Ripple, the American fintech firm behind the cryptocurrency XRP, has just unveiled its highly anticipated Q1 2024 earnings report, showcasing remarkable growth for both XRP and the XR Ledger (XRPL).

The report reveals a significant uptick in XRP spot trading funds, surging by 40% from the previous year's Q4 to reach $865 million in Q1 2024. This surge indicates strong investor trust and confidence in XRP despite its ongoing legal battle with the SEC. Moreover, the daily average XRP derivatives open interest also experienced an increase, rising to $500 million from $460 million in Q4 last year, indicating robust trading activity across various platforms.

Furthermore, on-chain transactions witnessed a substantial 108% growth in Q1, surpassing 251 million transactions compared to the 121 million recorded in Q4 of the previous year. Concurrently, there has been a notable decrease in transaction fees, dropping by 44% from an average cost of 0.00262 to 0.00147, demonstrating improved network efficiency and lower fees for XRP traders.

The report also notes a remarkable 101% increase in the number of XRP burned for transaction fees, rising from 317,271 in Q4 to 636,184, indicating growing investor demand and the utility of XRP within the ecosystem. Ripple has underscored its commitment to transparency and responsible management of XRP reserves through strategic measures such as on-ledger escrow lockups.

As of late May, Ripple holds approximately 4.8 billion readily accessible XRP, while over 40 billion XRP are in escrow.

Additionally, Ripple celebrated a significant milestone with the launch of its native Automated Market Maker (AMM) in late March, a development that has significantly impacted XRPL. Ripple's CEO, Brad Garlinghouse, expressed confidence that the AMM launch will disrupt DeFi giants like Uniswap and PancakeSwap, bringing new features and functionalities such as token swaps and bridges to the XRP ecosystem.

The quarterly report also highlights the growing demand for Spot Bitcoin ETFs in Northern and Southern American regions, following a surge in Bitcoin price to a new all-time high after the SEC's approval of Bitcoin ETFs. Despite recent outflows, there are signs of renewed interest with an inflow of $222 million.

In summary, Ripple's Q1 report reflects strength, innovation, and resilience within the ecosystem, showcasing impressive metrics and new developments like the AMM as Ripple continues to lead the blockchain payments industry.