Crypto News Today- XRP Ledger Hits 88 Million Ledgers, Fueled by Transaction Increase and Cost Efficiency

XRP Ledger Hits 88 Million Ledgers, Fueled by Transaction Increase and Cost Efficiency

Crypto News– The XRP Ledger (XRPL), a decentralized public blockchain that supports the XRP cryptocurrency, has reached a significant milestone by surpassing 88 million ledgers.

This accomplishment underscores the platform’s ongoing growth and success in the cryptocurrency market.

XRP Ledger Surpasses 88 Million Ledgers Milestone

In the XRP Ledger ecosystem, the term ledger has a unique meaning. Unlike a personal financial ledger, the XRP Ledger is a decentralized, digital record of all XRP transactions. When a user sends XRP to someone, validators confirm and validate the transaction. This consensus occurs every few seconds in what are known as ‘ledgers.’

According to XRP Ledger Services, the current ledger count stands at 88,165,021, with 5,199,695 accounts. These accounts, excluding a few with zero balances in 2022, hold a total of 60,278,958,763 XRP.

Ripple’s Q1 2024 XRP Markets Report highlights significant developments. The blockchain recorded 251.39 million on-chain transactions, marking a 108% increase from Q4 2023. Additionally, the average transaction cost dropped by 45% to $0.000856.

Yesterday, the FIT21 bill was passed, raising questions about XRP’s future. Ripple holds 46.5% of the total 100 billion XRP supply, with 5,258,162,324 XRP currently in their possession. Additionally, 41.3 billion XRP are locked and subject to escrow.

The bill defines decentralization as no single entity controlling the blockchain and no related parties holding more than 20% of the cryptocurrency or its voting power. It clarifies that crypto will be regulated by both the Commodity Futures Trading Commission (CFTC) and the SEC, which could impact ongoing lawsuits.

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