The XRP Ledger [XRPL] saw a spike in quarterly user demand between January and March, Messari found in a new report.
Although XRP transactions have been profitable over the past week, the number of active addresses trading the altcoin daily has declined.In its report titled “State of XRP Ledger Q1 2024,” the onchain data provider found that during the 90-day period, the demand for XRPL surged, pushing its quarterly revenue to a yearly high.
The increase in the number of active addresses on the blockchain resulted in a rally in the number of transactions executed on it in Q1. According to Messari, average daily transactions on the network went up by 113% during that period. “This QoQ decrease is because of the unusually high amount of addresses created in Q4 when the inscription activity began. On an annual scale, quarterly new addresses increased 29.8% from Q1 2023 to Q1 2024. Deleted addresses increased by 55.9% QoQ to 33,000. The deletions came as inscription activity died down.”
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