The XRP Ledger (XRPL) recorded a 108% surge in on-chain transactions in the first quarter of 2024.

The XRPL’s transactions exceeded 251 million, with a notable decrease in average transaction fees by 45%.

XRPL transactions increase from roughly 121 million in the last quarter of 2023 to over 251 million in the first quarter of 2024.

Daily spot trading volumes on major exchanges have risen by 40%, with Binance, Bybit, and Upbit leading the pack, accounting for more than 70% of the total volume.

Meanwhile, the XRPL’s integration with platforms like Axelar has expanded developers’ access to smart contracts and decentralized applications, connecting them to over 55 blockchains.

This uptick in network activity occurred as Ripple Labs, the company that has built its payments infrastructure around the XRP cryptocurrency, nears the conclusion of its legal dispute with the U.S. Securities and Exchange Commission.

The SEC is seeking a US$2 billion fine.

Ripple is pushing for a significantly lower penalty, not exceeding US$10 million.