Ripple剛剛放棄了其Q1 2025 XRP Markets報告，它的讀物就像勝利圈

從在市場上粉碎它到最終結束與SEC的長期法律鬥爭，Ripple的開始是令人興奮的。

Ripple (XRP) has announced that it will no longer be releasing its quarterly XRP markets reports in their current format, beginning in the second quarter of 2025. The company has been publishing these reports for the past eight years, providing a detailed analysis of the XRP ecosystem and its performance.

Ripple（XRP）宣布，它將不再以當前格式發布其季度XRP市場報告，從2025年第二季度開始。該公司在過去八年中一直在發布這些報告，從而對XRP生態系統及其性能進行了詳細的分析。

In its latest report, which covers the first quarter of 2025, Ripple highlighted several key developments, including the closure of the long-running S.E.C. case and strong activity in the XRP Ledger (XRPL) ecosystem.

Ripple在涵蓋2025年第一季度的最新報告中強調了幾個關鍵發展，包括關閉長期運行的SEC案件和XRP Ledger（XRPL）生態系統中的強大活動。

The S.E.C. case, which began in December 2020, was finally closed in April 2025, after the S.E.C. dropped its appeal against a lower court ruling in favor of Ripple. The case had dragged on for over two and a half years and involved allegations that Ripple sold unregistered securities in the form of XRP tokens.

SEC案始於2020年12月，最終於2025年4月關閉，因為SEC對下級法院的裁決提出上訴，以支持Ripple。該案已經拖延了兩年半以上，並涉及指控Ripple以XRP代幣的形式出售了未註冊的證券。

The case also led to a broader discussion about the regulation of cryptocurrencies in the U.S., with S.E.C. Chair Gary Gensler and other officials warning that many tokens could be deemed securities.

該案還導致了有關美國加密貨幣法規的更廣泛討論，SEC主席Gary Gensler和其他官員警告說，許多令牌可以被視為證券。

In another development, the S.E.C. has asked the court to cancel the injunction against Ripple and reduce the proposed penalty for settling the case. The S.E.C. had initially proposed a penalty of $125 million, but it has now requested that the penalty be lowered to $50 million.

在另一項發展中，SEC已要求法院取消對Ripple的禁令，並減少解決此案的擬議罰款。 SEC最初提出的罰款為1.25億美元，但現在要求將罰款降低至5000萬美元。

The S.E.C.’s request to cancel the injunction is part of a broader move by the new U.S. government to roll back some of the old restrictions on crypto.

美國證券交易委員會取消禁令的請求是美國新政府採取更廣泛舉動的一部分，以減少對加密貨幣的一些舊限制。

The S.E.C.’s case against Ripple had broad implications for the crypto industry, as it could have set a precedent for how other tokens are regulated. The case also highlighted the differences in opinion between the S.E.C. and the lower court, which ultimately ruled in favor of Ripple on all three claims.

SEC對Ripple的案件對加密貨幣行業具有廣泛的影響，因為它可能為其他令牌的規範樹立了先例。該案還強調了SEC和下級法院之間意見分歧，最終裁定所有三項索賠都支持Ripple。

The case is now headed back to the lower court, where the judge will decide on the S.E.C.’s request to cancel the injunction and reduce the penalty. The case could still be appealed further, but it is expected to be largely wrapped up by the end of the year.

該案現在已返回下級法院，法官將決定SEC取消禁令並減少罰款的請求。該案仍可以進一步上訴，但預計將在今年年底之前結束。

In the meantime, Ripple is continuing to build out its institutional products and services. The company recently bought Hidden Road, a global prime broker, for $1.25 billion.

同時，Ripple繼續建立其機構產品和服務。該公司最近以12.5億美元的價格收購了全球主要經紀人Hidden Road。

The deal will give Ripple new tools to expand its institutional services and provide liquidity management solutions to customers.

該交易將為擴展其機構服務並為客戶提供流動性管理解決方案提供連鎖反應的新工具。

The integration of RLUSD, Ripple’s stablecoin, and the XRP Ledger will enable faster and cheaper post-trade operations in foreign exchange, swaps, and repo markets.

Rlusd，Ripple的Stablecoin和XRP Ledger的整合將使外匯，掉期和倉庫市場的更快，更便宜的交易後運營能夠。

The company’s XRP holdings increased slightly by the end of March 2025, with a total of 4.56 billion XRP held, compared to 4.48 billion at the start of the year. An additional 37.13 billion XRP remains locked in escrow and will be released gradually over the next 42 months.

到2025年3月底，該公司的XRP持有量略有增長，總計45.6億XRP，而年初為44.8億。另外371.3億XRP仍鎖定在託管中，並將在接下來的42個月內逐漸發布。

On-chain activity on the XRP Ledger cooled after a big spike in late 2024, with transaction numbers and new wallet creations both dropping by 30-40%. This aligns with the broader crypto market trends, which also saw a decline in activity after the 2024 bull run.

XRP Ledger上的鏈活動在2024年末大幅尖峰後冷卻，交易數字和新的錢包創作都下降了30-40％。這與更廣泛的加密貨幣市場趨勢保持一致，該趨勢在2024年公牛運行後的活動也有所下降。

However, DeFi activity on the XRPL held up better than most other major blockchains, with trading volumes on decentralized exchanges (DEXs) only dipping by 16%.

但是，XRPL上的Defi活動比大多數其他主要區塊鏈都更好，而分散​​交易所（DEX）的交易量僅下降了16％。

In contrast, other chains like Ethereum and Bitcoin saw much steeper drops in DEX volumes.

相比之下，其他連鎖店（例如以太坊和比特幣）的DEX體積下降得多。

The integration of RLUSD also saw positive progress, with the stablecoin crossing a $90 million market cap and over $300 million traded on DEXs. This underscores the increasing adoption and liquidity of RLUSD in the XRPL ecosystem.

RLUSD的整合也取得了積極的進步，Stablecoin跨越了9000萬美元的市值，DEX交易超過3億美元。這強調了XRPL生態系統中RLUSD的採用和流動性的增加。

As for price performance, XRP had a strong showing, outperforming Bitcoin and Ethereum.

至於價格性能，XRP表現出色，表現優於比特幣和以太坊。

With a nearly 50% jump early in February and a steady hold as other big names dropped, XRP was one of the strongest-performing assets in the first quarter.

隨著2月初的近50％的躍升，隨著其他知名人士的下降，XRP是第一季度表現最強大的資產之一。

This performance is evident in the substantial inflows into XRP-based investment products, amounting to $37.7 million in just three months, pushing its 2025 total to $214 million.

在基於XRP的投資產品的大量流入中，這種表現顯而易見，在短短三個月內總計3770萬美元，將其2025年的總計達到2.14億美元。

This figure places XRP’s global funds just $1 million away from surpassing Ethereum’s, highlighting the significant interest in XRP-based investment products.

該數字使XRP的全球資金距離超過以太坊的資金僅100萬美元，強調了對基於XRP的投資產品的重大興趣。

After eight years of publishing these detailed reports, Ripple will be transitioning to a new approach for communicating with the market.

在發布了八年的詳細報告之後，Ripple將過渡到一種與市場交流的新方法。

“After careful consideration, Ripple has made the decision to sunset the report in its current form starting in Q2 2025,” the company announced in the report.

該公司在報告中宣布：“經過仔細的考慮，Ripple決定以目前的形式從2025年第一季度開始日落。”

This decision reflects Ripple’s commitment to evolving its communication strategies and engaging with the market in new and meaningful ways.

這項決定反映了波紋的承諾，以新的和有意義的方式與市場不斷發展。