Track market-moving stories before they get noisy

A slate of long-awaited protocol amendments for the XRP Ledger (XRPL) is expected to enter validator voting in roughly two weeks.

According to prominent XRPL validator Vet, the proposed changes include support for batch transactions, confidential transfers, sponsored fees and reserves, permission delegation, dynamic Multi-Purpose Tokens (MPTs), and a bundled bug fix. 

The release also contains substantial performance optimizations that will make nodes more efficient and improve network reliability. 

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"If everything goes well," Vet wrote on X, the amendments will be ready for voting in approximately two weeks.

A feature-packed upgradeThe upcoming package combines new functionality with infrastructure improvements.

For instance, Batch enables multiple transactions to be grouped together, and Confidential Transfers will conceal transaction amounts without compromising the ledger's integrity. 

The proposal also includes Sponsored Fees and Reserves (XLS-68) that allow third parties to cover transaction fees and reserve requirements on behalf of users. 

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At the same time, Permission Delegation would let users delegate specific permissions without handing over full control of an account. Dynamic MPT introduces enhancements to the ledger's Multi-Purpose Token standard.

Vet said security-related initiatives had delayed feature development, but that work had now resumed.

"Yes, the security initiatives put everything else on hold. We can start resuming," Vet wrote, describing the package as a "sweet mix" of performance improvements, new features, and fixes.

Reserve debate intensifies ahead of sponsored reserves launchIn the meantime, another governance discussion has emerged around whether XRPL's reserve requirements should be lowered further.

Vet made clear he opposes reducing reserves under the current conditions. 

Back in the day, activating an account required 1,000 XRP during what was then known as the "create fee" era. Then, co-founder Jed McCaleb reduced that requirement to 200 XRP in 2013. 

Over the years, validators repeatedly lowered reserve levels. Today, activating an XRPL account requires a 1 XRP base reserve. 

Vet noted that he had supported previous reserve reductions but argued that storage and memory remain valuable network resources, particularly as demand for computing infrastructure has increased during the AI boom.

"The architects designed reserves as a deliberate protective mechanism of network resources, storage & memory, against spam and DDoS attacks," he wrote.

South Korea has accelerated its move into blockchain-based finance with the launch of a pilot program aimed at its $900 billion bond market. The initiative comes as Ripple’s XRP Ledger approaches a major milestone, with the total stablecoin supply on the network climbing close to $1 billion, spurred primarily by strong growth in the Ripple USD (RLUSD) token.

XRPL stablecoin supply approaches $1 billionBSC News reported that XRP Ledger’s total stablecoin supply grew by over 5% in the past week, reaching approximately $980 million. Data from DefiLlama confirmed these numbers, showing the network’s stablecoin market capitalization at $980.33 million—an increase of roughly $47.4 million in a single week.

XRP Ledger is edging toward stablecoin dominance, with a surge in supply placing it just short of the symbolic $1 billion mark. The majority of the increase is attributed to RLUSD, which maintains a dominant share of the network’s stablecoin market cap.

RLUSD remains the leading stablecoin on the XRP Ledger, accounting for about 90% of the total supply. USDV ranks as the second-largest token following another period of rapid growth.

The network’s stablecoin supply has shown volatility throughout 2026. XRPL briefly surpassed the $1 billion threshold earlier this year before stabilizing in the $760 million to $980 million range in recent months.

Mini dictionary: RLUSD (Ripple USD) is a USD-backed stablecoin issued on both the XRP Ledger and Ethereum, facilitating fast and low-cost transactions. The token’s recent migration trends have made XRPL the primary platform for RLUSD circulation.

NetworkStablecoin Market CapRLUSD ShareTVLXRP Ledger$980 million~90%$32.8 millionEthereum–<50% of RLUSD–RLUSD migration strengthens XRPL dominanceRecent market data indicate that more than half of RLUSD’s circulating supply now resides on the XRP Ledger. Until early 2026, the stablecoin was primarily issued on Ethereum, but migration activity has shifted the balance, making XRPL RLUSD’s principal blockchain by supply.

Cumulative trading volume for RLUSD pairs on XRPL has surpassed $2.5 billion since its 2025 launch. However, decentralized finance activity on the network remains subdued when compared to the growth in stablecoin supply. DefiLlama’s dashboard shows XRPL’s total value locked at just $32.8 million—far behind its stablecoin circulation.

