A recent report expanding on the performance of XRP and the XRP Ledger (XRPL) in the third quarter of the year shows an obvious ecosystem growth.
The “State of the XRP Ledger Q3” report from prominent analytical firm Messari shows the XRP ecosystem made reasonable progress in key metrics and other areas, such as stablecoins and RWAs.
One of the standout areas was XRP’s price and market cap growth. For perspective, XRP ended Q3 at $2.85, its highest ever quarterly closing price. The growth marked a 27% upsurge quarter over quarter (QoQ).
However, average daily active addresses dropped 29% from the previous quarter to 53,300, and transaction fees decreased 25% from $680,900 to $513,900.
In addition, Digital Asset Treasury (DAT) firms are on the rise, and XRP is at the center of this corporate craze for cryptocurrencies. Several publicly traded firms announced adopting XRP as a primary asset in their corporate treasury strategies, including Trident Digital, Webus, and Wellgistics.
The list has continued to increase with VivoPower committing $100 million to buying XRP. Most recently, Ripple-backed Evernorth acquired 388 million XRP, valued at over $1 billion, becoming the largest corporate holder of the asset.
Furthermore, the report shows that by the end of Q3, 2025, about 14.2 million XRP, worth $40.5 million, had been burned. The low burn rate is due to the low transaction fees required to transact on the XRP Ledger.
Meanwhile, Ripple’s RLUSD has continued its growth from the second quarter of 2025, reinforcing its place as the largest fiat-pegged currency on the Ledger. The stablecoin’s market cap on XRP Ledger closed at $88.8 million in Q3, up 34.7% QoQ.
The increase brought the combined market to $789.3 million on Ethereum and XRP for the quarter. This figure has sustained an uptick, currently at $903 million, with $116.9 million on XRP Ledger and $786 million on Ethereum as of October 27.
Moreover, the RWA market cap on the Ledger increased 215% from $115.5 million in the previous quarter to $364.2 million. Some of the major RWAs by market cap on the XRP Ledger include OpenEden US Treasury Bill Vault (TBILL), Montis Group Limited (MGL), and Ondo Short-Term US Government Bond Fund (OUSG).
In other notable developments in Q3 2025, Gemini launched its XRP Gemini Credit Card, offering users up to 4% XRP cashback. Additionally, Flare unveiled FXRP to allow XRP enthusiasts access to DeFi functionalities on its platform.
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