XRPL experienced a surge in user demand and revenue in the first quarter of 2024, despite a decrease in new addresses. The market performance was impacted by a prominent XRP whale who sold 50 million coins.
According to a recent analysis by Messari, the XRP Ledger (XRPL) witnessed a significant increase in user demand during the first quarter of the year. The study, titled “State of XRP Ledger Q1 2024,” revealed that XRPL’s quarterly income experienced a substantial rise and reached its highest point of the year within the ninety-day period.
One of the key findings of the analysis was the increase in the average daily count of addresses that completed at least one blockchain transaction. This count reached 41,000, showing a 37% growth compared to the 30,000 addresses reported in the last quarter of 2023.
The number of transactions conducted on XRPL also saw a significant increase in Q1, thanks to the growing number of active addresses on the blockchain. According to Messari, the network’s average daily transactions rose by 113% during this period.
Interestingly, the number of new addresses established on XRPL decreased in the reviewed quarter. Messari attributed this decline to the exceptionally high number of addresses generated in Q4, which marked the first quarter of inscription activity.
However, on an annual basis, the quarterly new addresses still experienced a 29.8% growth from Q1 2023 to Q1 2024. Additionally, as inscription activity decreased, there was an increase of 55.9% in the number of deleted addresses, totaling 33,000 addresses.
Despite the drop in new addresses, XRPL’s quarterly income remained unaffected. The dollar revenue for XRPL reached a record high of $205,000 between January and March. Moreover, the revenue expressed in XRP, the native coin of XRPL, increased by 10.3% to 350,000 XRP during the reviewed quarter.
As of the time of publication, the XRP coin was trading at $0.5174. CoinMarketCap data indicated that the cryptocurrency had experienced a 2.22% decrease in value over the previous seven days. Market players attribute this value reduction to a consistent decline in demand.
Santiment data revealed that the daily active addresses for XRP had dropped by 12% in the past week when measured using a seven-day moving average. Furthermore, XRP demand declined while the daily profit-to-loss ratio of transaction volume increased. A report from CNF also disclosed that a well-known XRP whale had sold nearly 50 million coins on the Bitstamp and Bitso exchanges.
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