Ripple is set to discontinue its current format of the quarterly XRP Markets reports after Q2 2025, in favor of new versions that will provide deeper insights, particularly in response to increasing institutional demand for XRP. This change comes as Ripple recognizes the need for more comprehensive data to reflect the evolving market dynamics and growing institutional interest. The new reports will aim to offer richer perspectives, highlighting the growing significance of institutional involvement in XRP’s market activity.
The decision to evolve the report follows feedback that the current format has not had the desired effect. According to Ripple’s Q1 2025 report, despite efforts to offer transparency into the company’s XRP holdings and the broader market, the report has often been used against the company, particularly by previous leadership at the SEC. As institutional engagement with XRP expands, Ripple plans to provide more detailed insights, pushing the conversation in the market forward and offering clearer perspectives.
Ripple’s Q1 2025 report highlighted XRP’s impressive performance, with the token surging nearly 50% in early February. During this period of market turbulence and economic uncertainty, XRP outperformed both Bitcoin (BTC) and Ethereum (ETH). In contrast to BTC’s range-bound performance and ETH’s downward trend, XRP showed significant relative strength, with its ratio against BTC rising by over 10% during the quarter. This strong performance was accompanied by growing institutional interest, evidenced by \$37.7 million in net inflows into XRP-based investment products, bringing the total for the year to \$214 million—just shy of surpassing Ethereum-focused funds.
XRP’s spot market activity also remained strong throughout the quarter, with average daily trading volumes around \$3.2 billion. Binance remained the dominant exchange, capturing 40% of the market share, followed by Upbit and Coinbase. Price volatility peaked in February, reaching levels not seen since early 2018, as XRP’s realized volatility spiked to approximately 130%. Despite a broader slowdown in Layer 1 networks, on-chain activity on the XRP Ledger showed some contraction, with wallet creation and transaction volumes dropping by 30-40%. However, decentralized finance (DeFi) activity on XRP showed resilience, with a smaller 16% dip in decentralized exchange (DEX) volume quarter-over-quarter. RLUSD, a key DeFi asset, saw its market capitalization exceed \$90 million, while cumulative DEX trading volume continued to rise.
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