Many experts claim that renewed activity on the XRP ledger has raised hopes for a stronger recovery of the underlying asset. In fact, records on the chain show that Ripple Network (XRP) activity increased by 67.50% from April 19 to 20, 2025, recording 40,366 active crypto wallets on the last day.
Moreover, this recovery in activity coincides with the “head and shoulders” pattern reversed on the XRP price charts. In a new analysis by Ali Martinez, the veteran crypto analyst expects the XRP price to rise towards $2.70 if this reverse bullish structure continues.
Coinbase’s entry into XRP derivatives trading marks a strong start. On the day of their launch, XRP perpetual futures on the exchange recorded about $51 million in daily trading volume, according to prominent legal expert and cryptocurrency analyst Bill Morgan, who shared the development on platform X.
This initial performance underscores growing institutional and retail interest in XRP as regulatory clarity improves and derivatives markets expand.
Coinbase launched XRP-USDC perpetual contracts with remarkable success, showing strong demand from traders eager to capitalize on XRP’s leveraged price action. The trading volume of $51 million is not only respectable by traditional standards, but also a strong competitor compared to launch day figures for other perpetual altcoins.
This performance indicates that despite regulatory challenges in recent years, XRP still has a flexible investor base and is keen to deal with more sophisticated token-linked financial instruments.
Regulatory clarity boosts market confidence
Much of this renewed trust in XRP stems from legal developments surrounding the long-running dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
XRP tops ETF race
Analysts recently highlight XRP’s accelerating momentum in the crypto-linked ETF race. Many consider this coin the next contender in the race, a view supported by current data from Kaiko Research, which shows a clear rise in registration applications and growing strength in the XRP market.
The recent appointment of Paul Atkins as the new chairman of the U.S. The Senate approved the Securities and Exchange Commission’s new leadership, signaling a potential turning point in digital asset regulation. With numerous ETF applications on the table, cryptocurrencies will likely take on a more prominent role during his tenure.
Kaiko noted that XRP leads all other digital assets in direct ETF requests, with more than a dozen requests, double the number of Solana (SOL) requests, and the second closest asset. In addition, the U.S. Securities and Exchange Commission has publicly acknowledged these requests, boosting market participants’ confidence that it will approve them.
XRP and Solana lead liquidity
Kaiko Research asserts that XRP and Solana “stand out as two of the most popular assets for ETF applications, and also some of the most liquid.”
This liquidity is essential for institutional products such as ETFs, which require stable and efficient price execution in spot markets. XRP and SOL lead in market depth at the 1% level across authorized exchanges—a key metric that measures how much volume traders can move without causing significant price shifts.
Recent liquidity trends support XRP’s readiness for ETFs. The depth of the XRP market has increased significantly since late 2024, surpassing Solana and more than doubling Cardano (ADA). Kaiko’s altcoin market depth chart confirms this shift, showing XRP’s rise to over US$11 million at an average depth of 1% during early 2025, significantly ahead of its competitors.
RLUSD Attracts Interest amid Strong Market Volatility
With the volatility of the broader cryptocurrency market, Ripple stablecoin (RLUSD) is seeing an increase in trading activity. The price of Bitcoin has exceeded $89,000 and is seen as a low-risk asset amid global economic uncertainty. Bitcoin (BTC) has risen more than 3%, continuing its steady rise since Sunday. Ethereum (ETH), and ADA are back Cardano ,XRP, and Solana SOL into the green after earlier profit taking in Asian morning trading hours on Tuesday.
According to Coin Glass data, $291 million in the cryptocurrency derivatives market has been liquidated in the past 24 hours due to current volatility. In this timeframe, Ripple’s trading volume increased by 110%, to $37.71 million.
This rise in trading volume indicates growing interest among traders. Stablecoins typically experience increased activity during periods of increased market volatility, and RLUSD’s performance is notable as a new currency in the stablecoin market..
RLUSD launched globally in December 2024 with a market capitalization of $293 million, according to Coin Market Cap data.
Ripple’s RLUSD was launched on the Aave V3 Ethereum marketplace, allowing users to supply and borrow the stablecoin in the lending platform’s Ethereum Core V3 marketplace.
“Users can now supply and borrow RLUSD, the enterprise stable currency Ripple, on the Aave V3 Ethereum Core marketplace,” Aave announced Monday on X.
The maximum supply in the direct lending market is R$50 million (USD), and the maximum borrowing is R$5 million. Brazilian Real (USD) A stablecoin pegged in a 1:1 USD ratio on the XRP Ledger and Ethereum blockchain. It is backed by deposits in US dollars, short-term US Treasuries, and cash equivalents, where each symbol corresponds to an equivalent monetary value.
