Ripple will sunset its quarterly XRP markets reports in its current form after Q2 2025, with newer versions including deeper insights as the token grabs more demand among institutional investors.

The quarterly XRP Markets provides transparency into Ripple’s XRP holdings and updates on the state of the crypto markets and the XRP ecosystem.

“However, the reality is that the report has not had the intended effect,” Ripple said in its Q1 2025 report Monday. “In many instances, Ripple’s transparency has been used against the company, most notably by former SEC leadership.”

“As more institutions engage with XRP, additional perspectives and insights are expected to follow, pushing the market conversation forward,” it added. This comes amid a flurry of XRP-based ETF filings in the U.S. and Brazil, with a leveraged XRP ETF already offered to investors since April.

XRP delivered one of the strongest performances among major cryptocurrencies in Q1 2025, surging nearly 50% in early February and outpacing both bitcoin (BTC) and ether (ETH) during a period marked by market turbulence and rising macroeconomic uncertainty.

While BTC remained range-bound and ETH trended lower, XRP stood out for its relative strength, with the XRP/BTC ratio rising more than 10% during the quarter, the report noted.

That strength was matched by growing institutional interest. XRP-based investment products recorded $37.7 million in net inflows during the quarter, pushing the year-to-date total to $214 million, just $1 million shy of surpassing ETH-focused funds.

XRP spot market activity remained robust throughout the quarter. Average daily volumes hovered around $3.2 billion, with Binance maintaining a dominant share at 40%, followed by Upbit and Coinbase. Price volatility spiked in February, pushing realized volatility to around 130%, as XRP touched levels not seen since early 2018.

On-chain activity on the XRP Ledger moderated after a period of expansion in late 2024. Wallet creation and transaction volume dropped by 30–40%, in line with broader slowdowns across Layer 1 networks.

However, XRP DeFi activity showed resilience, with DEX volume slipping just 16% quarter-over-quarter. RLUSD was a key driver of activity, with its market cap surpassing $90 million and cumulative DEX trading volume crossing $300 million.

The U.S. Securities and Exchange Commission (SEC) has further delayed making a decision on Canary Capital’s proposal for a spot Litecoin (LTC) exchange-traded fund (ETF).

This comes after the agency delayed several other applications for spot crypto ETFs last week, including XRP, Hedera, and Dogecoin but hadn’t done so for the Canary Litecoin ETF, sparking hopes that the regulator might have different plans for this fund.

But on Monday, the official deadline, the regulator announced the delay and asked for public comments regarding the proposal’s compliance with regulatory requirements.

«In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold LTC, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission,» the agency wrote in a filing.

Canary Capital, which was founded by former Valkyrie Funds co-founder Steven McClurg last year, had submitted initial paperwork for the fund in October.

LTC, which stands at a $6.6 billion market cap, is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is copied from Bitcoin’s (BTC).

ETF experts at Bloomberg Intelligence had predicted that the token would be the next to be wrapped up in an ETF amid chatter that Canary Capital had received comments back from the SEC regarding its application back in January.

Issuers have yet to receive the first major decision on crypto ETFs made by recently appointed SEC chair Paul Atkins, who took the position in April.

Atkins’ replacement of former Chair Gary Gensler has been characterized as a “huge variable” by Bloomberg senior ETF analyst Eric Balchunas.

Senate Democrats are balking at advancing landmark stablecoin legislation due to President Donald Trump’s increasing personal benefits from his own crypto ties.

Over the weekend, Sen. Ruben Gallego, a Democrat elected to represent Arizona with $10 million in backing from crypto super PAC Fairshake, warned with eight of his colleagues that they would not vote to advance the current version of the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS Act), the Senate’s stablecoin bill. The Senate would need 60 votes to move forward with any legislation.

However, the bigger issue for the crypto industry may be the effect this new fight has on forthcoming market structure legislation. The stablecoin bill should ultimately still sail through Congress, one person who works with lawmakers and legislative aides told CoinDesk, but any slowing of ongoing momentum could threaten that bill, which in turn would likely delay any progress on market structure legislation intended to define how the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission are to oversee the industry. The market structure legislation — a bill the industry has demanded for years — would cover a much broader range of activities than just the stablecoin bill.

