Keyphrase: Ripple-based XRP Ledger (XRPL) trading volume decline
Ripple-based XRP Ledger (XRPL) Trading Volume Decline in Q2 2024
Trading volumes on the Ripple-based XRP Ledger (XRPL) experienced a significant decline in the second quarter of 2024, following a broader trend affecting major blockchain protocols. In this period, XRPL recorded 86.39 million transactions, marking a 65.6% decrease from the previous quarter. Despite the decline in transaction volume, the network’s average transaction fee surged by 168% to 0.00394 XRP.
Impact of Declining Trading Volumes on XRP
During the same quarter, XRP’s trading volume saw a 20% decrease, aligning with similar trends seen in Bitcoin and Ethereum. However, XRP spot trading volumes remained relatively high throughout the quarter, with exchanges like Binance, Bybit, and Upbit contributing significantly. Notably, XRP trading volume against fiat currencies dropped by 10%, with most trades involving the stablecoin USDT. Despite these changes, Ripple remains optimistic, especially as it gears up to launch a U.S. dollar stablecoin later this year.
Ripple’s Continued Optimism and Future Developments
Ripple remains positive about the future of XRPL, anticipating increased network activity with an upcoming update. The integration of regulated exchanges and custodians like Archax and OpenEden is expected to bring a host of tokenized physical assets to XRPL, driving further growth. Additionally, Ripple is set to introduce innovations including the XRPL Ethereum Virtual Machine (EVM) sidechain, Axella interoperability, new oracles, and multi-purpose token (MPT) standards, aiming to enhance XRPL’s capabilities in the coming quarters.
These advancements, coupled with the expected influx of tokenized real-world assets through ArchAxe, make the future quarters promising for XRPL. Ripple’s President, Monica Long, expressed excitement about the developments, emphasizing the potential growth opportunities for the network.
Transitioning to regulatory matters, Ripple’s ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC) remains a focal point, with expectations for a fair judicial outcome regarding XRP sales. Additionally, Ripple underlines the significance of the upcoming November election, highlighting its contributions to Fairshake, a federal super PAC supporting cryptocurrency-friendly candidates, as part of a bipartisan effort to advocate for regulatory clarity and industry growth.
