Ripple Q1 Report: SEC Case Closed, XRP Tops Bitcoin; But Company Says Goodbye To This

Ripple just dropped its Q1 2025 XRP Markets Report, and it reads like a victory lap. From crushing it in the market to finally closing its long-running legal battle with the SEC, Ripple’s start to the year has been exciting.

SEC Case Closed: Ripple Walks Away a Winner

In one of the biggest stories of the year for crypto, the SEC officially dropped its appeal against Ripple, bringing their multi-year legal fight to an end. The regulator also agreed to lower the proposed penalty from $125 million to $50 million and asked the court to cancel the injunction against Ripple. And it’s not just Ripple catching a break. The new U.S. government has already rolled back some of the old restrictions on crypto. 

A $1.25 Billion Power Move

The company bought Hidden Road, a global prime broker, for a whopping $1.25 billion. The deal gives Ripple new tools to expand its institutional services. Hidden Road will start using Ripple’s RLUSD stablecoin as collateral and will rely on the XRP Ledger for faster and cheaper post-trade operations in foreign exchange, swaps, and repo markets.

Ripple’s XRP Holdings on the Rise

By the end of March 2025, Ripple held 4.56 billion XRP, up from 4.48 billion at the start of the year. Another 37.13 billion XRP remains locked in escrow, gradually releasing over the next 42 months.

XRPL Activity Cools, but DeFi Stays Strong

After a big spike in late 2024, on-chain activity on the XRP Ledger settled down a bit. Transaction numbers and new wallet creations both dropped about 30–40%, which tracks with what’s been happening across the broader crypto market.

But one bright spot stood out — DeFi activity held up better than most blockchains. Trading volumes on decentralized exchanges (DEXs) only dipped by 16%, while other major chains saw much steeper drops. Ripple’s RLUSD stablecoin also gained ground, crossing a $90 million market cap with over $300 million traded on DEXs.

XRP Outperforms the Market

While Bitcoin and Ethereum struggled for gains in Q1, XRP stole the spotlight. It jumped nearly 50% in early February and held steady while other big names dropped. Even with market ups and downs, XRP proved to be one of the strongest-performing assets in the space.

The numbers tell the story. XRP-based investment products saw $37.7 million in inflows in just three months, pushing its 2025 total to $214 million — now just $1 million away from surpassing Ethereum’s global funds.

But there’s one big change — after eight years of publishing these detailed reports, Ripple announced this will be the final one in its current format. The company says it’s time to evolve how it communicates with the market. “After careful consideration, Ripple has made the decision to sunset the report in its current form starting in Q2 2025,” the report read.