Despite a massive decline in trading volume across the entire crypto industry in Q4 2022, XRP Ledger (XRPL) on-chain activities soared tremendously.
The Silicon Valley blockchain company noted that XRPL transactions in Q4 surpassed Q3 by over 3 million. Per the data shared by Ripple, XRPL on-chain transactions in the fourth quarter of 2022 totaled about 106,429,153 (106.42M) compared to about 103,039,261 (103.03M) recorded in Q3 2022.
Notably, Ripple recorded the feat at a time when the entire cryptocurrency market suffered a huge decline in trading volume following the collapse of FTX. According to Ripple, XRPL transactions soared more in Q4 2022 than the previous quarter due to an increase in non-fungible token (NFT) activities.
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, spurred primarily by NFT activity once the XLS-20 amendment passed on November 2, 2022.”
101.9K XRP Burned in Q4
The report also showed that a total of 101,968 XRP tokens were burned via XRPL-based transaction fees. However, the number of XRP burned in Q4 2022 slumped 35.8% compared to 146,433 XRP tokens incinerated in the third quarter.
Per Ripple, the number of XRP burned in Q4 is lower due to a decline in the average cost of transactions. Notably, the average cost per transaction in Q4 was about 0.00096 XRP, while the average cost in Q3 was about 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.
Other Feats Mentioned in the Report
Meanwhile, the number of new wallets on XRPL also gained a significant increase in Q4. According to Ripple, the number of new wallets increased to 228,143 in Q4 compared to about 125,223 in the previous quarter.
Aside from the stats mentioned above, Ripple also revealed other significant activities that took place in the last quarter. As reported by TheCryptoBasic, the leading blockchain company disclosed that it sold $226M worth of XRP tokens to users of its On-Demand Liquidity (ODL) solution.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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