2025年的第一季度標誌著Ripple及其XRP令牌的轉折點

2025年的第一季度標誌著Ripple及其XRP令牌的轉折點，這是由監管和戰略舉動驅動的，這加強了其在全球金融市場中的地位。

The first quarter of 2025 brought a decisive turn in the unfolding tale of Ripple and its XRP token.

2025年第一季度在不斷發展的Ripple及其XRP代幣的故事中帶來了決定性的轉變。

As the dust settles on a long-running legal battle and new institutional products emerge, the company is charting a course for deeper integration within the global financial system.

隨著塵埃落定的長期法律鬥爭和新的機構產品的出現，該公司正在為全球金融體系內更深入整合的課程繪製課程。

The U.S. Securities and Exchange Commission (SEC) moved to wind down its case against Ripple, announcing in March the planned withdrawal of its appeal against a lower court ruling.

美國證券交易委員會（SEC）提出對Ripple的訴訟，並於3月宣布，計劃撤回其針對下級法院裁決的上訴。

The case, which began in December 2020, had stalled the token's price rally and weighed heavily on the company's operations.

該案始於2020年12月，該案停滯了代幣的價格集會，並嚴重影響了公司的業務。

The proposed settlement will see Ripple pay a reduced fine of $50 million, down from an initial $125 million.

擬議的和解協議將使波紋的罰款減少了5000萬美元，低於最初的1.25億美元。

Moreover, the pending injunction on the sale of XRP is likely to be lifted, subject to final approval from the commission. This development is crucial for the company to continue its operations smoothly and launch new products.

此外，在委員會最終批准的情況下，可能會取消有關XRP出售的待決禁令。這一開發對於公司的運營順利進行並推出新產品至關重要。

The resolution of the SEC case also coincides with a broader shift in U.S. regulatory policy.

SEC案件的解決也與美國監管政策的更大轉變相吻合。

The new administration has adopted a more crypto-friendly stance, aiming to regulate the industry and foster innovation in the digital asset space.

新政府採取了更友好的立場，旨在規範該行業並促進數字資產領域的創新。

At the same time, Ripple is making strategic moves to expand its offerings and cater to institutional demand.

同時，Ripple正在採取戰略舉措，以擴大其產品並滿足機構需求。

In April, the company announced the acquisition of multi-asset broker Hidden Road for $1.25 billion.

4月，該公司宣布以12.5億美元的價格收購多資產經紀人隱藏道路。

This move will allow Ripple to integrate its blockchain infrastructure with traditional financial services.

此舉將使Ripple能夠將其區塊鏈基礎設施與傳統金融服務集成。

The firm plans to use its stablecoin RLUSD as collateral for cross-margin operations between digital and traditional assets, facilitating seamless trading and lending activities.

該公司計劃使用其穩定的RLUSD作為數字資產和傳統資產之間交叉運營的抵押品，從而促進了無縫的交易和貸款活動。

On the other hand, Hidden Road plans to apply XRP Ledger technology to streamline post-trade processes in FX, swaps, and repo markets.

另一方面，隱藏的道路計劃將XRP Ledger技術應用於簡化FX，Swaps和Repo Markets的交易後流程。

This integration will enhance efficiency and reduce operational costs in traditional financial institutions.

這種整合將提高效率並降低傳統金融機構的運營成本。

The token itself is seeing strong institutional interest, which was evident in the flurry of filings for spot XRP ETFs.

代幣本身就是看到了強烈的製度興趣，這在Spot XRP ETF的申請中很明顯。

After Grayscale and WisdomTree joined the race to launch the first U.S. XRP ETF, Franklin Templeton submitted an S-1 application to the SEC in March.

在Grayscale和Wisdomtree參加了啟動第一個美國XRP ETF的比賽之後，富蘭克林·鄧普頓（Franklin Templeton）於3月向SEC提交了S-1申請。

The asset management giant aims to list its product on the Nasdaq exchange, offering institutions a new avenue to invest in the token through an SEC-approved vehicle.

這家資產管理巨頭旨在將其產品列在納斯達克交易所，為機構提供通過SEC批准的車輛投資代幣的新途徑。

Moreover, CME announced the launch of XRP futures contracts, set to debut on May 19.

此外，CME宣布將於5月19日啟動XRP期貨合約。

These futures will be listed on CME Clearnet and offer institutional traders the opportunity to hedge price risk or engage in leveraged trading on the token.

這些期貨將在CME Clearnet上列出，並為機構交易者提供對沖價格風險或從事令牌上的槓桿交易的機會。

The token’s performance during the quarter was outstanding, outperforming other major cryptocurrencies.

代幣在本季度的表現非常出色，表現優於其他主要加密貨幣。

XRP achieved an average daily trading volume of $3.2 billion during the period, with peaks exceeding $16 billion during periods of heightened activity.

在此期間，XRP的平均每日交易量為32億美元，在活動期間的高峰期間的峰值超過160億美元。

At the time of writing, the token is changing hands at $2.10 per unit following a daily drop of 1.3%.

在撰寫本文時，代幣每天下降1.3％，以每單位2.10美元的價格易手。

On-chain activity on the XRP Ledger saw a 37% drop in transactions and a 40% decline in new wallet creations compared to the previous quarter.

與上一季度相比，XRP分類帳上的鍊鍊活動的交易下降了37％，新錢包創作下降了40％。

However, volume on decentralized exchanges (DEX) fell by just 17%, showcasing stronger resilience within the DeFi space.

然而，分散交流（DEX）的數量僅下降了17％，顯示了在Defi空間內更強的彈性。

The RLUSD stablecoin crossed the $90 million mark in terms of market capitalization and recorded more than $300 million in cumulative volume on DEX platforms.

RLUSD Stablecoin在市值方面超過了9000萬美元，並在DEX平台上記錄了超過3億美元的累計量。