Latest Status Report for Ripple (XRP) Released! – Is the Network Healthy? Is There Danger on the Horizon?

Cryptocurrency analysis firm Messari has shared important developments regarding the Ripple (XRP) network in its latest report titled “The State of the XRP Ledger in Q2 2025.”

In July, the SEC announced listing standards for crypto ETFs, requiring them to be tracked with futures of at least six months before listing. XRP began trading on Coinbase’s Derivatives Exchange in April, paving the way for US approval of an XRP spot ETF and its listing in the fall.

Ripple’s US dollar-pegged stablecoin, RLUSD, closed the second quarter with a market capitalization of $65.9 million (+49.4% QoQ), becoming the largest stablecoin on XRPL. Several stablecoins were launched on XRPL during the quarter, including Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD.

XRPL closed the second quarter with an all-time high of $131.6 million in RWA (real-world assets) market capitalization. Several new RWAs, announced at the XRPL Apex event in Singapore in June, were issued during this period. These include Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt.

On June 30th, the XRPL EVM Sidechain went live, providing the ecosystem with access to EVM developers and functionality. Rippled V2.5.0, released in June, also introduced innovations such as Permissioned DEX (permissioned exchange) and TokenEscrow. Permissioned DEX allows only accounts with valid credentials to create or fill orders within a specific area, while TokenEscrow offers escrow support for Trustline-based tokens (IOUs) and Multi-Purpose Tokens (MPTs).

According to the report, the average daily total transaction count decreased by 20% quarter-over-quarter to 1.6 million in the second quarter. This metric covers 57 different transaction types, including payments, escrow creation, NFT burning, and account deletions.

*This is not investment advice.