XRP脱离包装：Q1增长，而BTC，ETH和SOL收缩

尽管比特币价格，以太坊价格和索拉纳的价格在2025年第1季度下跌，而XRP价格却悄悄地朝相反的方向移动。

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.

分析师密切关注了XRP价格变动，尤其是由于比特币价格，以太坊价格和Solana价格在2025年第1季度都面临下降。尽管市场的BTC，ETH和SOL的联合市值下降了22％，而Web3 Intellionce Platform的Team Messari的团队Messari的团队则指出了一个大型CAP资产的积极增长。

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.

根据Messari的数据，XRP价格在本季度仅上涨了0.5％，但循环供应的较小提升有助于推动市值提高。更令人印象深刻的是，XRP的基本面也得到了加强。

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.

据该团队报道，Ripple的Stablecoin RLUSD在XRP Ledger上以4420万美元的市值结束了该季度，巩固了其作为网络领先的稳定资产的作用。这是在Ripple收购了Hidden Road（全球总理的Hidden Road）之后，该道路计划将其运营迁移到XRPL并使用RLUSD作为抵押品。这种举动单独表明了对涟漪基础设施建设的深厚的机构兴趣。

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网络活动变得越来越突出。每日活跃地址飙升了142％的四分之一四分之一，而平均每日clob（中央限制订单簿）的数量增加了74％，达到1370万美元。这些数字表明，波纹价格不仅是在情绪上攀升，而且是在实际使用和扩大公用事业方面。

Chart: Messari

图表：Messari

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

分析师指出：“ [这是我们第一次看到所有七个指标连续两个季度增加。”

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季度平均每天超过200万笔交易。付款交易增长了36％，主动收件钱包再次超过了发件人，这表明气盘活动不断增长和更广泛的令牌分配。

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.

至关重要的是，XRP分类帐正在朝着可编程性迈进。 3月31日，期待已久的XRPL EVM Sidechain在Testnet上直播，打开了与以太坊兼容的应用程序和工具的大门。

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.

同时，Ripple正准备通过称为Extensions的功能在XRPL上启动本机智能合约，该功能使开发人员无需完整的智能合约层即可将逻辑附加到现有对象，例如托管和代币。这标志着一个转折点，因为Ripple可以平衡其简约设计与新的可编程性，以与以太坊和Solana竞争。

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合规的推动也在继续。提出或通过了几项修正案，以带来分散的身份，凭证门控和基于KYC的域权限等功能。目的是让机构构建或访问符合规定的Defi协议，而不会离开XRP分类帐。这些功能可能会吸引传统的财务参与者寻求更安全的方法来实验令牌化，贷款和自动化市场。

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宣布已收购了全球多资产总经理Hidden Road。这不仅仅是品牌游戏。隐藏的道路将其贸易后的操作转移到XRP Ledger，并将使用Rlusd（Rlusd，Ripple的美元支持的Stablecoin）作为抵押品。

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.

这是加密货币公司第一次直接接管主要经纪基础设施，它突出了Ripple是如何针对机构级采用的。

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本身正在获得吸引力。在第1季度，稳定的XRPL上市上限304％，成为该网络最大。 Kraken，Bitstamp和Moonpay等交易所现已整合了它，并且也用于用于收益策略，支付轨道，并用作本地DEX上AMM池中的基本资产。

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.

从包括美国国库账单和黄金等包装的现实资产到NFTS和Sidechains，Ripple都将生态系统的每一部分推向前进。 XRP价格可能不会在第一季度飙升，但显然是为更大的东西奠定了基础。

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.

随着智能合同的到来，机构导轨到位，并在整个基础上攀登指标，XRP继续将自己与加密货币的其余部分分开。

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.

正如弥赛亚（Messari）所说的结束摘要中，Ripple不仅在上个季度增长，而且在市场的其余部分缩水时表现出色。这可能解释了为什么分析师密切关注XRP故事的下一阶段。

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