Ripple says XRP reports will look different moving forward, avoiding an SEC repeat-case scenario

Ripple CEO Brad Garlinghouse announced late Monday that the company will end its quarterly XRP Markets Report updates after Q2 2025. The CEO wants Ripple Labs to improve its transparency following the end of a prolonged legal battle with the US Securities and Exchange Commission (SEC). 

Garlinghouse made the announcement via a post on social media platform X, in which he described the first quarter of 2025 as “incredible” for Ripple for the acquisition of institutional crypto firm Hidden Road, the conclusion of the SEC’s appeal, and a surge in global institutional interest in XRP-based exchange-traded products (ETPs).

“Moving forward, the XRP Markets Report will look a little different,” Garlinghouse wrote. “Our commitment to transparency doesn’t change with this evolution.”

SEC withdrew appeal, but Ripple case not fully resolved

Ripple has been publishing quarterly reports since 2017 to provide insight into the company’s XRP holdings and market activity. However, Garlinghouse noted that this transparency was “unfortunately… used against us by the SEC and others,” referencing the commission’s past arguments that relied in part on Ripple’s own disclosures.

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. 

— Brad Garlinghouse (@bgarlinghouse) May 5, 2025

The SEC relinquished its challenge to a landmark July 2023 decision by US District Judge Analisa Torres. The judge had ruled that XRP sales by Ripple on public exchanges did not constitute securities transactions.

Still, the court also delivered a partial win to the regulator, concluding that $728 million in XRP sold to institutional investors did fall under securities laws. Ripple was fined $125 million in August 2024, though the penalty remains suspended as Ripple appeals the ruling to the 2nd US Circuit Court of Appeals in Manhattan.

Market reports go from formal to flexible

In his social media post, Garlinghouse said future updates related to XRP markets and Ripple’s holdings will be distributed via Ripple’s website and social channels rather than consolidated into a formal quarterly report. The company will continue to publish holdings data on its website.

One X user commented on Garlinghouse’s post, speculating that the shift might be a precursor to an initial public offering (IPO). 

“Until then, I believe that if you collate it into quarterly reports and publish them to the Ripple website, it is more legitimate than social channels,” the commenter said. “Social media is rife with misinformation, and your posts could be used to manipulate the market.”

Another user disagreed, suggesting that an IPO would lead Ripple to “lose operational control and be answerable to shareholders.” 

The original commenter responded, “Yes IPO… they need funds for acquisitions, and they need the legitimacy being registered with the SEC will provide. It’s the next logical step. January 2026.”

Institutional demand for XRP grows

Meanwhile, XRP ETPs recorded $37.7 million in net inflows during Q1 2025, pushing year-to-date inflows to $214 million, just $1 million short of surpassing Ethereum-based funds, according to market data.

Trading activity in the spot market also remained high, with average daily volumes reaching $3.2 billion. Binance retained a dominant market share at 40%, followed by South Korea’s Upbit and US-based Coinbase. 

On-chain usage of the XRP Ledger, Ripple’s blockchain, moderated after experiencing strong growth in late 2024. Wallet creation and transaction volumes fell by 30–40%, much like the slowdown witnessed across Layer 1 blockchain networks during the same period.

A significant portion of that activity was driven by RLUSD, Ripple’s stablecoin pegged to the US dollar. RLUSD surpassed a $90 million market cap during the quarter, with cumulative DEX trading volume exceeding $300 million.

Per Coingecko data, at the time of this publication, XRP was changing hands at $2.11, a 2.8% downtick intraday and a 7% drop from its weekly highs.