#Ripple CEO Brad Garlinghouse comments on the company’s recently published Q1 2025 XRP Markets report, highlighting major achievements in the previous quarter.
In an X post today, Garlinghouse characterized Q1 2025 as an incredible quarter for Ripple following some significant milestones it achieved in the first three months of the year.
Major Accomplishments
The tweet highlighted three Ripple-related accomplishments: the acquisition of Hidden Road, the SEC withdrawing its appeal, and the growing institutional interest in XRP products globally.
Hidden Road Acquisition
In the report, Ripple emphasized that acquiring top prime broker Hidden Road for $1.25 billion was the company’s largest deal. It unlocks a new institutional use case for the XRP Ledger (XRPL) and Ripple USD (RLUSD) stablecoin.
As previously reported, Hidden Road will leverage RLUSD as collateral across its products. This move will enable cross-margining between traditional finance and crypto investments. The prime broker will also integrate XRPL into its post-trade operations, like Repo Markets and Swaps, to cut costs and enhance efficiency.
SEC Ends Its Appeal
The report also sheds light on how the SEC informed Ripple of its intent to withdraw its appeal. Ripple responded by also withdrawing its cross-appeal, which challenged the regulator’s victory in the multi-year lawsuit.
Consequently, the regulator accepted a reduced fine of $50 million from $125 million and a request to vacate the court’s permanent injunction order. However, the agreement is subject to the court’s approval.
If approved, it would mark the end of the multi-year legal tussle, which Ripple claims ‘tested the limits of regulatory overreach.’
