The transaction volume on the XRP ledger chain decreased by 65.6% in the second quarter of 2024
According to Ripple's Q2 2024 XRP market report, the transaction volume on the XRP Ledger (XRPL) significantly decreased from Q1 to Q2 2024 amid soaring average transaction costs. The report released by the issuer of XRP on August 2 emphasized that in Q2 2024, on-chain transaction activity on XRPL fell by 65.6%, approximately 86.38 million transactions, compared with 251.39 million in Q1 of 2023. "In the second quarter, activities of most major protocols have declined. XRPL is no exception; there was a significant reduction in on-chain activity in the second quarter compared to the first," said Ripple.
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