XRP Transaction Volume Drops 65.6% in Q2 2024, But Ripple (XRP) Remains Bullish

Ripple-backed XRP Ledger (XRPL) saw a notable drop in transaction volume in Q2 2024, according to the latest XRP Markets Report.

The XRP Markets Report for Q2 2024 highlighted a decline in transaction volume on the XRP Ledger (XRPL), a trend also observed among other major blockchain protocols.

According to the report, XRPL processed 86.39 million transactions in Q2, marking a decrease of 65.6% compared to the previous quarter. However, the average transaction fee on the network experienced a surge of 168%, reaching 0.00394 XRP during the period.

Despite the decrease in transaction volume, XRP's trading volume remained strong throughout most of Q2, albeit experiencing a decline of 20% alongside Bitcoin and Ethereum.

Binance continued to lead the trading volume for XRP among exchanges, while others like Bybit and Upbit showed varying contributions to the total volume.

The report also noted a shift in XRP trading volume away from fiat currencies, which fell to 10%. Most trading occurred against the USDT stablecoin, a development that Ripple views positively, especially in light of its upcoming launch of a USD Stablecoin later this year.

Meanwhile, Ripple expressed optimism regarding XRPL's future, anticipating increased network activity driven by upcoming updates. Among the key developments are the integration of Archax, a regulated exchange and custodian, and OpenEden, which could introduce a significant volume of tokenized real-world assets onto XRPL.

"The progress with the XRPL EVM sidechain and Axelar for interoperability, and Archax's expected influx of tokenized real-world assets, [plus] the preparation for future Oracle and Multi-Purpose Token (MPT) standard, excites me about Q3 and Q4," said Monica Long, Ripple President.

In related news, Ripple continues to await a court decision on its case against the US Securities and Exchange Commission (SEC). The firm stated that the court will rule on the remedies related to institutional XRP sales and remains hopeful for a fair judicial outcome.

The report also highlights Ripple's $25 million donation to Fairshake, a federal super PAC that supports pro-crypto candidates, bringing its total contributions to $50 million.

"This is an industry-wide, bipartisan effort to ensure there is a strong future with regulatory clarity for crypto in the US," said Ripple, adding that the SEC's "attempts to smother the crypto industry through enforcement actions has benefitted other key global markets that have embraced responsible innovation and economic growth."