XRP, the fourth-largest cryptocurrency by market capitalization, attracted a rising curiosity from institutional and retail buyers in 2025. Ripple’s lately printed first-quarter XRP Markets report gives deeper perception into Altcoin’s efficiency.
This report reveals vital distinction. Spot buying and selling volumes have skyrocketed, and on-chain exercise within the XRP ledger (XRPL) has considerably diminished.
Spot quantity and funding circulation for XRP will rise sharply
XRP spot buying and selling quantity remained steady within the first quarter of 2025, with a mean every day quantity reaching $3.2 billion on main exchanges, based on the report.
Specifically, buying and selling volumes skyrocketed from the top of January to early February. It exceeded $16 billion earlier than progressively reducing in March. Vinance led by about 40% of the overall, adopted by a rise (15%) and Coinbase (12%).
XRP spot alternative quantity Q1/2025. Supply: Ripple
The share of USD and USD Stablecoin volumes traded by way of the Fiat Pair elevated from 25% within the fourth quarter 2024 to 29% within the first quarter. This enhance signifies a rise in demand for Fiat buying and selling. The XRP value additionally peaked at $3.40, the best since January 2018, recording a powerful rally that surpassed Bitcoin and Ethereum in the identical interval.
XRP-based funding merchandise additionally attracted sturdy inflows, reaching an annual complete of $214 million, practically overtaking the worldwide Ethereum fund.
Nonetheless, one analyst famous that every day buying and selling volumes have plummeted by greater than 86% over the previous six months.
Each day XRP buying and selling quantity for intensive trade. Supply: Arkham
“XRP quantity has collapsed from $60 billion in December to lower than $8 billion now. Retail has been flashed out,” mentioned Crypto analyst Steph.
Regardless of the decline in intraday quantity, the general market context for 2025 was characterised by optimistic regulatory modifications, which helped XRP keep its enchantment. For instance, the SEC formally retracted the enchantment and ended its multi-year lawsuit.
In the meantime, indicators of rising institutional belief embody the submission of Franklin Templeton to the XRP ETF within the US, the launch of XRP futures, and volatility shares in search of approval of three XRP ETFs.
Chain XRP exercise decreases sharply
In distinction to the energetic spot market, on-chain exercise in XRPL has declined considerably.
The report exhibits that the variety of transactions in XRPL fell by 37.06%, down from 167.7 million within the fourth quarter of 2024 to 105.5 million in 2025. New pockets creations fell 40.28% from 709,545 to 423,727. The quantity of XRP consumed as transaction charges additionally fell by 30.89%.
In the meantime, the quantity of distributed exchanges (DEX) fell 16.94%, down from $1 billion to $832 million.
Defillama knowledge reveals that the overall XRPL worth is locked (TVL) has levelled flat in 2025 at round $80 million. The month-to-month DEX quantity was round $3.3 million, simply $3.3 million. This appears disproportionately low given XRP’s place because the fourth largest crypto asset by market capitalization.
XRPL TVL and DEX volumes. Supply: Defilama
Nonetheless, the report means that Ripple’s acquisition of Hidden Highway may assist increase XRPL’s on-chain actions.
“Ripple acquired Hidden Highway for $1.25 billion, one of many greatest M&A transactions in crypto historical past, growing the institutional use instances for RLUSD and XRPL,” the report states.
Ripple’s first quarter report attracts photos of either side. Reflecting investor confidence, spot buying and selling volumes have skyrocketed and slower exercise within the chain raises questions in regards to the precise use of XRPL.
