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Key HighlightsXRP declined 6% over the past three months, despite broader market gains of 10%.Ripple concluded its legal case with the SEC on May 8, 2025.XRP was listed as a potential U.S. Digital Asset Reserve candidate earlier this year.Futures open interest in XRP reached $2.2 billion as of May 22, reflecting increased trading activity.XRP Trails Market Despite Positive DevelopmentsWhile the total cryptocurrency market cap has grown 10% in the past quarter, XRP’s price has moved in the opposite direction — recording a 6% decline in the same timeframe.This performance comes despite two notable events:Ripple's settlement with the U.S. SEC on May 8, 2025.XRP’s inclusion in the shortlist for the U.S. Digital Asset Reserve in March 2025.Derivatives Metrics Show Rising Market ActivityXRP futures open interest across major exchanges rose to 923 million XRP by May 22, equivalent to approximately $2.2 billion. This represents a 31% increase from two weeks earlier.Funding rates — a metric that reflects demand for leverage — reached an annualized 19% on the same date. This level exceeds the commonly observed neutral range of 7% to 14%.These metrics indicate heightened trading activity but do not necessarily imply directional market sentiment.Regulatory Progress Continues, but Legislative Engagement Remains LimitedRipple concluded its legal proceedings with the SEC, potentially clarifying regulatory standing in the United States.Despite this, direct engagement with U.S. lawmakers remains limited. No new policy changes or legislative support specific to XRP or Ripple were announced as of the publication date.Key Factors Influencing XRP in the Coming MonthsEventEstimated TimingSpot XRP ETF decisionQ4 2025On-chain activity developmentsOngoingRegulatory updates in the U.S.PendingMarket-wide sentiment shiftsVariable The above developments may influence trading volumes, investor interest, and market volatility in the XRP ecosystem.Market Outlook: Caution Persists Amid DevelopmentsWhile XRP has seen notable ecosystem and regulatory updates in 2025, its price action continues to diverge from broader market trends. The sustainability of increased derivatives activity remains uncertain.As of now, no official approval has been granted for a spot XRP ETF, and market response to prior developments appears measured.