Key Points
- Ripple acquired Hidden Road for $1.25B, one of the largest M&A in history.
- On-chain activity dropped sharply, with transactions down 37% and new wallets down by 40%.
- Ripple ended its quarterly reports after Q2 2025.
Ripple’s Q1 2025 XRP markets report marked a transformative quarter for the company and the token. In Q1 2025, XRP surged to a high of $3.40, its strongest price since 2018, outperforming Bitcoin (BTC) and Ethereum (ETH). The token closed the quarter with an 89% price increase and continued to attract institutional attention.
Ripple’s $1.25 billion acquisition of Hidden Road a global prime broker, one of the largest in the crypto space, signals a strategic move to integrate XRP and RLUSD into traditional finance workflows. Meanwhile, ETF inflows surged to $214 million, just shy of Ethereum’s total, backed by filings from Franklin Templeton and newly approved XRP funds in Brazil.
Additionally, Ripple CEO Brad Garlinghouse confirmed that the company will discontinue formal quarterly reports after Q2 2025, but Ripple-related updates will be released on their website.
On-Chain Indicators
Despite strong performance in the spot market, XRP’s on-chain activity weakened. XRPL saw a 37% drop in transactions and over 40% decline in new wallet creation. XRP burned for transaction fees fell nearly 31%, and DEX volume slid by 16.94% to $832 million. TVL remained stagnant at $80 million, surprising for the 4th largest cryptocurrency with a market cap of $122.6 billion at the time of reporting.
Derivatives data reflect this slowdown. XRP’s open interest rose alongside price in early Q1, peaking above $3.5B as the token hit $3.40. Both metrics fell sharply after the rally, showing a decline in speculative momentum. Open interest has since slowed, indicating that traders are still on the sidelines as speculative activity wanes.
As Cointelegraph reported, a 60-day pause in the SEC-Ripple appeal and pro-crypto leadership under Paul Atkins may ease pressure and aid Ripple’s long-term plans.
Technical Analysis
XRP is currently trading at $2.09 and forming a falling wedge, a pattern that often leads to a bullish breakout. While the wedge is still developing, prices are nearing the lower trendline, which may act as support. The RSI at 43.09, below the 52.82 simple moving average, points to weakening momentum.
Additionally, XRP is close to the lower Bollinger Band, indicating it may be oversold. A rebound toward the upper band is possible. Based on current indicators, price could move between $2.80 and $3.28 in the short term.
Finbold reported that Ripple also unlocked 1 billion XRP worth just over $2.2 billion on May 1st. While this added short-term sell pressure, most of the tokens were relocked, limiting long-term price impact.
Conclusion
XRP’s Q1 delivered institutional tailwinds and regulatory breakthroughs, but weakening on-chain and derivatives activity tempers the bullish case. The coming months will reveal whether the momentum can be sustained despite weakening fundamentals or if a regulatory breakthrough will push the price further up.
