XRP, the fourth-largest cryptocurrency by market capitalization, is attracting rising curiosity from institutional and retail buyers in 2025. Ripple’s just lately revealed Q1 2025 XRP Markets Report affords deeper perception into the altcoin’s efficiency.
The report reveals a hanging distinction: spot buying and selling volumes surged, whereas on-chain exercise on the XRP Ledger (XRPL) declined considerably.
Spot Quantity and Funding Flows into XRP Rise Sharply
In response to the report, XRP’s spot buying and selling quantity remained regular in Q1 2025, with the typical day by day quantity reaching $3.2 billion throughout main exchanges.
Notably, buying and selling quantity spiked on the finish of January and early February. It peaked above $16 billion earlier than step by step declining in March. Binance led with round 40% of complete quantity, adopted by Upbit (15%) and Coinbase (12%).
The share of USD and USD stablecoin quantity traded via fiat pairs rose from 25% in This autumn 2024 to 29% in Q1. This enhance signifies rising demand for fiat buying and selling. XRP’s worth additionally posted a powerful rally, reaching a peak of $3.40—its highest since January 2018—and outperforming Bitcoin and Ethereum throughout the identical interval.
XRP-based funding merchandise additionally attracted robust inflows, with year-to-date totals reaching $214 million, practically overtaking world Ethereum funds.
Nevertheless, one analyst identified day by day buying and selling quantity has plummeted by greater than 86% over the previous six months.
“XRP volume collapsed from $60 billion in december to under $8 billion now. Retail got flushed out,” crypto analyst Steph mentioned.
Regardless of declining intraday quantity, the general market context in 2025, marked by constructive regulatory shifts, has helped XRP preserve its enchantment. For instance, the SEC formally withdrew its enchantment, closing a multi-year lawsuit.
In the meantime, indicators of rising institutional confidence embody Franklin Templeton submitting for an XRP ETF within the US, CME launching XRP futures, and Volatility Shares in search of approval for 3 XRP ETFs.
On-Chain XRP Exercise Sees Sharp Decline
In distinction to the energetic spot market, on-chain exercise on XRPL has dropped considerably.
The report exhibits a 37.06% decline within the variety of transactions on XRPL, from 167.7 million in This autumn 2024 to 105.5 million in Q1 2025. New pockets creations fell by 40.28%, from 709,545 to 423,727. The quantity of XRP burned as transaction charges additionally declined by 30.89%.
In the meantime, decentralized trade (DEX) quantity dropped by 16.94%, from $1 billion to $832 million.
Knowledge from DefiLlama reveals that XRPL’s complete worth locked (TVL) has remained flat in 2025 at round $80 million. Month-to-month DEX quantity hovered round simply $3.3 million, which appears disproportionately low given XRP’s place because the fourth-largest crypto asset by market cap.
Nevertheless, the report means that Ripple’s acquisition of Hidden Highway may assist increase XRPL’s on-chain exercise.
“Ripple acquired Hidden Road for $1.25B — one of the largest M&A deals in crypto history – driving more institutional use cases for RLUSD and XRPL,” the report acknowledged.
Ripple’s Q1 2025 report paints a two-sided image: spot buying and selling quantity surged, reflecting investor confidence, whereas the drop in on-chain exercise raises questions on XRPL’s sensible utilization.
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