Ripple Q2 Report: Transaction volume decreased by 65.6% quarter-on-quarter, while transaction costs increased by 168% quarter-on-quarter

ChainCatcher news, according to Cointelegraph, Ripple released its Q2 XRP market report showing that on-chain transaction activity on the XRP Ledger (XRPL) decreased by 65.6% quarter-over-quarter, totaling approximately 86.38 million transactions, compared to 251.39 million transactions in Q1 2024. While transaction activity decreased, the cost per transaction surged by 168% to 0.00394 XRP per transaction. Ripple explained that this cost increases with the network load to protect the P2P network from spam. The number of new wallets was 100,746, a decrease of 45.8% quarter-over-quarter.