In the first quarter of 2025, XRP’s market capitalization rose 1.9% to $121.6 billion, while Bitcoin, Ethereum and Solana’s market capitalization fell 22%. All network metrics in XRP improved for the second consecutive quarter, with average daily active addresses increasing by 142% to 134,600.
XRP metrics improve for the second quarter in a row
According to the latest Messari XRP Ledger Q1 2025 report, XRP’s market capitalization was roughly flat in the first quarter of 2025, up just 1.9%. However, it still surpassed the market capitalizations of Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), down 22% in the quarter (QOQ).
This slight increase has led to XRP’s market capitalization rising to $121.6 billion, maintaining its position as the fourth largest digital asset. In the context, at the end of the first quarter of 2024, XRP had a market capitalization of $34.6 billion.
XRP has seen a second consecutive quarter improvement in all measured network metrics despite low market capitalization growth. According to Messari, the most notable and most notable is the surge in average daily active addresses to 142% QOQ, with both new and existing users increasing. Total new addresses increased 12% to 568,300, up 210% from 183,200 in the first quarter of 2024.
Meanwhile, active receiver addresses, which provide insight into network demand and adoption, continued their upward trajectory, with 168% increasing from 47,700 to 127,800. In contrast, the average daily sender increased by just 14.5% from 30,000 to 34,300. Messari suggests that this inconsistency may indicate that previously inactive wallets received more tokens than the sender distributes them.
Key factors driving XRP growth
Several factors helped drive the network metrics of XRP Ledger. This suggests that a social media post by US President Donald Trump could include XRP in Crypto Strategic Reserve. Additionally, the proposed settlement between the US Securities and Exchange Commission (SEC) and Ripple is believed to have played a key role in supporting the network’s growth during the quarter.
According to Messari, Ripple’s USD page, Stablecoin RLUSD, released on December 17, 2024, closed the quarter with a market capitalization of $244.2 million across XRPL and Ethereum. Although this figure remains small compared to USDT and USDC, listing on platforms like BitStamp and MoonPay suggests that RLUSD could of course be to capture market share from more established stubcoins.
The report highlights several proposed amendments aimed at enabling regulatory compliant agencies to adopt distributed financial (DEFI) use cases in XRPL. Once these amendments take effect, the XRP ledger will find further growth in the second quarter, driven by institutional recruitment, strategic partnerships and acquisitions.
Beyond Q2, future revisions that allow smart escrow in the third quarter, and full smart contract devnet revisions in the fourth quarter, are expected to help XRP maintain momentum beyond 2025.
