This month, the dynamic landscape of cryptocurrency saw the release of new insights regarding the XRP Ledger by crypto intelligence firm Messari. Their Q3 report shows a network maturing rapidly, gaining attention from institutional investors. The findings indicate a substantial rise in transaction volumes, growing user engagement, and a shift toward enterprise-level adoption, highlighting the Ledger’s shift from being predominantly retail to increasingly accommodating Real-World Asset (RWA) tokenization.
Growth Patterns Indicate Enhanced Institutional Engagement
According to Messari’s latest findings, there are prominent signals of institutional movement within the XRPL ecosystem for Q3 2025. The average daily transactions surged by 8.9% Quarter-Over-Quarter (QoQ), increasing from 1.6 million to 1.8 million. Additionally, the average daily active sender addresses showcased a remarkable 15.4% growth, escalating from 21,900 to 23,300, while the total number of new addresses climbed by an impressive 46.3% to reach 447,200. Overall, the total address count on the Ledger closed the quarter at 6.9 million, marking a 6.1% increase from the previous quarter.
Interestingly, for five consecutive quarters, data shows that the number of active receiver addresses has remained consistently lower than the number of active sender addresses. In Q3 2025, the average daily receivers dropped by 30.01%, moving from 72,000 to 50,300, whereas the average number of daily senders rose by 15.4%.
Despite the decline in receiver activity, the network’s overall throughput demonstrated resilience, with average daily transactions reaching 1.8 million. This upswing reflects a more concentrated transaction flow typically associated with custodial services and centralized exchanges (CEXs), which utilize destination tags to manage deposits for large users.
Furthermore, Messari reported that “Payment” transactions continued to dominate, constituting 55.7% of total network activity. In contrast, “OfferCreate” transactions, which initiate orders on exchanges, have increased to 33.2%. This consistent trend highlights the reliability of payment transactions on the Ledger.
Data revealed that payment volume grew by a modest 1% QoQ to 986,600, following a period of decline. Meanwhile, the rise in OfferCreate transactions reflects an uptick in liquidity operations among institutional market players. Additionally, operations for OracleSet, which facilitate on-chain price updates, increased to 0.7% of total transactions, highlighting the Ledger’s expanding uses in asset pricing and financial data integration since late 2024.
Technological Advancements and ETFs Foster Institutional Trust in XRPL
As the latter half of Messari’s report indicates, the XRPL ecosystem is undergoing significant upgrades aimed at encouraging institutional adoption. Among these advancements, the introduction of Multi-Purpose Tokens (MPTs) embeds vital metadata for RWA attributes.
Moreover, confidential MPTs leveraging Zero-Knowledge Proofs (ZKPs), along with advanced credential systems for KYC and AML compliance, have been integrated. These improvements not only enhance identity and regulatory compliance but also bolster the network’s suitability for institutional use.
Further supporting this positive institutional sentiment is the anticipation surrounding the approval of seven US Spot XRP ETF applications. The US Securities and Exchange Commission (SEC) is poised to announce its decision between October 18 and November 14. Currently, Polymarket indicates a striking 99% probability that a US XRP ETF will receive approval within 2025.
