The on-chain activity of XRP Ledger (XRPL) soared dramatically in Q4 2022 despite a sharp fall in trading volume throughout the whole cryptocurrency market.
The Silicon Valley blockchain firm reported that there were over 3 million more XRPL transactions in Q4 than there were in Q3. According to data provided by Ripple, the total number of XRPL on-chain transactions in the fourth quarter of 2022 was about 106,429,153 (106.42M), up from the 103,039,261 (103.03M) transactions reported in the third quarter.
It is noteworthy that Ripple achieved the accomplishment at a time when the whole cryptocurrency market saw a sharp fall in trade volume as a result of the failure of FTX. Due to a rise in non-fungible token (NFT) activities, Ripple claims that XRPL transactions increased more in Q4 2022 compared to the previous quarter.
While commenting on the development, Ripple said in a statement:
“As trading volumes across the broader market slowed, the number of transactions on the ledger increased by over three million, primarily by NFT activity once the XLS-20 amendment passed on November 2, 2022.”
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101.9K XRP Burned in Q4
According to the report, a total of 101,968 XRP tokens were burned through XRPL-based transaction fees. Nevertheless, compared to the 146,433 XRP tokens burned in the third quarter, the number of XRP tokens burned in Q4 2022 fell 35.8%.
According to Ripple, a decrease in the average transaction cost in Q4 reduced the number of XRP burned. It’s noteworthy that the average cost per transaction in Q4 was approximately 0.00096 XRP, compared to the average cost in Q3 of roughly 0.0014 XRP.
“Although the number of transactions increased, XRP burned due to transaction fees declined by 33%, and the average cost of a transaction in USD remained virtually zero,” Ripple added.
Report Mentions Other Achievements
Also significantly rising in Q4 was the number of new wallets created on XRPL. Compared to the previous quarter, which saw roughly 125,223, Ripple reports that the number of new wallets climbed to 228,143 in Q4.
Ripple highlighted more noteworthy events in the most recent quarter in addition to the stats stated above. According to a report by fxcryptonews, the top blockchain company revealed that it sold XRP tokens valued at $226 million to users of its On-Demand Liquidity (ODL) service.