In a noteworthy development, Ripple has announced that it will sunset its quarterly XRP markets reports in their current format after Q2 2025. The company plans to release newer versions that promise to provide deeper insights, particularly as demand for the XRP token continues to surge among institutional investors.
The quarterly XRP Markets reports have traditionally served as a tool for transparency, detailing Ripple’s XRP holdings and offering updates on the broader crypto ecosystem. However, Ripple acknowledged in its Q1 2025 report that the reports had not achieved their intended goals. “In many instances, Ripple’s transparency has been used against the company, most notably by former SEC leadership,” the report stated.
With institutional engagement in XRP on the rise, Ripple anticipates that additional perspectives and insights will be paramount in shaping discussions around the token. This strategic pivot aligns with a series of XRP-based ETF filings emerging in the U.S. and Brazil, alongside a leveraged XRP ETF that has already been available to investors since April.
Performance-wise, XRP distinguished itself as one of the standout cryptocurrencies in Q1 2025, boasting an impressive nearly 50% surge in early February. This performance positioned XRP ahead of both Bitcoin (BTC) and Ethereum (ETH) during a period characterized by market volatility and increasing macroeconomic uncertainty.
While BTC remained largely range-bound and ETH exhibited a downward trend, XRP’s relative strength was reflected in its performance, with the XRP/BTC ratio climbing over 10% during the quarter. Such resilience has captured the attention of institutional investors, leading to $37.7 million in net inflows into XRP-focused investment products, bringing the year-to-date total to $214 million—only $1 million shy of surpassing ETH-focused funds.
Throughout this quarter, XRP spot market activity has remained robust. Average daily trading volumes hovered around $3.2 billion, with Binance commanding a 40% share of the market, followed by competitors Upbit and Coinbase. The price volatility saw a significant spike in February, bringing realized volatility to approximately 130%, as XRP reached levels not seen since early 2018.
On-chain activity within the XRP Ledger has shown signs of moderation after a period of expansion late in 2024, with wallet creation and transaction volume declining by 30-40%, reflecting broader slowdowns across Layer 1 networks.
Despite this, XRP’s decentralized finance (DeFi) activity has exhibited resilience, with decentralized exchange (DEX) volume only slipping 16% quarter-over-quarter. Notably, RLUSD emerged as a key driver of activity, witnessing its market cap exceed $90 million and cumulative DEX trading volume surpassing $300 million.
