.6%. Despite the decline in transactions, the network’s average transaction fee saw a substantial increase of 168% to 0.00394 XRP.
Ripple’s Positive Outlook on XRPL Amid Decreasing Volumes
Despite the overall decrease in trading volumes in the second quarter of 2024, Ripple remains bullish on XRPL. While XRP’s trading volume fell by 20% alongside Bitcoin and Ethereum, spot trading volumes remained robust throughout the quarter. Leading exchanges like Binance continued to dominate the trading volume, with other platforms such as Bybit and Upbit also playing significant roles.
XRP’s trading volume against fiat currencies experienced a 10% decline, with a majority of trades conducted against the stablecoin USDT. Ripple remains optimistic about these developments, especially as it gears up to launch a U.S. dollar stablecoin later this year.
Ripple’s Future Plans and Innovations for XRPL
Ripple anticipates an uptick in network activity for XRPL, primarily driven by an upcoming update. The integration of regulated exchanges and custodians Archax and OpenEden is expected to bring in a multitude of tokenized physical assets onto XRPL, further boosting activity.
Ripple also revealed its upcoming innovations for XRPL, including the XRPL Ethereum Virtual Machine (EVM) sidechain, Axella interoperability, new oracles, and multi-purpose token (MPT) standards. These developments are poised to fuel XRPL’s growth in the upcoming quarters.
Ripple’s Legal Battles and Regulatory Outlook
On the legal front, Ripple is awaiting a court ruling on its ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). The company expects a fair outcome related to the relief sought concerning XRP sales.
Ripple also emphasized the significance of the upcoming November election, labeling it as the “most important election in cryptocurrency history to date.” The company highlighted its $25 million donation to Fairshake, a super PAC supporting cryptocurrency candidates, in an effort to ensure regulatory clarity and a bright future for U.S. cryptocurrencies.
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