PANews reported on May 19, citing Cointelegraph, that Ripple's Q1 XRP market report shows that the number of transactions on the XRP Ledger (XRPL) more than doubled in the first quarter of 2024 compared to the previous quarter, while the average transaction cost was nearly halved. On-chain transaction activity on XRPL increased by 108% in the first quarter of 2024, with approximately 251.39 million transactions, compared to a total of 121.03 million transactions in the fourth quarter of 2023. Additionally, the average cost per transaction decreased by 45% to approximately $0.000856.