According to Ripple's Q2 2024 XRP Market Report, the volume of transactions on the XRP ledger (XRPL) dropped significantly from Quarter 1 to Q2 2024, amid a spike in average transaction costs. The report released by the XRP issuer on August 2 highlights that XRPL on-chain transaction activity decreased by 65.6% in the second quarter of 2024, or about 86.38 million transactions, compared to 251.39 million transactions in Quarter 1 in 2023. "Activity was down for most major protocols in the second quarter. XRPL was no exception, with significantly less on-chain activity in the second quarter compared to Quarter 1," Ripple said.