During the first quarter of 2025, XRP demonstrated remarkable growth by increasing its market capitalization by 1.9%, reaching $121.6 billion. This growth contrasts starkly with the combined market capitalization of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which collectively declined by 22% over the same period. According to a detailed Messari report titled "State of the XRP Ledger 2025," XRP not only increased its market cap but also showed considerable expansion in its ecosystem and network metrics.
XRP's market cap growth was largely driven by a slight 0.5% price increase coupled with a 1.4% rise in circulating supply. Year-over-year, the market cap soared by 252%, from $34.6 billion to over $121 billion. On-chain activity surged, with daily transaction volumes rising 13% quarter-over-quarter to approximately 2.04 million transactions per day. More users are engaging with the XRP Ledger (XRPL), evidenced by a 168% jump in daily receiving addresses to 127,800 and a 14.5% increase in sending addresses to 34,300.
The report highlights growth across the XRPL ecosystem, including prominent tokens like Sologenic (SOLO), which remains the largest XRPL-issued token despite a 43% valuation drop. Meanwhile, Ripple's stablecoin RLUSD experienced explosive growth, with a 304% increase in market cap and a 338% rise in holders since its December launch. RLUSD benefits from asset backing and transparency measures, boosting its competitiveness against established stablecoins.
Network infrastructure expanded significantly, marked by an almost tenfold increase in active nodes, from 886 to 9,498. A key development is the launch of the XRPL EVM Sidechain testnet, aiming for Ethereum Virtual Machine compatibility, with a mainnet launch planned for Q2 2025. Ripple also expanded its institutional reach by acquiring Hidden Road for $1.25 billion, positioning itself as the first crypto firm to own a prime brokerage platform. Hidden Road will integrate XRPL and use RLUSD for collateral, enhancing adoption.
Institutional adoption is further underscored by UAE-based Zand Bank and Mamo integrating Ripple's payment solutions for cross-border transactions. Overall, XRP's growth reflects strong ecosystem adoption, increased network activity, and strategic expansion initiatives amidst a declining market cap for other major cryptocurrencies.