XRPL On-Chain Transactions Drop 65.6% in Q2, Ripple Reports

IconCryptoNewsTerminal Staff02 Aug, 2024

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XRPL On-Chain Transactions Drop 65.6% in Q2, Ripple Reports

On-Chain Transactions Plummet on XRPL Ripple's Q2 XRP Markets Report reveals a significant decline in on-chain transaction volume on the XRP Ledger (XRPL). Transactions fell by 65.6% to 86.38 million, marking a notable drop from Q1. Ripple attributes this decrease to a broader downturn in on-chain activity across various blockchain protocols during Q2. Transaction Costs Rise, Wallet Growth Slumps Despite the decline in transactions, the average transaction cost on XRPL surged by 168% quarter-over-quarter, while the price of XRP fell by 7.1%. Additionally, the number of new wallets created on the platform plunged by 45.8% to 100,746. Wider Industry Trend Ripple's report suggests that XRPL's performance is part of a broader industry trend. Many major blockchain protocols experienced a decline in on-chain activity during Q2, highlighting potential market headwinds.

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