According to PANews, Ripple released the second quarter XRP market report showing that XRP Ledger (XRPL) on-chain transaction activity fell 65.6% month-on-month to approximately 86.38 million transactions, compared to 251.39 million transactions in the first quarter of 2024.
The drop in trading activity coincided with a 168% surge in the cost of each transaction to 0.00394 XRP per transaction. Ripple explained that this cost increases as the network load increases in order to protect the P2P network from spam.
The number of new wallets was 100,746, a decrease of 45.8% month-on-month.
