XRP Coin, a prominent altcoin, has garnered significant attention with its latest quarterly report. Despite its ongoing legal battle with the SEC, the report reveals encouraging developments, instilling confidence in its long-term potential among investors.

The report highlights a substantial 40% increase in XRP Coin's daily transaction volume during the reporting period. Notably, Binance, Bybit, and Upbit accounted for 70% of the total transaction volume, indicating robust speculative interest in XRP during the first quarter of 2024. Additionally, spot trading volume and futures demand showed a strong correlation with overall market activity.

Transactions on the XRP Ledger (XRPL) doubled in the first quarter of 2024 compared to the previous quarter, reaching an impressive 251 million. The average XRPL transaction fee also dropped to $0.000856 by the end of March, indicating a reset and no network congestion during the quarter.

Ripple, the company behind XRP, is working diligently to enhance network capabilities, recognizing the importance of utility-producing applications for the project's future. In the first quarter, Ripple introduced XLS-30, an automated market maker (AMM) designed to boost trading capabilities. CEO Brad Garlinghouse expressed enthusiasm for this significant update, which is expected to benefit XRP Ledger. While awaiting the judge's decision on final remedies in the ongoing lawsuit, Ripple remains confident in a fair resolution.