Ripple Labs, the company behind the XRP Ledger and one of the top crypto firms globally, announced it will discontinue its traditional quarterly XRP Markets Report after Q2 2025. The decision was shared on X (formerly Twitter) by CEO Brad Garlinghouse, signaling a strategic shift in the company’s approach to transparency following years of legal conflict with the U.S. Securities and Exchange Commission (SEC).
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
“Moving forward, the XRP Markets Report will look a little different,” Garlinghouse said. “Our commitment to transparency doesn’t change with this evolution.”
Ripple’s Transparency Approach Shifts After SEC Legal Saga
Since 2017, Ripple has been releasing formal quarterly reports detailing its XRP holdings, market trends, and on-chain activity. While intended to bolster transparency, Garlinghouse noted that the data was “unfortunately… used against us by the SEC,” referencing how the regulator cited Ripple’s disclosures during its lawsuit.
The SEC’s legal action partly succeeded in 2023, when Judge Analisa Torres ruled that XRP sales to institutional investors constituted securities transactions. Ripple was fined $125 million in August 2024, though that penalty remains suspended as the company pursues an appeal.
With the SEC withdrawing its appeal of the broader ruling in Q1 2025, Ripple now feels confident in reshaping how it communicates market data.
Ripple to Publish Updates on Website, End Formal Reporting
Rather than packaging its insights into quarterly PDFs, Ripple will post updates and holdings data on its website and social media, shifting away from structured formats. Garlinghouse emphasized that this move reflects a modern, decentralized way to stay transparent, though reactions were mixed.
One X user speculated this pivot could be a precursor to an IPO, suggesting formal reporting might return to enhance legitimacy. Others argued that an IPO might cause Ripple to lose autonomy by becoming answerable to shareholders.
Still, the idea of an early 2026 IPO gained traction among commenters, citing Ripple’s need for capital to support acquisitions like its recent purchase of Hidden Road, an institutional crypto firm.
XRP ETP Demand Climbs; On-Chain Activity Moderates
Despite changes to reporting, institutional demand for XRP remains strong. In Q1 2025 alone, XRP-based exchange-traded products (ETPs) saw $37.7 million in net inflows, bringing year-to-date inflows to $214 million, just shy of Ethereum’s tally.
Spot market activity also remains robust, with average daily trading volume at $3.2 billion. Binance held the largest market share at 40%, followed by Upbit and Coinbase.
On-chain performance on the XRP Ledger declined in Q1 2025, with wallet creation and transaction volume falling 30–40%, a pattern echoed across other Layer 1 networks. A major driver of late-2024 growth was Ripple’s stablecoin RLUSD, which reached a $90 million market cap and logged $300 million+ in DEX volume.
As of this writing, XRP trades at $2.11, reflecting a 2.8% intraday drop and a 7% decline from weekly highs, according to Coingecko data.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
