Ripple has announced that it will phase out its current format of the quarterly XRP Markets Report following Q2 2025. Future editions will feature expanded analysis, aiming to better reflect the growing institutional involvement in XRP and provide deeper market insights.
Originally launched to promote transparency, the XRP Markets Report details Ripple’s XRP holdings and offers commentary on broader crypto trends and ecosystem developments. However, Ripple acknowledged in its Q1 2025 report that the report’s transparency has at times been used against the company — particularly by former U.S. Securities and Exchange Commission (SEC) officials.
“As more institutions engage with XRP, additional perspectives and insights are expected to follow, pushing the market conversation forward,” the company noted. The move comes at a pivotal moment for XRP, as a wave of XRP-related ETF filings gains momentum in both the U.S. and Brazil. Notably, a leveraged XRP ETF has already launched as of April.
XRP outperformed major peers in Q1 2025, jumping nearly 50% in February and outperforming both bitcoin (BTC) and ether (ETH) during a turbulent market period. The XRP/BTC trading ratio increased by over 10% during the quarter, underscoring the token’s relative strength amid broader uncertainty.
That rally was echoed by a surge in institutional interest. XRP-based investment products drew in $37.7 million in net inflows in Q1, lifting year-to-date inflows to $214 million — just $1 million shy of matching ETH-focused fund totals.
XRP also saw strong spot trading activity. Average daily volumes stood at approximately $3.2 billion, with Binance leading the charge at 40% market share, followed by Upbit and Coinbase. February brought a spike in volatility, with realized volatility reaching roughly 130% — levels not seen since 2018.
Activity on the XRP Ledger cooled slightly after strong growth in late 2024. Wallet creation and transaction counts declined by 30–40%, mirroring a broader trend across Layer 1 chains.
Still, XRP’s decentralized finance (DeFi) segment remained relatively stable. Decentralized exchange (DEX) volume fell only 16% quarter-over-quarter. RLUSD, Ripple’s stablecoin, played a key role — its market cap exceeded $90 million, and cumulative DEX trading volume topped $300 million.
With institutional adoption accelerating and market infrastructure evolving, Ripple’s revamped report aims to better serve the needs of a maturing investor base while maintaining transparency with a new, forward-looking approach.
