2025年的第一季度标志着Ripple及其XRP令牌的转折点

2025年的第一季度标志着Ripple及其XRP令牌的转折点，这是由监管和战略举动驱动的，这加强了其在全球金融市场中的地位。

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

2025年第一季度在不断发展的Ripple及其XRP代币的故事中带来了决定性的转变。

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.

随着尘埃落定的长期法律斗争和新的机构产品的出现，该公司正在为全球金融体系内更深入整合的课程绘制课程。

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.

美国证券交易委员会（SEC）提出对Ripple的诉讼，并于3月宣布，计划撤回其针对下级法院裁决的上诉。

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

该案始于2020年12月，该案停滞了代币的价格集会，并严重影响了公司的业务。

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

拟议的和解协议将使波纹的罚款减少了5000万美元，低于最初的1.25亿美元。

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，在委员会最终批准的情况下，可能会取消有关XRP出售的待决禁令。这一开发对于公司的运营顺利进行并推出新产品至关重要。

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

SEC案件的解决也与美国监管政策的更大转变相吻合。

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

新政府采取了更友好的立场，旨在规范该行业并促进数字资产领域的创新。

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

同时，Ripple正在采取战略举措，以扩大其产品并满足机构需求。

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

4月，该公司宣布以12.5亿美元的价格收购多资产经纪人隐藏道路。

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

此举将使Ripple能够将其区块链基础设施与传统金融服务集成。

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.

该公司计划使用其稳定的RLUSD作为数字资产和传统资产之间交叉运营的抵押品，从而促进了无缝的交易和贷款活动。

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，隐藏的道路计划将XRP Ledger技术应用于简化FX，Swaps和Repo Markets的交易后流程。

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

这种整合将提高效率并降低传统金融机构的运营成本。

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

代币本身就是看到了强烈的制度兴趣，这在Spot XRP ETF的申请中很明显。

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参加了启动第一个美国XRP ETF的比赛之后，富兰克林·邓普顿（Franklin Templeton）于3月向SEC提交了S-1申请。

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.

这家资产管理巨头旨在将其产品列在纳斯达克交易所，为机构提供通过SEC批准的车辆投资代币的新途径。

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

此外，CME宣布将于5月19日启动XRP期货合约。

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.

这些期货将在CME Clearnet上列出，并为机构交易者提供对冲价格风险或从事令牌上的杠杆交易的机会。

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

代币在本季度的表现非常出色，表现优于其他主要加密货币。

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

在此期间，XRP的平均每日交易量为32亿美元，在活动期间的高峰期间的峰值超过160亿美元。

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

在撰写本文时，代币每天下降1.3％，以每单位2.10美元的价格易手。

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.

与上一季度相比，XRP分类帐上的链链活动的交易下降了37％，新钱包创作下降了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）的数量仅下降了17％，显示了在Defi空间内更强的弹性。

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在市值方面超过了9000万美元，并在DEX平台上记录了超过3亿美元的累计量。