Since 2017, Ripple has been sharing quarterly reports to provide transparency about its XRP holdings and share updates on the state of cryptocurrency markets and the XRP ecosystem. Therefore, on May 5th, the company published its market report covering the first quarter (Q1) of 2025. In this report, we can find key figures on scheduled sales, market liquidity, and institutional use of XRP.
The company highlighted that, throughout this quarter, XRP was one of the best-performing assets in the crypto market, surpassing assets like Bitcoin and Ethereum with an increase of nearly 50% in early February. The company also highlighted that there were capital inflows of $37.7 million, reaching an annual total of $214 million.
The report also highlights how institutional support for XRP has grown in recent months. This growth may be related to some events, such as Franklin Templeton’s request for an XRP ETF in the U.S., the approval of an ETF in Brazil, and the launch of XRP futures by the CME.
Transparency and regulation: Ripple seeks to consolidate its public stance (Why)
As mentioned, Ripple began making its data public in 2017. Since then, the company has adopted a proactive disclosure approach to offer transparency about its activities with XRP. In Q12025, the company reiterates this commitment; however, it also announces a strategic change in how it will share information in the future.
According to the report, this will be the last report in its current format. The decision is due to the level of transparency of the reports not achieving its institutional purpose. Instead of being beneficial, it has been used against them during processes with the previous SEC administration. Ripple stated:
“Ripple will maintain transparency and share relevant updates on announcements related to Ripple and XRP through its official channels (…), and will maintain public access to its XRP holdings on its website.”
These channels will be on the social network X, on the profiles of Ripple and RippleX.
Despite this unexpected change, the company makes it clear in its report that it will maintain public access to its XRP holdings. This reflects its intention to maintain high standards of transparency and to move away from speculative or manipulative practices.
H2: Who audits and validates the report data? (Who)
For this report, Ripple claims to have built the data from a combination of internal metrics and recognized third-party sources. These include CoinDesk Data, Bloomberg, Refinitiv Eikon, and real-time market data.
The company clarified that its XRP holdings “have always been public” and that it will continue to publish this information on its official website. It is worth noting that they have not yet specified a new update format after the closure of these quarterly reports.
The voluntary preparation and publication of these reports since 2017 have served as a self-regulation mechanism in front of financial regulators. Thanks to this, the company maintained disclosure standards aligned with those required of public companies. All this voluntarily, as there was no specific regulation on crypto assets.
A review of the quarter’s figures: sales, circulation, and liquidity (How)
Ripple sold $419.5 million in XRP during the first quarter of 2025. However, these scheduled sales were made exclusively in secondary markets. As they were not transactions on centralized exchanges (CEX), there was no direct impact on the asset’s price.
Regarding on-chain activity of the XRP Ledger (XRPL), the quarter reflects a slowdown compared to the end of 2024. There were 105,537,589 transactions and a 37.06% drop compared to the previous quarter. On the other hand, the number of new wallets also fell by 40.28%, totaling 423,727 during the quarter. Similarly, XRP burned by fees decreased by 30.89%, reaching 500,691 XRP.
Despite these data, activity on decentralized exchanges (DEX) showed greater resilience. The total volume on DEX was $832 million. Although it is a quarterly drop of 16.94%, it is still less than on other chains. This is cited by the article from Beincrypto.com.
XRP TVL and DEX volume. Source: DefiLlama
The report also shows an increase in market activity. The average daily spot trading volume reached $3.2 billion, with peaks of up to $16 billion in February. These peaks are driven by increased interest from institutional actors and the overall growth of the crypto market.
In the investment products segment, XRP attracted net inflows of $37.7 million during the quarter, accumulating a total of $214 million so far this year. This has positioned it as the most in-demand asset after Bitcoin and Ethereum.
It is worth noting that one of the key drivers of this increase is RLUSD. This is the stablecoin issued by Ripple. Its market capitalization has already exceeded $90 million and has an accumulated volume on DEX of more than $300 million.
Why does this report matter in the U.S. context? (Where)
The arrival of this report is particularly relevant due to the current moment the crypto market is going through. Ripple has just faced a legal process with the Securities and Exchange Commission (SEC) over the nature of past XRP sales. While part of the case was resolved in 2023, the company’s disclosure practices are still under scrutiny.
In March, the Securities and Exchange Commission (SEC) withdrew its appeal. This led to the formal closure of the case after years of legal dispute. As part of the final agreement, Ripple agreed to pay a reduced penalty of $50 million. This is undoubtedly a much lower figure than the $125 million initially proposed by the regulator.
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This outcome strengthens Ripple’s position with U.S. regulators. Additionally, it coincides with renewed institutional interest in XRP, which can be seen in three events we have mentioned:
Franklin Templeton filed an S-1 request with the SEC for an XRP-based ETF. CME Group announced its intention to launch XRP futures, integrating the asset into its derivatives platform. The Comissão de Valores Mobiliários (CVM) of Brazil officially approved an XRPETF, expanding its institutional adoption in Latin America.
These actions reinforce Ripple’s public image as a company committed to regulatory compliance, especially in key jurisdictions such as the United States and Brazil. Additionally, they reinforce the role of the report as a tool for transparency and accountability. This is crucial in an environment where institutional trust is essential.
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