XRP price stable as South Korea tests blockchain bondsXRP is currently trading at $1.09, achieving a market capitalization near $68.4 billion and ranking sixth among all cryptocurrencies. Daily trading volume stands at $611 million, and the circulating supply is recorded at approximately 62.46 billion XRP.

Meanwhile, South Korea’s bond market pilot marks a significant step for institutional blockchain adoption. The program aims to digitize infrastructure in a market worth around $900 billion, reflecting growing interest among financial institutions in blockchain technology.

Ripple, established in 2012, is a US-based technology company known for developing payment settlement solutions and maintaining the XRP Ledger, a decentralized blockchain designed for fast asset transfers. South Korea’s public sector blockchain initiative and Ripple’s network expansion highlight parallel advances in both institutional and crypto-native segments.

Both developments are seen as signals of increasing blockchain integration across different areas of finance. Market analysts continue to monitor adoption trends, network growth, and liquidity patterns as the sector matures.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

The XRP Ledger is preparing for a significant upgrade with the FixCleanup3_2_0 amendment set for mainnet activation in less than two weeks. A consensus of 85.71% was reached for this amendment, with 30 validators voting in favor, triggering the start of a two-week activation period.

Details of the FixCleanup3_2_0 UpgradeThe FixCleanup3_2_0 amendment introduces a range of technical improvements to the XRP Ledger protocol. These adjustments address issues related to Single Asset Vaults, the Lending Protocol, the permissioned decentralized exchange (DEX), Multi-Purpose Tokens, and permissioned domains. Precision and rounding fixes have been integrated for Single Asset Vaults and the Lending Protocol to enhance reliability in these services.

A correction was added to resolve an issue with the ‘ValidPermissionedDEX’ invariant, which previously activated during the deletion of a valid offer. The upgrade also introduces validation checks for non-canonical Multi-Purpose Token amounts and implements a zero DomainID check to strengthen permissioned domain security.

One major feature of this upgrade is the addition of the invariant AccountRootsDeletedClean, ensuring no directly accessible artifacts remain when an account is deleted. This amendment is part of Version 3.2.0 of xrpld, the reference implementation server for the XRP Ledger protocol. This version was released in mid-June, targeting improved network stability and reducing operational risks for institutions and users.

Mini dictionary: xrpld, the core reference implementation software for running XRP Ledger servers, is maintained by Ripple and supports validating, participating, and relaying transactions on the network.

Mainnet Upgrade TimelineBased on data from XRPScan, the FixCleanup3_2_0 upgrade is scheduled for activation on July 29, 2026, at 09:57:00 AM UTC. The timeline reflects the amendment’s standard two-week consensus period after majority approval.

XRP Ledger Ecosystem GrowthAlongside the upcoming software upgrade, the XRP Ledger reached a notable milestone this week, with the number of accounts surpassing 8 million. Popular XRP explorer XRPL Services reported an account count of 8,005,586, highlighting sustained growth in network adoption.

XRP Ledger accounts exceeded 8 million for the first time, signaling ongoing interest and activity in the ecosystem, as reported by XRPL Services.

Swell 2026 Event and Industry ParticipationMomentum around XRP continues to grow this year, with major developments planned for the fall. The annual Swell conference, organized by Ripple, will convene in New York City in 2026. The event brings together builders, financial leaders, and the broader XRP community for discussions on trends and future developments in blockchain technology.

Expected speakers at Swell 2026 include Tom Farley, Chairman and CEO of Bullish, a digital asset exchange; Brad Garlinghouse, CEO of Ripple, the technology company behind the XRP Ledger; Billy Hult, CEO of Tradeweb; Monica Long, President at Ripple; and David Schwartz, CTO Emeritus at Ripple.

Ripple’s x402 Foundation InitiativeRipple announced its new role as a Premier Member of the x402 Foundation. This non-profit foundation focuses on developing technology standards and infrastructure for enabling agentic payments. Ripple’s participation will support further development of tools for developers who implement the x402 protocol, facilitating transactions in both XRP and RLUSD.

Mini dictionary: The x402 Foundation is dedicated to fostering open standards for agentic payments, allowing digital agents to autonomously transact using digital assets like XRP and RLUSD without human intervention.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Japan has taken a decisive step in cryptocurrency regulation by approving a new framework that reclassifies XRP and other digital assets as financial instruments. This move contrasts with ongoing debates in the United States over the proposed CLARITY Act, which aims to provide regulatory clarity for digital assets.

