The XRP Ledger (XRPL) has strengthened its presence in the cryptocurrency ecosystem for over a decade, making it an effective network for global payments, asset tokenization, and decentralized financial solutions.
Support for XRPL comes from multiple entities such as Ripple, XRP Labs, XRP Ledger Foundation, and communities like Xaman or XRPL Commons. These organizations provide solutions for individual users and financial institutions, including banks and fintech companies, with a growing focus on B2B and B2C applications.
Financial and legal performance in the first quarter of 2025
According to a report by Messari, XRP finished the first quarter as the fourth-largest digital asset by market capitalization, reaching $121.60 billion, a modest increase of 2% from the previous quarter.
The price of the XRP token increased slightly (0.5%), driven by a 1.4% growth in the circulating supply. One of the highlights of the quarter was President Donald Trump's announcement of adding XRP to the U.S. cryptocurrency reserve alongside SOL and ADA.
On the regulatory front, Ripple reached a partial settlement with the Securities and Exchange Commission after years of litigation. The court ruled that the software sales of XRP did not violate federal law, but institutional sales did, resulting in a negotiated fine of $125 million, of which $50 million will be retained by the SEC.
Another important milestone was the launch of the first XRP-based exchange-traded fund (ETF) in the United States, Teucrium's XXRP. Companies like CoinShares and WisdomTree also submitted other ETF proposals.
On the other hand, the token economy remains deflationary due to the systematic burning of transaction fees, although this effect is mitigated by the monthly release of up to one billion XRP from collateral deposits controlled by Ripple.
Network dynamics and active usage
During the first quarter of 2025, XRPL demonstrated sustainable growth across all network metrics, with daily active addresses increasing by 142% to 134,600. The number of receiving addresses continued to outpace sending addresses, a clear sign of widespread token distribution, thanks to airdrop campaigns like the Galxe campaign.
The average daily transactions were 2.04 million, with 'payment' and 'offer creation' types making up the majority. Notably, 'payment' usage rose by 36% quarter-over-quarter, while 'offer creation' type (used in DEX) declined.
On the other hand, transactions involving price oracles gained significant importance following the activation of XLS-30, facilitating the use of bridge assets and fair markets.
XRPL's native DEX relies on a central limit order book (CLOB), which has been in place since the protocol's inception. This hybrid design has been complemented since 2024 by an automated market maker (AMM) system, allowing for flexible and efficient transaction routing. Gateways like XPMarket, Ledger First, and Sologenic serve as key intermediaries for accessing DEX.
The distinguished ecosystem, non-fungible tokens, and stablecoins
In the realm of fungible tokens, issued currencies saw a quarterly growth of 6.5%, with RLUSD (Ripple's stablecoin) leading the way with a 304% increase.
Despite its expansion, stablecoins on XRPL have yet to reach the level of adoption seen with alternatives like USDT or USDC, although improvements are expected following the amendment that allows their use in AMMs under redemption conditions.
In the NFT sector, which has been standardized under XLS-20 since 2022, there was a decrease in minting and burning activity, but dynamics in the secondary market increased. By March 2025, nearly 8 million NFTs had been created. Notable projects include Zerpmon (video games) and Xange (carbon credits).
Meanwhile, real-world assets (RWAs) began integrating with XRPL. Initiatives like LUX (the U.S. dollar liquidity fund) and TBILL (the U.S. Treasury bill vault from OpenEden) showcase how XRPL adapts to trading traditional financial instruments on the blockchain. Ripple has directly invested in these solutions, supporting the vision of organized interoperability.
Institutional development and sidechains
Ripple acquired Hidden Road, making it the first crypto company to manage a major global brokerage firm. The company will use RLUSD as collateral and will move post-trading operations to XRPL, a significant step toward institutionalizing cryptocurrency infrastructure.
On the regulatory front, Ripple has obtained a license in Dubai to operate in the Dubai International Financial Centre, forming strategic alliances with entities such as BDACS and Unicâmbio.
Sidechains are also evolving. The XRPL EVM Sidechain, developed by Peersyst, has been deployed on a test network and plans to launch its mainnet in the second quarter.
Governance, proposals, and the future of XRPL
XRPL is managed off-chain through proposals (amendments) that validators must overwhelmingly approve. Some recently approved technologies include decentralized identity (DID), price oracles, and asset recovery. New regulations for credits, approved domains, native lending, and tokens with advanced metadata are currently being developed.
24, the XRP Ledger Foundation was officially established as a legal entity in France, with representation from key stakeholders such as Ripple, XRPL Labs, and Xaman. This structure facilitates the coordination of strategic decisions and resource allocation through programs like the XRPL Grant Program, the XRPL Accelerator Program, and regional marathons.
XRPL is undergoing a phase of consolidation and expansion. Its sustainable growth in users, transactions, and use cases—driven by institutional integration, RWA development, and the deployment of new tools like AMMs, NFTs, and smart contracts—bolsters its position in the cryptocurrency ecosystem.
The introduction of extensions and sidechains like XRPL EVM will enable a new cycle of innovation without compromising the principles of stability and low cost that have defined XRPL.