Two recent announcements in particular may have raised Democrats’ concern and led to this weekend’s announcement: Trump’s announcement of a dinner for the top holders of his memecoin and Abu Dhabi investment firm MGX’s announcement it would use the Trump family-backed World Liberty Financial’s USD1 stablecoin for an investment in Binance. Both suggest Trump himself may personally benefit to the tune of hundreds of millions of dollars, USA Today said.

Trump claimed he was not profiting from his crypto ventures during an interview with Meet the Press over the weekend.

«I’m not profiting from anything,» he said. «All I’m doing is, I started this long before the election. I want crypto. I think crypto’s important because if we don’t do it, China’s going to. And it’s new, it’s very popular, it’s very hot. If you look at the market, when the market went down, that stayed much stronger than other aspects of the market. But I want crypto because a lot of people, you know millions of people want it.»

While Gallego’s announcement was published over the weekend, Democrats have been concerned behind the scenes for a few days, with Sen. Chuck Schumer, the minority leader, warning Democrats to withhold support during a caucus meeting last week, CoinDesk confirmed. Axios first reported on this rift.

One of the individuals who spoke to CoinDesk said they were concerned about how long the fight over Trump’s involvement with crypto might drag out the legislative process for the stablecoin bill, what Democrats will need to be comfortable voting to advance the bill and whether or not the situation will prevent a market structure bill from advancing at all.

Gallego’s statement, which was co-signed by Democrats Mark Warner, Raphael Warnock, Lisa Blunt Rochester, Catherine Cortez Masto, Andy Kim, Ben Ray Luján, John Hickenlooper and Adam Schiff, said the lawmakers «recognize that the absence of regulation leaves consumers unprotected and vulnerable to predatory practices» and that there is a need for bipartisan legislation.

«However, the bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system and accountability for those who don’t meet the act’s requirements,» the statement said.

Gallego, Warner, Kim and Blunt Rochester had previously joined Republicans in voting to advance the bill out of the Senate Banking Committee.

Sen. Elizabeth Warren, who leads the Democrats on the Senate Banking Committee, was far more blunt in a post on social media site Bluesky, saying the Senate should not pass a bill that would «facilitate this kind of corruption,» referring to MGX’s announcement — shared publicly by Eric Trump, one of the president’s sons — last week.

«The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates — a foreign government that will give them a crazy amount of money,» she said.

She wrote a joint letter with fellow Democrat Jeffrey Merkley to the acting director of the U.S. Office of Government Ethics asking his office to investigate the MGX deal on Monday.

The stalling momentum isn’t limited to the Senate. Earlier Monday, Rep. Maxine Waters, the leading Dem on the House Financial Services Committee, told the committee’s chair she would block efforts to hold a joint hearing with the House Agriculture Committee addressing market structure issues.

«Most of this is politics,» wrote Jaret Seiberg, a financial-policy analyst with TD Cowen, in a Monday note to clients. He said that Trump’s personal stake in crypto is making it hard for Democrats to back the stablecoin bill that would regulate his family’s business. Even so, he predicted it’ll still pass the Senate, though maybe not this week.

«The crypto lobby is politically powerful and has shown a willingness to devote its considerable resources to influencing Washington,» Seiberg said. «It is hard for us to see why the Democrats would take on that fight when they can leverage significant concessions from the GOP on the stablecoin bill.»

Lobbyists for the crypto industry seem alarmed about the last few days’ announcements: A joint statement published Monday urged lawmakers to begin floor debate on the bill.

The statement, signed by Blockchain Association’s outgoing CEO Kristin Smith, the Crypto Council for Innovation’s acting CEO Ji Kim and the Digital Chamber’s new CEO Cody Carbone, said a real regulatory framework would support stablecoin adoption and «dollar dominance in the digital economy.»

«We respectfully urge Senators to vote YES on the motion to proceed to consideration of the GENIUS Act, and move us one step closer to enacting a bipartisan stablecoin framework,» the statement said.

Another lobbying organization, the National Venture Capital Association, also weighed in with a statement attributed to CEO Bobby Franklin asking the Senate to move the stablecoin bill forward.

«U.S. leadership in the digital economy depends on establishing a clear and consistent regulatory framework for stablecoins that fosters innovation, empowers entrepreneurs and helps build the next generation of financial technologies,» the statement said. «A strong stablecoin framework will also support the venture capital industry’s efforts to back groundbreaking companies and strengthen America’s global financial technology leadership.»

Read more: U.S. Crypto Market Structure Bill Unveiled by House Lawmakers