State of XRP Ledger Q4 Key Update: U.S. spot XRP ETFs launched in November 2025, reaching $1 billion in AUM in less than four weeks, the fastest to do so since ETH. QoQ Metrics📊 • RLUSD market cap on XRPL ⬆️ 164% to $235M • RWA market cap on XRPL ⬆️ 37% to $281M • Average daily transactions ⬆️ 3.1% to 1.83M(Messari)