XRP脫離包裝：Q1增長，而BTC，ETH和SOL收縮

儘管比特幣價格，以太坊價格和索拉納的價格在2025年第1季度下跌，而XRP價格卻悄悄地朝相反的方向移動。

XRP price movements have been closely watched by analysts, especially as Bitcoin price, Ethereum price, and Solana price all faced declines in Q1 2025. While the market saw a 22% decrease in the combined market cap of BTC, ETH, and SOL, the team at web3 intelligence platform Messari has noted that one large-cap asset managed to post positive growth during the period.

分析師密切關注了XRP價格變動，尤其是由於比特幣價格，以太坊價格和Solana價格在2025年第1季度都面臨下降。儘管市場的BTC，ETH和SOL的聯合市值下降了22％，而Web3 Intellionce Platform的Team Messari的團隊Messari的團隊則指出了一個大型CAP資產的積極增長。

As per Messari data, the XRP price ticked up just 0.5% over the quarter, but a small boost in circulating supply helped push market cap gains higher. More impressively, XRP’s fundamentals also strengthened.

根據Messari的數據，XRP價格在本季度僅上漲了0.5％，但循環供應的較小提升有助於推動市值提高。更令人印象深刻的是，XRP的基本面也得到了加強。

As reported by the team, Ripple's stablecoin, RLUSD, ended the quarter with a market cap of $44.2 million on the XRP Ledger, cementing its role as the network's leading stable asset. This came after Ripple acquired Hidden Road, a global prime broker that plans to migrate its operations to XRPL and use RLUSD for collateral. That move alone signaled deep institutional interest in building on Ripple infrastructure.

據該團隊報導，Ripple的Stablecoin RLUSD在XRP Ledger上以4420萬美元的市值結束了該季度，鞏固了其作為網絡領先的穩定資產的作用。這是在Ripple收購了Hidden Road（全球總理的Hidden Road）之後，該道路計劃將其運營遷移到XRPL並使用RLUSD作為抵押品。這種舉動單獨表明了對漣漪基礎設施建設的深厚的機構興趣。

Further, XRPL network activity is becoming more prominent. Daily active addresses surged 142% quarter-on-quarter, while average daily CLOB (central limit order book) volume jumped 74% to reach $13.7 million. These figures suggest the Ripple price isn't just climbing on sentiment, but on real usage and expanding utility.

此外，XRPL網絡活動變得越來越突出。每日活躍地址飆升了142％的四分之一四分之一，而平均每日clob（中央限制訂單簿）的數量增加了74％，達到1370萬美元。這些數字表明，波紋價格不僅是在情緒上攀升，而且是在實際使用和擴大公用事業方面。

Chart: Messari

圖表：Messari

“[This is] the first time we’ve seen all seven metrics increase for two consecutive quarters,” the analysts noted.

分析師指出：“ [這是我們第一次看到所有七個指標連續兩個季度增加。”

XRPL averaged more than 2 million transactions per day in Q1. Payment transactions rose 36%, and active recipient wallets once again outstripped senders, a sign of growing airdrop activity and broader token distribution.

XRPL在第1季度平均每天超過200萬筆交易。付款交易增長了36％，主動收件錢包再次超過了發件人，這表明氣盤活動不斷增長和更廣泛的令牌分配。

Crucially, the XRP Ledger is making serious moves toward programmability. On March 31, the long-awaited XRPL EVM Sidechain went live on testnet, opening the door to Ethereum-compatible apps and tools.

至關重要的是，XRP分類帳正在朝著可編程性邁進。 3月31日，期待已久的XRPL EVM Sidechain在Testnet上直播，打開了與以太坊兼容的應用程序和工具的大門。

Meanwhile, Ripple is preparing to launch native smart contracts on XRPL through a feature called Extensions, which lets developers attach logic to existing objects like escrows and tokens without needing full smart contract layers. This marks a turning point, as Ripple balances its minimalist design with new programmability to compete with Ethereum and Solana.

同時，Ripple正準備通過稱為Extensions的功能在XRPL上啟動本機智能合約，該功能使開發人員無需完整的智能合約層即可將邏輯附加到現有對象，例如託管和代幣。這標誌著一個轉折點，因為Ripple可以平衡其簡約設計與新的可編程性，以與以太坊和Solana競爭。

Ripple's push toward DeFi compliance also continued. Several amendments were proposed or passed to bring features like decentralized identity, credential gating, and KYC-based domain permissions to XRPL. The aim is to let institutions build or access compliant DeFi protocols without leaving the XRP Ledger. These features will likely attract traditional finance players looking for safer ways to experiment with tokenization, lending, and automated markets.

Ripple向Defi合規的推動也在繼續。提出或通過了幾項修正案，以帶來分散的身份，憑證門控和基於KYC的域權限等功能。目的是讓機構構建或訪問符合規定的Defi協議，而不會離開XRP分類帳。這些功能可能會吸引傳統的財務參與者尋求更安全的方法來實驗令牌化，貸款和自動化市場。

In April, Ripple announced it had acquired Hidden Road, a global multi-asset prime broker. This isn't just a branding play. Hidden Road will shift its post-trade operations to the XRP Ledger and will use RLUSD, Ripple's dollar-backed stablecoin, as collateral.

4月，Ripple宣布已收購了全球多資產總經理Hidden Road。這不僅僅是品牌遊戲。隱藏的道路將其貿易後的操作轉移到XRP Ledger，並將使用Rlusd（Rlusd，Ripple的美元支持的Stablecoin）作為抵押品。

This is the first time a crypto firm has directly taken over a prime brokerage infrastructure, and it highlights how Ripple is targeting institutional-scale adoption.

這是加密貨幣公司第一次直接接管主要經紀基礎設施，它突出了Ripple是如何針對機構級採用的。

RLUSD itself is gaining traction. In Q1, the stablecoin saw a 304% jump in market cap on XRPL, becoming the network's largest. Exchanges like Kraken, Bitstamp, and MoonPay have now integrated it, and it's also being used for yield strategies, payment rails, and as a base asset in AMM pools on the native DEX.

RLUSD本身正在獲得吸引力。在第1季度，穩定的XRPL上市上限304％，成為該網絡最大。 Kraken，Bitstamp和Moonpay等交易所現已整合了它，並且也用於用於收益策略，支付軌道，並用作本地DEX上AMM池中的基本資產。

From wrapped real-world assets like U.S. Treasury bills and gold to NFTs and sidechains, Ripple is pushing every piece of the ecosystem forward. The XRP price might not have surged in Q1, but the foundation is clearly being laid for something bigger.

從包括美國國庫賬單和黃金等包裝的現實資產到NFTS和Sidechains，Ripple都將生態系統的每一部分推向前進。 XRP價格可能不會在第一季度飆升，但顯然是為更大的東西奠定了基礎。

With smart contracts on the horizon, institutional rails in place, and metrics climbing across the board, XRP continues to separate itself from the rest of the crypto field.

隨著智能合同的到來，機構導軌到位，並在整個基礎上攀登指標，XRP繼續將自己與加密貨幣的其餘部分分開。

As Messari put it in their closing summary, Ripple didn't just grow last quarter, it outperformed while the rest of the market shrank. That might explain why analysts are keeping a close eye on the next phase of XRP's story.

正如彌賽亞（Messari）所說的結束摘要中，Ripple不僅在上個季度增長，而且在市場的其餘部分縮水時表現出色。這可能解釋了為什麼分析師密切關注XRP故事的下一階段。

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