The decline in activity and the rise in transaction costs on the XRP Ledger are a significant shift compared to the previous quarter.
The volume of transactions on the XRP Ledger (XRPL) fell significantly from Q1 to Q2 of 2024 amid the average transaction cost surging, according to Ripple’s Q2 2024 XRP Markets Report.
The XRPL onchain transaction activity declined by 65.6% during Q2 of 2024, with approximately 86.38 million recorded, compared to 251.39 million in Q1 of 2023, the report published on August 2 by the XRP issuer highlighted.
“Activity across most major protocols decreased in Q2. XRPL was no exception with on-chain activities noticeably lower in Q2 as compared to Q1,” Ripple stated.
