Ripple刚刚放弃了其Q1 2025 XRP Markets报告，它的读物就像胜利圈

从在市场上粉碎它到最终结束与SEC的长期法律斗争，Ripple的开始是令人兴奋的。

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，它将不再以当前格式发布其季度XRP市场报告，从2025年第二季度开始。该公司在过去八年中一直在发布这些报告，从而对XRP生态系统及其性能进行了详细的分析。

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在涵盖2025年第一季度的最新报告中强调了几个关键发展，包括关闭长期运行的SEC案件和XRP Ledger（XRPL）生态系统中的强大活动。

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案始于2020年12月，最终于2025年4月关闭，因为SEC对下级法院的裁决提出上诉，以支持Ripple。该案已经拖延了两年半以上，并涉及指控Ripple以XRP代币的形式出售了未注册的证券。

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.

该案还导致了有关美国加密货币法规的更广泛讨论，SEC主席Gary Gensler和其他官员警告说，许多令牌可以被视为证券。

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.

在另一项发展中，SEC已要求法院取消对Ripple的禁令，并减少解决此案的拟议罚款。 SEC最初提出的罚款为1.25亿美元，但现在要求将罚款降低至5000万美元。

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.

美国证券交易委员会取消禁令的请求是美国新政府采取更广泛举动的一部分，以减少对加密货币的一些旧限制。

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对Ripple的案件对加密货币行业具有广泛的影响，因为它可能为其他令牌的规范树立了先例。该案还强调了SEC和下级法院之间意见分歧，最终裁定所有三项索赔都支持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.

该案现在已返回下级法院，法官将决定SEC取消禁令并减少罚款的请求。该案仍可以进一步上诉，但预计将在今年年底之前结束。

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.

同时，Ripple继续建立其机构产品和服务。该公司最近以12.5亿美元的价格收购了全球主要经纪人Hidden Road。

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

该交易将为扩展其机构服务并为客户提供流动性管理解决方案提供连锁反应的新工具。

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的整合将使外汇，掉期和仓库市场的更快，更便宜的交易后运营能够。

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，该公司的XRP持有量略有增长，总计45.6亿XRP，而年初为44.8亿。另外371.3亿XRP仍锁定在托管中，并将在接下来的42个月内逐渐发布。

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上的链活动在2024年末大幅尖峰后冷却，交易数字和新的钱包创作都下降了30-40％。这与更广泛的加密货币市场趋势保持一致，该趋势在2024年公牛运行后的活动也有所下降。

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活动比大多数其他主要区块链都更好，而分散​​交易所（DEX）的交易量仅下降了16％。

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

相比之下，其他连锁店（例如以太坊和比特币）的DEX体积下降得多。

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的整合也取得了积极的进步，Stablecoin跨越了9000万美元的市值，DEX交易超过3亿美元。这强调了XRPL生态系统中RLUSD的采用和流动性的增加。

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

至于价格性能，XRP表现出色，表现优于比特币和以太坊。

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.

随着2月初的近50％的跃升，随着其他知名人士的下降，XRP是第一季度表现最强大的资产之一。

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.

在基于XRP的投资产品的大量流入中，这种表现显而易见，在短短三个月内总计3770万美元，将其2025年的总计达到2.14亿美元。

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

该数字使XRP的全球资金距离超过以太坊的资金仅100万美元，强调了对基于XRP的投资产品的重大兴趣。

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

在发布了八年的详细报告之后，Ripple将过渡到一种与市场交流的新方法。

“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.

该公司在报告中宣布：“经过仔细的考虑，Ripple决定以目前的形式从2025年第一季度开始日落。”

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

这项决定反映了波纹的承诺，以新的和有意义的方式与市场不断发展。