In the first quarter of 2025, the market capitalization of $XRP increased by 1.9%, reaching $121.6 billion, while the total market capitalization of Bitcoin, Ethereum, and Solana fell by 22%. All network metrics for XRP improved for the second consecutive quarter, with the average number of active addresses per day increasing by 142% to 134,600.
XRP metrics improve for the second consecutive quarter
The market capitalization of XRP remained nearly unchanged in the first quarter of 2025, increasing only by 1.9%, according to the latest Messari report on XRP Ledger for Q1 2025. However, it still outperformed the total market capitalization of Bitcoin ($BTC ), Ethereum ($ETH ), and Solana (SOL), which fell by 22% quarter-over-quarter (QoQ).
With a slight increase, the market capitalization of XRP rose to $121.6 billion, maintaining its position as the fourth largest digital asset. For reference, the market capitalization of XRP at the end of Q1 2024 was $34.6 billion.
Despite modest growth in market capitalization, XRP showed improvement in all measurable network metrics for the second consecutive quarter. Among the most notable points is the average number of active addresses per day increased by 142% QoQ to 134,600, indicating an increase in both new and existing users, according to Messari. The total number of new addresses increased by 12% to 568,300, representing a 210% year-on-year (YoY) increase compared to 183,200 in Q1 2024.
At the same time, active recipient addresses, which provide information on the demand and adoption of the network, continued their upward trend, increasing by 168% from 47,700 to 127,800. In contrast, the average number of senders per day only increased by 14.5%, from 30,000 to 34,300. Messari suggests that this divergence may indicate that more previously inactive wallets received tokens than there were senders distributing them.
Key factors contributing to the growth of XRP
Several factors helped stimulate the metrics of the XRP Ledger network, including a social media post by U.S. President Donald Trump hinting at a possible inclusion of XRP in the Strategic Crypto Reserve. Additionally, the anticipated settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple is considered one of the key factors supporting network growth during the quarter.
According to Messari, Ripple's stablecoin pegged to the U.S. dollar, RLUSD, launched on December 17, 2024, finished the quarter with a total market capitalization of $244.2 million on XRPL and Ethereum. While this figure remains small compared to USDT and USDC, its listing on platforms like Bitstamp and Moonpay suggests that RLUSD may capture market share from more established stablecoins.
The report highlights several proposed amendments aimed at ensuring regulated adoption of decentralized finance (DeFi) use cases by institutions on the XRPL. As these amendments are adopted, the XRP Ledger will see further growth in the second quarter, driven by institutional adoption, strategic partnerships, and acquisitions.
Following the second quarter, the upcoming change allowing smart escrow accounts in the third quarter and the full transition to devnet smart contracts in the fourth quarter is expected to help XRP maintain its momentum beyond 2025.
