尽管加密货币市场迟钝，XRP XRP/USD的第一季度却保持着扎实

根据最近的一份报告，尽管加密货币市场迟钝，但XRP XRP/USD在第一季度的第一季度却保持着扎实的态度。

In the broader cryptocurrency market, most tokens had a sluggish first quarter, but not XRP, according to a recent report.

根据最近的一份报告，在更广泛的加密货币市场中，大多数代币的第一季度却却不舒服，但XRP效率不足。

What Happened: In its Q1 2025 XRP Markets report, Ripple (NYSE:RXL) provided an overview of key developments and market performance for XRP (CRYPTO:XRP).

发生了什么：在其Q1 2025 XRP市场报告中，Ripple（NYSE：RXL）概述了XRP（加密：XRP）的关键发展和市场绩效。

The token had a strong start to the year, particularly in February when it surged 50%. In comparison, Bitcoin (CRYPTO:BTC) remained flat, and Ethereum (CRYPTO:ETH) saw a decline during the same period.

代币在今年的开端很强，尤其是在2月飙升50％的时候。相比之下，比特币（加密：BTC）保持平坦，以太坊（Crypto：ETH）在同一时期下降。

Investment products tracking XRP witnessed an influx of $214 million in the year-to-date period, closely trailing Ethereum funds, which attracted around $215 million. This indicated an interesting shift in institutional allocators’ preferences.

追踪XRP的投资产品在年代至今的时期涌入了2.14亿美元，落后于以太坊基金，吸引了约2.15亿美元。这表明机构分配者的偏好发生了有趣的转变。

Meanwhile, spot trading volume on top-tier exchanges averaged $3.2 billion daily, and XRP/BTC ratios saw an increase of over 10%.

同时，顶级交易所的现货交易量平均每天32亿美元，XRP/BTC比率增加了10％以上。

After a rally from around $0.30 in January to briefly touch $3.40 in March, XRP's price movements slowed down. Realized volatility ranged from 100% to 130%, a measure of how much, on average, XRP investors collectively lost or made during the quarter.

在一月份的0.30美元左右举行的集会（3月）短暂触及3.40美元之后，XRP的价格变动放慢了速度。实现的波动率从100％到130％不等，这是对XRP投资者在本季度的平均损失或制造的量度。

Among exchanges, Binance (CRYPTO:BNB) led with a 40% share in trading volume, followed by Upbit at 15% and Coinbase (NASDAQ:COIN) at 12%.

在交易所中，Binance（加密：BNB）以40％的交易量领先，其次是15％的UPBIT，Coinbase（NASDAQ：COIN）为12％。

However, on-chain activity slowed down during the quarter, with new wallets and transactions decreasing by 30% to 40% quarter-over-quarter. This coincided with the broader crypto market slowdown.

但是，本季度的链活动减慢了，新钱包和交易量下降了30％至40％。这与更广泛的加密货币市场放缓相吻合。

Why It Matters: XRP's strong Q1 can be attributed to accelerating institutional tailwinds. Franklin Templeton (NYSE:TEML) filed an S-1 for a U.S. spot XRP ETF.

它的原因是：XRP的强大Q1可以归因于加速机构的逆风。富兰克林·邓普顿（Franklin Templeton）（NYSE：TEML）为美国Spot XRP ETF提交了S-1。

The CME Group (NYSE:CME) announced plans for XRP futures, and Brazil's economic and financial crimes council (CONEF) approved the launch of a dedicated XRP ETF.

CME集团（NYSE：CME）宣布了XRP期货计划，巴西的经济和金融犯罪委员会（CONEF）批准了启动专用的XRP ETF。

On the legal side, the U.S. Securities and Exchange Commission dropped its appeal against a judge's ruling that XRP is not a security, and a federal judge ordered the agency to pay part of Ripple's legal fees.

在法律方面，美国证券交易委员会对法官裁定XRP不是安全性的裁决提出上诉，联邦法官命令该机构支付一部分Ripple的法律费用。

Moreover, the SEC reached a settlement with Ripple for a reduced penalty of $50 million, and the court will now consider vacating the earlier injunction that barred Ripple from selling XRP in the U.S.

此外，SEC与Ripple达成和解，减少了5000万美元的罚款，法院现在将考虑撤离较早的禁令，禁止Ripple在美国出售XRP

A pro-crypto shift in the U.S. administration, following President Trump's departure, also contributed to a positive environment. This included executive orders on crypto and new appointments to key administration roles focused on fostering innovation in the sector.

在特朗普总统离开后，美国政府的亲克莱普托转变也为积极的环境做出了贡献。这包括有关加密货币的执行命令和新任命，以致力于促进该行业的创新。

In another development, Ripple closed a major acquisition, purchasing an advanced technology firm called Hidden Road for $1.25 billion.

在另一项开发项目中，Ripple结束了一次重大收购，以12.5亿美元的价格购买了一家名为“ Hidden Road”的先进技术公司。