A recent report from Messari highlights a notable uptick in user interest on the XRP Ledger (XRPL) during the first quarter of 2024. According to Messari’s “State of XRP Ledger Q1 2024” report, there was a significant increase in user activity on the blockchain network compared to the previous quarter. This surge in activity translated into the highest quarterly revenue of the year for XRPL.

During the first quarter, the number of daily active addresses completing transactions on XRPL averaged 41,000, marking a 37% rise from the previous quarter’s average of 30,000. This increase in active addresses led to a notable uptick in transaction volume, with daily transactions on the network spiking by 113% over the same period. However, there was a decrease in the creation of new addresses on XRPL during this time.

Despite the decline in new address creation, XRPL’s quarterly revenue remained robust. From January to March, XRPL generated $205,000 in revenue in dollar terms, the highest recorded for the year. In terms of XRP tokens, the revenue increased by 10.3% during the reviewed quarter, amounting to 350,000 XRP. Currently, XRP is trading at $0.52 per token, with a slight 2% decrease in value over the past week, according to CoinMarketCap.

The decrease in daily active addresses observed recently may suggest a slight downturn in demand from market participants. Santiment’s data indicates a 12% drop in daily active addresses using a seven-day moving average over the past week. Despite this, the transaction volume’s profit/loss ratio remains positive at 1.34, indicating that profitable transactions continue to outnumber losing ones.

In conclusion, the report underscores a period of heightened user demand and transactional activity on the XRP Ledger in early 2024, contributing to its strong revenue performance despite some fluctuations in market participation.