Payments Surge 350% in Q1

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  • Messari Crypto has released the state of the XRP Ledger in the Q1 report, unveiling key milestones achieved by the network.
  • Amongst the most notable increases are payments, daily transactions, and the DEX volumes on the CLOB increases.

The XRP Ledger (XRPL) has impressed in the first quarter of the year according to the latest report by Messari Crypto. The leader in crypto market intelligence has released a report dubbed “State of XRP Ledger Q1 2024” which has helped illuminate the inner workings of the XRP network and its most recent achievements.

Although the network recorded increases in multiple metrics, its most impressive increase was in payments. The report reveals that fueled by inscriptions, a functionality enabled by XRP Script, daily payment volume on the platform saw a 350% QoQ increase, reaching 2 million transactions per day. This activity, which began in late Q4, exhibited a decline by the end of Q1.

Toward the end of the quarter, the network’s AMM went live with DEX volumes on the CLOB increased by 41% QoQ. A highly anticipated USD-pegged stablecoin was announced during this time. This innovative offering will launch on both the XRPL and Ethereum blockchains. By leveraging XRPL’s native functionality for efficiency and adhering to ERC-20 token standards for broad compatibility, the stablecoin has the potential to become a major player in the market. Additionally, a new clawback function will further enhance compliance for asset issuers, boosting overall trust within the ecosystem.

This focus on liquidity continued with the integration of the Axelar bridge. This, coupled with the new stablecoin, is expected to act as a catalyst for the recently launched Automated Market Maker (AMM) and upcoming tokenized assets from real-world projects like Zioniqx. These advancements aim to create a thriving marketplace within the XRP ecosystem.

These key metrics highlight the commitment of the community, both developers and users. By developing innovative products, and improving on the technology, the developers ensure that users are joining and promoting adoption.

Despite all of these achievements, XRP continues to lag behind its peers in price performance. At the time of writing, XRP is trading for $0.49 after a 3.3% plunge in the last week.

The 8th ranked coin with a $27.4 billion market cap has failed to stage the same bullish breakout witnessed with its peers such as ETH which marked a new all-time high earlier this year.

XRP remains a hostage of the Ripple v. SEC case with the regulator deeming the digital asset a security. Ripple contends this claim and has vowed to defend its position. Legal experts remain confident that Ripple will win the case. If so, investors expect some key developments to follow suit, this includes the launch of an XRP ETF and Ripple to go public in the U.S.

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