XRP's market capitalization grew by 1.9%, reaching $121.6 billion, while the combined market cap of bitcoin, ethereum, and solana fell by 22%.

XRP's market capitalization remained nearly flat in the first quarter of 2025, growing by just 1.9%, according to the latest Messari XRP Ledger Q1 2025 report. However, it still outperformed the combined market cap of bitcoin (BTC), ethereum (ETH), and solana (SOL), which declined by 22% quarter over quarter (QoQ).

In the first quarter of 2025, XRP's market capitalization experienced a slight increase of 1.9%, reaching $121.6 billion, while the combined market cap of bitcoin (BTC), ethereum (ETH), and solana (SOL) saw a substantial decrease of 22%.

The minimal growth in XRP's market cap is noteworthy given the significant decline in the top crypto assets. This suggests that XRP may be sustaining its momentum from 2024, despite the broader market downturn.

At the end of Q1 2024, XRP's market capitalization was $34.6 billion, meaning it has risen minimally over the past three months.

The report by Messari provides a comprehensive analysis of XRP Ledger's network activity during the period.

All network metrics for XRP improved for the second consecutive quarter, with average daily active addresses increasing by 142% to 134,600. This indicates an increase in both new and existing users engaging with the network.

Total new addresses grew by 12% to 568,300, marking a 210% year-over-year (YoY) increase from 183,200 in Q1 2024.

Active receiver addresses, which provide insight into network demand and adoption, continued their upward trajectory, growing 168% from 47,700 to 127,800. By contrast, average daily senders increased by just 14.5%, from 30,000 to 34,300.

This discrepancy may indicate that more previously inactive wallets received tokens than there were senders distributing them.

Several factors helped propel XRP Ledger's network metrics, including a social media post by U.S. President Donald Trump hinting at the possible inclusion of XRP in the Crypto Strategic Reserve.

Additionally, the proposed settlement between the U.S. Securities and Exchange Commission (SEC) and Ripple is thought to have played a key role in supporting network growth during the quarter.

According to Messari, Ripple's USD-pegged stablecoin RLUSD, which launched on Dec. 17, 2024, closed the quarter with a combined market cap of $244.2 million across XRPL and Ethereum.

This figure is still relatively small compared to USDT and USDC, but listings on platforms such as Bitstamp and Moonpay suggest that RLUSD may be on course to capture market share from more established stablecoins.

The report highlights multiple proposed amendments aimed at enabling regulatorily compliant institutions to adopt decentralized finance (DeFi) use cases on XRPL.

As these amendments take effect, XRP Ledger will see further growth in Q2, driven by institutional adoption, strategic partnerships, and acquisitions.

Beyond Q2, the upcoming amendment enabling smart escrows in Q3 and the full smart contract devnet amendment in Q4 are expected to help XRP sustain its momentum beyond 2025.

This article is for informational purposes only, and does not constitute investing advice. All investing carries inherent risk. Only invest in products that you understand and can afford to lose.

This article is for informational purposes only, and does not constitute investing advice. All investing carries inherent risk. Only invest in products that you understand and can afford to lose.

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