Ripple CEO Brad Garlinghouse took to X today to celebrate what he called an “incredible” first quarter of 2025. Ripple’s $1.25 billion acquisition of Hidden Road, a leading prime broker, was a standout achievement. Ripple described the deal as its largest to date.

This acquisition opens a new institutional use case for the XRP ($2.02) Ledger (XRPL) and the Ripple USD (RLUSD ($1.00)) stablecoin. Hidden Road will use RLUSD as collateral across its product suite, supporting cross-margining between traditional finance and crypto. The broker also plans to integrate XRPL into its post-trade systems, including repo markets and swaps, to improve cost efficiency and streamline operations.

SEC Withdraws Appeal in Ripple Lawsuit

Ripple also confirmed a major legal win in its ongoing battle with the U.S. Securities and Exchange Commission (SEC). According to the report, the SEC decided to withdraw its appeal. Ripple, in turn, dropped its own cross-appeal, which challenged part of the regulator’s earlier win.

Related article: RLUSD Minting Stalls as Ripple Pauses New Stablecoin Supply — What’s Going On?

As part of the mutual agreement, the SEC accepted a reduced fine of $50 million, down from $125 million. The regulator also agreed to request the court to remove a permanent injunction order. However, this settlement still needs court approval. Ripple noted that this move could finally close the multi-year case, which it says tested “the limits of regulatory overreach.”

Institutional Interest in XRP Soars

Ripple reported a surge in institutional demand for XRP products. XRP-based exchange-traded products (ETPs) brought in $37.7 million in Q1 2025, outpacing those tied to Bitcoin and Ethereum. Year-to-date, XRP ETP inflows climbed to $214 million.

Related article: XRP Is No Longer Just for Payments: How Stablecoins and New Tech Are Rewriting Its Purpose  

Major firms such as Franklin Templeton and Volatility Shares submitted applications for XRP ETFs. Brazil approved a dedicated XRP ETF, and CME launched XRP futures in the U.S. Other proposals, like Teucrium’s XRP ETF, reflect strong market momentum.

Ripple Updates Transparency Strategy

Garlinghouse also announced a shift in Ripple’s quarterly reporting approach. Since 2017, the company has disclosed its XRP holdings through XRP Markets reports. But Ripple now claims regulators used that transparency against it.

To address this, Ripple will start publishing real-time XRP holdings data on its website. The firm will also use its official social platforms, like X, to post updates. By March 31, 2025, Ripple held 37.13 billion XRP in escrow—a 2.36% drop from Q4 2024’s 38.03 billion. 

At the same time, Ripple’s spendable XRP rose 1.71% to 4.56 billion, up from 4.48 billion at the end of 2024. The company also released 600 million XRP from escrow during the first two months of Q2 2025.

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