Key Takeaways:
- XRP’s market cap reached $121.6 billion in Q1 2025, driven by increased supply and ETF momentum.
- Average daily active addresses surged 142% QoQ, showing rising user participation on XRPL.
- Payments overtook OfferCreate as the dominant transaction type, making up 55% of total activity.
XRP finished the fourth quarter of 2025 as the fourth-largest cryptocurrency, having a market cap value of $121.6 billion, a modest 2% quarter-over-quarter increase. It achieved it with merely a 0.5% increase in price, based on a 1.4% increase in circulating supply.
Teucrium Investment Advisors shook up the market in April by introducing the very first U.S.-listed XRP ETF, branded as XXRP. It comes after CoinShares and others that made S-1 filings earlier in the year.
ETF momentum, regulatory clarity, and political approval assisted XRP in outpacing major peers, its market cap increasing 252% YoY, while combined valuations for Bitcoin, Ethereum, and Solana dropped 22% during the same timeframe.
XRPL User Metrics Surge on Lower Reserve and Community Growth
Network usage accelerated for the second straight quarter, the first such instance since Messari launched tracking XRPL in 2023. Daily active addresses were up 142% at 134,600, while new address generation was 12% QoQ.
These increases were supported by the decrease in the base reserve requirement from 10 to 1 XRP, an action that drastically reduced the entry point for new users.
The “XRP Earndrop” from Galxe, the distribution of as much as 400,000 XRP, further fueled activity, including among recipients. Active receiver addresses for the fourth consecutive quarter outpaced senders, increasing 168% compared with just 14.5% for senders. The difference indicates distribution-based activity, the hallmark of centralized exchange user onboarding and airdrop campaigns.
Transactions averaged 2.04 million for the day, representing 13% QoQ growth. Payments and OfferCreate orders were the most popular actions on XRPL, respectively; however, payments emerged as the undisputed leader, accounting for 55% of all transactions.
Smart Contract Features and Token Economy Expand on XRPL
The XRPL took steps towards adopting programmability with the launch of “Extensions” in Q1. It is an approachable idea for developers; these additions enable functions beyond native features without the use of smart contracts in total.
The initial implementation, Smart Escrows, joined a developer network, with the larger smart contract testnet planned for later in 2025.
Issued currencies on XRPL likewise increased, with the total market cap reaching $281.5 million. The market cap of the leading performer, Ripple’s stablecoin, the RLUSD, increased 304% QoQ to $25.9 million.
As memecoins cooled off, tokens such as SOLO still controlled 32% of the market cap. There are now more than 26,000 assets listed, solidifying XRPL’s presence as a diversified, multi-asset blockchain platform.
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