State Of The XRP Ledger Report Gives Deep Insight Into How Institutions Are Moving In

This week, crypto market intelligence platform Messari released its Q3 State of XRP Ledger (XRPL) report, revealing a maturing network that continues to draw institutional attention. The data points to stronger engagement, increased transaction volumes, and a growing number of new addresses, signaling that the Ledger is evolving from a retail-heavy blockchain into one increasingly driven by enterprise-adoption and Real-World Asset (RWA) tokenization. 

Institutional Activity Reflected In XRP Ledger Network Growth

Messari’s report highlights clear signs of institutional movement within the XRPL network during Q3 2025. Average daily transactions rose 8.9% Quarter-Over-Quarter (QoQ), from $1.6 million to $1.8 million. Likewise, the average daily active sender addresses increased by 15.4% from 21,900 to 23,300, while total new addresses rose by 46.3% to 447,200. Overall, the Ledger closed the quarter with 6.9 million total addresses, up 6.1% from the previous quarter, according to Messari’s metric chart. 

Notably, for the fifth consecutive quarter, Messari notes that the number of active receiver addresses on the Ledger continued to surpass the number of active sender addresses. In Q3 2025, average daily receivers declined 30.01% QoQ, falling from 72,000 to 50,300, while average daily senders rose 15.4% from 21,900 to 25,300. 

Despite the drop in receiver activity, data shows that total network throughput strengthened, with average daily transactions climbing 8.9% QoQ to $1.8 million. This reflects a more concentrated and higher-value transaction flow, typically linked to custodians and CEXs, which use destination tags to manage deposits for institutions and large groups of users. 

Messari also reported that “Payment” transactions on XRPL remained dominant, representing 55.7% of total network activity, while “OfferCreate” transactions, which submit orders to exchanges, increased to 33.2%. This marks the seventh consecutive quarter that Payments have led transaction types. 

Data shows that payment volume rose 1% QoQ to 986,600 after a previous decline, while OfferCreate activity showed growing liquidity operations among institutional market makers. OracleSet, used to create or update on-chain price oracles, also rose to 0.7% of all transactions, underscoring the Ledger’s growing integration with asset pricing and financial data 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 aimed at facilitating institutional adoption. Data reveals that the Ledger introduces Multi-Purpose Tokens (MPTs) that embed metadata for RWA parameters. 

It also implemented confidential MPTs secured by Zero-Knowledge Proofs (ZKPs) and advanced credential systems supporting KYC and AML compliance. Together, these upgrades address the network’s identity, financial, compliance, and privacy requirements, laying the foundation for widespread institutional adoption. 

Messari further reported that Institutional sentiment is further supported by the pending approval of seven US Spot XRP ETF applications. Notably, the US Securities and Exchange Commission (SEC) is expected to issue its decision between October 18 and November 14. Polymarket currently assigns a 99% probability that a US XRP ETF will be approved in 2025.