Japan’s new crypto classification sets stage for XRP ETFX Finance Bull, a well-known cryptocurrency commentator active on social media, described the development as a meaningful shift for XRP and the wider crypto market. He stated that Japan’s action illustrates progress beyond mere legislative debate and demonstrates a concrete commitment to integrating cryptocurrencies within the nation’s financial system.

According to X Finance Bull, the updated regulatory treatment of digital assets creates a legal foundation for the launch of exchange-traded funds (ETFs) tied to XRP and potentially other cryptocurrencies. He described this milestone as a transition from long-discussed ambitions to tangible implementation, especially given Japan’s status as the world’s third-largest economy.

Japan has approved its own framework reclassifying $XRP and other digital assets as financial instruments, marking a clear shift from theory to action. An XRP ETF now moves from an aspiration to an imminent reality in Asia’s leading market.

This shift stands in contrast to the United States, where policymakers continue to debate digital asset legislation. While the CLARITY Act remains under discussion in Congress, Japan’s financial authorities have moved forward with a completed and actionable regulatory model.

ETF filings progressing with support from SBI GroupOne of the central points in X Finance Bull’s analysis concerns the preparations underway for cryptocurrency ETFs in Japan. He pointed to SBI Group, one of the country’s largest financial conglomerates and a longstanding partner of Ripple, as the organization leading these efforts.

SBI Group’s early preparations for an XRP ETF reportedly began well before the latest government approval. The commentator noted that this indicates strategic, long-term planning and confidence in the regulatory trajectory. SBI Group’s collaboration with Ripple over several years may have given it the head start needed to introduce new investment products as soon as policy allowed.

This approach sets the current situation apart from prior announcements or speculative headlines, as institutions like SBI appear positioned to capitalize on regulatory changes swiftly.

Mini dictionary: SBI Group, headquartered in Tokyo, is a major Japanese financial services company engaged in banking, asset management, and fintech, and has been a key partner of Ripple in promoting blockchain adoption throughout Japan and Asia.

Potential impact on XRP adoptionX Finance Bull also emphasized the potential advantages of an XRP ETF for Japanese investors. He explained that by offering regulated financial products, such as ETFs, investors could gain exposure to XRP using familiar brokerage accounts or retirement plans.

Citing the experience of spot cryptocurrency ETFs in the United States, he claimed that XRP funds there have attracted approximately $1.48 billion in investments, even during challenging market periods. This, according to the commentator, demonstrates how structured ETF offerings can broaden participation in the cryptocurrency sector.

Japan’s tax structure may further support market growth. The current flat 20% tax rate on crypto gains stands out as a more straightforward regime compared to other jurisdictions, simplifying the process for investors.

CountryCrypto Tax RateStatus of XRP ETFJapan20% flat ratePreparations underwayUnited StatesVaries (up to 37% for capital gains)No XRP ETF approvedRipple’s close ties with Japanese institutionsThe commentator underscored the significance of Ripple’s relationship with SBI Group. He mentioned that RLUSD, a stablecoin, is already available via SBI VC Trade, and SBI Ripple Asia operates technical infrastructure on the XRP Ledger. These initiatives reflect ongoing efforts to support token issuance and digital asset integration in Japan.

Overall, these developments suggest Japan is prioritizing infrastructure for institutional-grade digital asset products, rather than simply adjusting existing regulations. Analysts suggest the combination of governmental support, ETF readiness, and established partnerships positions Japan as a notable environment for crypto adoption, with XRP poised to benefit from the country’s proactive approach.

SBI has been working with Ripple to build digital finance platforms in Japan for years, providing a robust foundation as the country moves toward institutional crypto adoption.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP withdrawal activity on Binance has climbed to its highest level in at least two years.

According to a new on-chain analysis by CryptoQuant contributor Amr Taha, the exchange is now recording a significantly larger share of withdrawal transactions than of deposits.

Taha said Binance’s share of XRP withdrawal transactions reached 54.5% on July 17, the highest level since July 2024. Meanwhile, deposit transactions fell to 45.4%, the lowest reading since the same period and below the previous low of 46.7% recorded on June 20, 2025.

XRP Deposit/Withdrawal chart The widening gap between withdrawals and deposits has expanded to 9.1 percentage points, up from 6.5 points on June 20, 2025. According to Taha, this makes the current imbalance roughly 40% wider than the previous comparison.

