The Future of the XRP Markets Report
Since 2017, Ripple has published the XRP Markets Report to provide transparency into its XRP holdings and share updates on the crypto markets and XRP ecosystem. Ripple’s commitment to open communication aimed to foster industry-wide transparency. However, the report’s unintended consequences—including misuse by regulatory bodies—have led Ripple to sunset it after Q1 2025.
Moving forward, Ripple will share updates via official channels like Ripple and RippleXDev, while maintaining public access to its XRP holdings on its website. Institutional engagement with XRP is expected to diversify market insights.
Key Highlights
- Institutional Adoption: Franklin Templeton filed for an XRP ETF, CME launched XRP futures, and Brazil approved a dedicated XRP ETF.
- SEC Withdrawal: The SEC dropped its appeal against Ripple, reducing the penalty to $50M and signaling regulatory clarity.
- Ripple’s Acquisition: Ripple acquired prime broker Hidden Road for $1.25B, expanding institutional use cases for RLUSD and XRPL.
Crypto Markets Summary
Optimism surged in Q1 2025 due to pro-crypto U.S. policies, including:
- Trump’s executive order supporting digital assets.
- Confirmation of Paul Atkins as SEC Chairman.
- Bipartisan momentum for stablecoin legislation.
Despite macroeconomic volatility, XRP outperformed major cryptocurrencies, climbing 50% in February. XRP-based investment products recorded $214M YTD inflows, nearly surpassing Ethereum funds.
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A New Chapter: SEC Case Closed, U.S. Policy Evolving
The SEC’s withdrawal of its appeal marked a victory for Ripple and the crypto industry. Concurrently, U.S. policy shifts included:
- Repeal of SAB 121, enabling bank crypto custody.
- OCC guidance affirming crypto custody for banks.
- FDIC policy revisions for institutional crypto engagement.
Ripple’s Acquisition of Hidden Road
Ripple’s $1.25B acquisition of Hidden Road integrates RLUSD as collateral and leverages XRPL for post-trade efficiency. This milestone accelerates institutional blockchain adoption.
Deep Dive: XRP Markets
- Trading Volume: Averaged $3.2B daily in Q1 2025.
- XRP/BTC Ratio: Increased 10%, reflecting strong performance.
XRPL On-Chain Activity
| Metric | Q4 2024 | Q1 2025 | Change |
|----------------------|--------------|--------------|-------------|
| Transactions | 167.7M | 105.5M | -37% |
| DEX Volume (USD) | $1.0B | $832M | -17% |
| New Wallets | 709K | 424K | -40% |
RLUSD drove activity, surpassing $90M market cap.
Ripple’s XRP Holdings
- Dec 31, 2024: 4.49B XRP held; 38.03B in escrow.
- Mar 31, 2025: 4.56B XRP held; 37.13B in escrow.
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FAQs
1. Why is Ripple discontinuing the XRP Markets Report?
Ripple aims to streamline communication while maintaining transparency via official channels.
2. How did XRP perform in Q1 2025?
XRP surged 50%, outperforming BTC and ETH, with $214M inflows into XRP products.
3. What does Hidden Road’s acquisition mean for XRPL?
It unlocks institutional use cases for RLUSD and enhances XRPL efficiency in post-trade operations.