{"id":10815,"date":"2024-08-03T08:44:55","date_gmt":"2024-08-03T08:44:55","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10815"},"modified":"2024-08-03T08:14:03","modified_gmt":"2024-08-03T08:14:03","slug":"xrp-ledger-sees-65-6-drop-in-transactions","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/xrp-ledger-sees-65-6-drop-in-transactions\/","title":{"rendered":"XRP Ledger Sees 65.6% Drop in Transactions"},"content":{"rendered":"\n<p>The XRP Ledger (XRPL) experienced a significant decline in transaction volume during the second quarter of 2024, alongside a notable increase in transaction costs. According to Ripple&#8217;s Q2 2024 XRP Markets Report, the number of onchain transactions dropped by 65.6% compared to the previous quarter.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Significant Decline in Onchain Activity<\/h4>\n\n\n\n<p>In Q2 2024, XRPL recorded approximately 86.38 million transactions, a sharp decrease from the 251.39 million transactions in Q1. This decline mirrors a broader trend across major blockchain protocols, which also saw reduced activity during the same period. Ripple noted that &#8220;on-chain activities were noticeably lower in Q2 compared to Q1.&#8221;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Rising Transaction Costs<\/h4>\n\n\n\n<p>The average cost per transaction surged by 168% during the quarter, reaching 0.00394 XRP per transaction. This increase, aimed at mitigating spam and managing network load, led to a 141% spike in the average transaction cost when measured in USD. This shift is a stark contrast to the previous quarter, where transaction volumes more than doubled, and costs nearly halved.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Future Outlook and Developments<\/h4>\n\n\n\n<p>Despite the downturn in transactional activity, Ripple remains optimistic about the future of XRPL. The company expects the digital asset exchange Archax to introduce &#8220;hundreds of millions of dollars&#8221; worth of tokenized Real-World Assets (RWA) to the platform in the coming year. Additionally, Ripple reiterated its plans to launch a stablecoin, Ripple USD, later in 2024. This stablecoin will be backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.<\/p>\n\n\n\n<p>Furthermore, the tokenization platform OpenEden recently launched tokenized United States Treasury bills (T-bills) on the XRPL. The TBILL tokens, backed by short-term US government T-bills and reverse repurchase agreements collateralized by US Treasurys, require minters to undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) screening for compliance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The XRP Ledger (XRPL) experienced a significant decline in transaction volume during the second quarter of 2024, alongside a notable increase in transaction costs. According to Ripple&#8217;s Q2 2024 XRP Markets Report, the number of onchain transactions dropped by 65.6% compared to the previous quarter. Significant Decline in Onchain Activity In Q2 2024, XRPL recorded [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":2320,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[259],"tags":[],"class_list":{"0":"post-10815","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altcoins"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>XRP Ledger Sees 65.6% Drop in Transactions<\/title>\n<meta name=\"description\" content=\"The XRP Ledger (XRPL) experienced a significant decline in transaction volume during the second quarter of 2024, alongside a notable increase in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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