State Of The XRP Ledger Report Gives Deep Insight Into How Institutions Are Moving In
This week, crypto market intelligence platform Messari launched its Q3 State of XRP Ledger (XRPL) report, revealing a maturing community that continues to attract institutional consideration. The information factors to stronger engagement, increased transaction volumes, and a rising variety of new addresses, signaling that the Ledger is evolving from a retail-heavy blockchain into one more and more pushed by enterprise-adoption and Real-World Asset (RWA) tokenization.
Institutional Activity Reflected In XRP Ledger Network Growth
Messari’s report highlights clear indicators of institutional motion inside the XRPL network throughout Q3 2025. Average every day transactions rose 8.9% Quarter-Over-Quarter (QoQ), from $1.6 million to $1.8 million. Likewise, the typical daily active sender addresses elevated by 15.4% from 21,900 to 23,300, whereas complete new addresses rose by 46.3% to 447,200. Overall, the Ledger closed the quarter with 6.9 million complete addresses, up 6.1% from the earlier quarter, based on Messari’s metric chart.
Notably, for the fifth consecutive quarter, Messari notes that the variety of energetic receiver addresses on the Ledger continued to surpass the variety of energetic sender addresses. In Q3 2025, common every day receivers declined 30.01% QoQ, falling from 72,000 to 50,300, whereas common every day senders rose 15.4% from 21,900 to 25,300.
Despite the drop in receiver exercise, information exhibits that complete community throughput strengthened, with common daily transactions climbing 8.9% QoQ to $1.8 million. This displays a extra concentrated and higher-value transaction move, usually linked to custodians and CEXs, which use vacation spot tags to handle deposits for establishments and huge teams of customers.
Messari additionally reported that “Payment” transactions on XRPL remained dominant, representing 55.7% of complete community exercise, whereas “OfferCreate” transactions, which submit orders to exchanges, elevated to 33.2%. This marks the seventh consecutive quarter that Payments have led transaction varieties.
Data exhibits that payment volume rose 1% QoQ to 986,600 after a earlier decline, whereas OfferCreate exercise confirmed rising liquidity operations amongst institutional market makers. OracleSet, used to create or replace on-chain worth oracles, additionally rose to 0.7% of all transactions, underscoring the Ledger’s rising integration with asset pricing and monetary information feeds since their activation in late 2024.
Infrastructure Upgrades And ETFs Signal XRPL Institutional Adoption
The second half of Messari’s report highlights structural developments in the XRPL ecosystem geared toward facilitating institutional adoption. Data reveals that the Ledger introduces Multi-Purpose Tokens (MPTs) that embed metadata for RWA parameters.
It additionally carried out confidential MPTs secured by Zero-Knowledge Proofs (ZKPs) and superior credential methods supporting KYC and AML compliance. Together, these upgrades deal with the community’s id, monetary, compliance, and privateness necessities, laying the inspiration for widespread institutional adoption.
Messari additional reported that Institutional sentiment is additional supported by the pending approval of seven US Spot XRP ETF applications. Notably, the US Securities and Exchange Commission (SEC) is predicted to problem its resolution between October 18 and November 14. Polymarket at present assigns a 99% chance {that a} US XRP ETF will probably be authorized in 2025.