XRPL experienced a surge in user demand and revenue in the first quarter of 2024, despite a decline in new addresses. The market performance was impacted by a well-known XRP whale who dumped 50 million coins.
According to a recent analysis by Messari, the XRP Ledger (XRPL) witnessed a significant increase in quarterly user demand from January to March. The study, titled “State of XRP Ledger Q1 2024,” revealed that XRPL’s quarterly income saw a substantial rise, reaching a yearly high over the course of the ninety-day period.
One of the key findings of the analysis was the increase in the average daily count of addresses that completed at least one blockchain transaction. This count reached 41,000, a 37% increase from the previous quarter’s 30,000.
The increase in active addresses on the blockchain also led to a significant rise in transactions carried out on XRPL during Q1. Messari reported that the network’s average daily transactions increased by 113% during this time.
Interestingly, despite these positive developments, the number of new addresses established on XRPL decreased in the reviewed quarter. Messari attributed this decrease to the exceptionally high number of addresses generated in Q4, which marked the beginning of inscription activity.
However, on an annual basis, quarterly new addresses still climbed by 29.8% from Q1 2023 to Q1 2024. Additionally, as inscription activity decreased, the number of deleted addresses increased by 55.9% quarter over quarter, totaling 33,000.
The drop in new addresses did not affect XRPL’s quarterly income. The dollar revenue for XRPL reached a record high of $205,000 between January and March. Moreover, the revenue expressed in XRP, the native coin of XRPL, increased by 10.3% to 350,000 XRP during the quarter under review.
At the time of publication, the XRP coin was trading at $0.5174. CoinMarketCap data showed that the cryptocurrency had lost 2.22% of its value in the previous seven days. Market players attributed this value reduction to a consistent drop in demand.
Data from Santiment revealed that the daily active addresses of XRP had decreased by 12% in the previous week when measured using a seven-day moving average. Additionally, a CNF report disclosed that a well-known XRP whale had dumped nearly 50 million coins on the Bitstamp and Bitso exchanges.
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