XRP’s annual payment volume hit a record in 2025.

Dune Analytics’ annual multichain report, cited by blockchain outlet The Crypto Basic, put XRP’s 2025 annual payment volume at $617.19 billion. That was up 138 percent from $259.0 billion in 2024, the highest level in XRP’s history.

XRP payment volume has seen sharp swings in recent years. It jumped to $388.17 billion in 2021 from $75.69 billion in 2020, then fell to $234.39 billion in 2022 amid a cryptocurrency market downturn and legal uncertainty. It dropped further to $174.0 billion in 2023, but rebounded in 2024 and posted a strong recovery in 2025 to set a new record.

Dune Analytics cited low transaction fees as a competitive advantage for the XRP Ledger (XRPL). More than $617.0 billion in transactions were processed in 2025, but total fees amounted to about $2.0 million. That puts the average fee at about $0.32 per $100,000 transaction, one of the lowest levels in the industry. On XRPL, all transaction fees are burned, gradually reducing XRP’s circulating supply.

Ripple’s stablecoin RLUSD also contributed to growth in the XRPL ecosystem. Launched in December 2024, RLUSD processed about $1.9 billion in payments in 2025, while decentralised exchange (DEX) trading volume reached $1.4 billion. Wallets using RLUSD exceeded 33,000, and about 4,000 people joined automated market maker (AMM) pools, posting $18.0 million in trading volume, improving liquidity.

Dune Analytics described 2025 as a year of expansion across the XRPL ecosystem. The XRPL EVM sidechain launched in June last year, and an XRP spot exchange-traded fund (ETF) began trading at the end of the year, recording net inflows of more than $1.2 billion. A multi-purpose token (MPT) was introduced in October, expanding its use in the tokenisation market. In November, CME’s XRP futures trading volume reached $18.3 billion and open interest stood at $70.5 million.