Despite a decline in new wallets, XRP Ledger witnesses a significant surge in adoption.

XRP transactions experienced a significant surge of 108% during the first quarter of 2024.
Ripple Labs Inc. has objected to the proposed $2 billion penalty imposed by the US Securities and Exchange Commission (SEC) on XRP sales.
In their recently published first quarter ecosystem performance report, Ripple provided updates on their ongoing legal battle with the SEC and a summary of notable on-chain activity.
According to the report, the total number of transactions on the XRP Ledger protocol saw a remarkable increase from 121,031,713 in Q4 2023 to 251,397,881, reflecting a staggering 108% rise. This surge was attributed to the influx of new applications and users on the protocol.
Furthermore, the report highlighted a doubling of XRP burned for transaction fees, which rose by 101% from 317,271 in Q4 2023 to 636,184. This significant increase indicates heightened activity on the ledger. The dollar volume on the decentralized exchange (DEX) also grew by 5% to $57,618,270 compared to $54,907,170 in the previous quarter.
Despite these positive trends, the report revealed a decrease in certain areas. The number of new wallets created on the XRP Ledger dropped by 11% in Q4 2023, with 185,809 created compared to 208,522 in Q4. On a positive note, the average USD transaction fee decreased by 45% to $0.000856. This decline suggests a more cost-effective environment for users conducting ledger transactions, as previously reported by Crypto News Flash.
Regarding Ripple’s legal battle with the SEC, the report provided insights into the ongoing dispute. The SEC has accused Ripple of violating federal securities laws by selling XRP to institutional investors and is seeking a $2 billion penalty. This penalty includes disgorgement of approximately $900 million, prejudgment interest of $200 million, and penalties of $900 million. The SEC has also requested an injunction.
In response, Ripple stated that it has submitted its objections to the SEC’s requests and will continue to defend against the claims.
Meanwhile, according to CoinMarketCap data, the current value of XRP stands at $0.5202, experiencing a slight decrease of 0.48% from the previous day. Despite this minor decline, XRP has remained bullish with a 2.68% increase over the past seven days.