Ripple just released the Q1 2025 XRP Market Report and it feels like a victory lap. From outperforming the market to finally closing the long-standing legal battle with the SEC, Ripple's start to the year has been exciting.

The SEC case closes: Ripple walks away as the winner

In one of the biggest stories of the year for cryptocurrency, the SEC officially dropped its appeal against Ripple, ending its years-long legal battle. The regulator also agreed to reduce the proposed fine from $125 million to $50 million and requested the court to lift the injunction against Ripple. And it wasn't just Ripple that benefited. The new U.S. government has lifted some old restrictions on cryptocurrency.

A powerful move worth $1.25 billion

The company acquired Hidden Road, a global prime brokerage firm, for a whopping $1.25 billion. This deal provides Ripple with new tools to expand its institutional services. Hidden Road will start using Ripple's RLUSD stablecoin as collateral and will rely on the XRP Ledger to execute post-trade activities faster and cheaper in the forex, swaps, and repo markets.

Ripple's XRP holdings are on the rise

By the end of March 2025, Ripple held 4.56 billion XRP, up from 4.48 billion at the beginning of the year. Another 37.13 billion XRP remains locked in escrow accounts, gradually being released over the next 42 months.

XRPL activity cools down but DeFi remains strong

After a spike at the end of 2024, activity on the XRP Ledger has cooled down a bit. The number of transactions and newly created wallets both decreased by about 30–40%, in line with what has happened in the broader cryptocurrency market.

But there is a bright spot — DeFi activity remains stronger than most blockchains. Trading volume on decentralized exchanges (DEX) only decreased by 16%, while larger chains saw much sharper declines. Ripple's stablecoin RLUSD also appreciated, surpassing a market capitalization of $90 million with over $300 million traded on DEX.

XRP outperforms the market

While Bitcoin and Ethereum struggled to rise in Q1, XRP captured all the attention. It surged nearly 50% in early February and held steady while other big names declined. Even as the market fluctuated, XRP proved to be one of the strongest performing assets in this space.

The numbers speak for themselves. XRP-based investment products saw an inflow of $37.7 million in just three months, bringing the total for 2025 to $214 million — now just $1 million away from surpassing Ethereum's global fund.

But there is a significant change — after eight years of publishing these detailed reports, Ripple has announced that this will be the final report in the current format. The company stated that it is time to change how it communicates with the market. "After careful consideration, Ripple has decided to discontinue reporting in the current format starting in Q2 2025," the report states.