Ripple CEO Brad Garlinghouse comments on the company’s recently published Q1 2025 XRP Markets report, highlighting major achievements in the previous quarter.
In an X post today, Garlinghouse characterized Q1 2025 as an incredible quarter for Ripple following some significant milestones it achieved in the first three months of the year.
Major Accomplishments
The tweet highlighted three Ripple-related accomplishments: the acquisition of Hidden Road, the SEC withdrawing its appeal, and the growing institutional interest in XRP products globally.
Hidden Road Acquisition
In the report, Ripple emphasized that acquiring top prime broker Hidden Road for $1.25 billion was the company’s largest deal. It unlocks a new institutional use case for the XRP Ledger (XRPL) and Ripple USD (RLUSD) stablecoin.
As previously reported, Hidden Road will leverage RLUSD as collateral across its products. This move will enable cross-margining between traditional finance and crypto investments. The prime broker will also integrate XRPL into its post-trade operations, like Repo Markets and Swaps, to cut costs and enhance efficiency.
SEC Ends Its Appeal
The report also sheds light on how the SEC informed Ripple of its intent to withdraw its appeal. Ripple responded by also withdrawing its cross-appeal, which challenged the regulator’s victory in the multi-year lawsuit.
Consequently, the regulator accepted a reduced fine of $50 million from $125 million and a request to vacate the court’s permanent injunction order. However, the agreement is subject to the court’s approval.
If approved, it would mark the end of the multi-year legal tussle, which Ripple claims ‘tested the limits of regulatory overreach.’
Growing Institutional Interest in XRP Products
Further, Ripple highlighted the growing institutional interest in XRP-related funds globally. This is reflected in how XRP exchange-traded products (ETPs) outperformed funds tied to Bitcoin and Ethereum by securing an inflow of $37.7 million. Per the report, XRP ETP’s year-to-date (YTD) inflows soared to around $214 million.
The report also revealed how top asset managers worldwide are seeking to introduce XRP ETPs in the first quarter. It mentioned Franklin Templeton’s XRP ETF filing, Volatility Shares’ applications for three XRP ETFs, and the approval of a dedicated XRP ETF in Brazil.
Other notable mentions include Teucrium’s XRP ETF and the launch of CME’s XRP futures in the U.S.
Evolution of XRP Markets Report
Meanwhile, Garlinghouse revealed that the company will adopt a new reporting approach for its XRP Markets quarterly reports. He noted that Ripple has been using the report to provide transparency into its XRP holdings since 2017.
However, he stated that the SEC and other entities used the report against the firm. As a result, Ripple will share its precise XRP holdings data on its website in real-time going forward. The company will also share other Ripple-related announcements through its official social channels, like X.
Q1’25 was an incredible quarter for Ripple, with our acquisition of Hidden Road and end to the SEC case, not to mention institutional interest in XRP ETPs globally.
Moving forward, the XRP Markets Report will look a little different. As some may remember, the objective of… https://t.co/0f9oarmi70
— Brad Garlinghouse (@bgarlinghouse) May 5, 2025
Ripple XRP Holdings
As of March 31, 2025, Ripple held 37,130,000,005 (37.13 billion) XRP in escrow, marking a 2.36% decrease from the 38.03 billion tokens the company had in its escrow accounts by Q4 2024 ending.
Similarly, Ripple’s spendable XRP balance was around 4,562,433,147 (4.56 billion) by the end of Q1 2025. This represents a surge of 1.71% from what Ripple held by the end of 2024, which totaled 4.48 billion XRP.
It is worth noting that Ripple released about 600 million XRP from escrow in the first two months of Q2 2025.
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