Binance Outpaces Broader Exchange Trend The broader centralized exchange market is showing a similar pattern, though Binance’s shift is more pronounced.

Across all centralized exchanges, withdrawal transactions accounted for 53.01%, nearly matching the 53.09% recorded on June 20, 2025, while deposit transactions stood at approximately 46.9%.

Binance’s withdrawal share is now 1.49 percentage points higher than the all-exchange average. Its 9.1-point withdrawal-deposit gap is also nearly 49% wider than the roughly 6.1-point gap observed across all centralized exchanges.

The figures suggest Binance users are moving XRP off the exchange at a faster rate than the broader market, although the data reflects the number of transactions rather than the size or value of transferred funds.

Previous Pattern Preceded 66% XRP Rally Taha pointed to a historical parallel that has drawn attention from market participants.

After similar transaction levels were recorded on June 20, 2025, XRP’s price climbed from approximately $2.11 to $3.50 by July 21, delivering a gain of nearly 66% in about one month.

At the time of the analysis, XRP was trading near $1.09, around 48% below its June 2025 comparison price and nearly 69% below the subsequent $3.50 peak.

However, Taha cautioned against interpreting the data as a direct bullish signal. The metrics track the proportion of deposit and withdrawal transactions, not the volume of XRP being transferred or net exchange flows.

As a result, the shift reflects a change in transaction composition rather than definitive evidence of capital leaving exchanges or a guarantee that price will follow the same trajectory.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Evernorth, a crypto treasury company, has assembled more than 470 million XRP as part of an ambitious plan to list on the Nasdaq under the ticker “XRPN” through a special purpose acquisition company (SPAC) merger. Dr. Kamilah Stevenson, a wealth educator with expertise in digital assets, highlighted the company’s growing XRP holdings as a signal of increasing institutional conviction in the cryptocurrency.

Institutional strategy behind EvernorthEvernorth’s core model centers on holding XRP on its balance sheet for shareholders, essentially transforming the company into a corporate vault for the digital asset. Once the company is publicly listed, purchasing its shares would give investors indirect exposure to the XRP pool, similar to how some public companies have structured their balance sheets around Bitcoin holdings.

Unlike firms that simply speculate on crypto prices, Evernorth’s stated mission is to remove XRP from circulation and warehouse it for the long term. Dr. Stevenson emphasized that this is a balance-sheet allocation, not a short-term trading play, with all transactions and holdings disclosed in public regulatory filings.

Stevenson noted the distinctive nature of Evernorth’s approach, drawing a comparison to similar strategies used by companies that focus exclusively on Bitcoin. Her analysis pointed out that Evernorth’s model offers institutional investors a new avenue to gain exposure to XRP through equity markets.

Backing and regulatory processMajor industry names have committed to Evernorth, including Ripple—the company behind the XRP Ledger—SBI, Pantera Capital, Kraken, and Arrington Capital. These backers have reportedly pledged more than $1 billion in capital to support the corporate structure.

Evernorth’s proposed Nasdaq listing remains incomplete, as the process still requires regulatory approval and consent from shareholders. Stevenson underlined that the plans are currently in the filing stage with relevant authorities and that no trading of XRPN shares can take place until permissions are secured.

Publicly available filings are being used to transparently document Evernorth’s operations, a process designed to provide both investors and regulators with confidence in the company’s strategy.

Mini dictionary: Special Purpose Acquisition Company (SPAC) – A SPAC is a publicly listed company created for the purpose of acquiring or merging with another company to facilitate taking that company public without a traditional initial public offering (IPO).

Company/BackerRole/ContributionRippleStrategy backer, technology providerSBI (Japan)Strategic investment, capital providerPantera CapitalInstitutional investorKrakenExchange support, possible liquidity partnerArrington CapitalVenture backer, capital commitmentImplications for individual investorsDr. Stevenson, who has significant experience educating on wealth strategies in crypto markets, cautions that Evernorth’s strategy is not directly instructive for retail investors. She distinguishes between the financial engineering available to corporations and the personal risk that comes from borrowing heavily to invest in volatile assets like XRP.

She urges smaller investors to focus on tax-efficient structures, such as maintaining digital assets in tax-advantaged accounts like Roth IRAs. This approach, Stevenson argues, enhances wealth preservation and asset protection without resorting to high leverage or risky borrowing practices.

The goal for individuals, according to Stevenson, should be disciplined asset accumulation and risk management, rather than attempts to mimic sophisticated corporate treasury operations. She also highlights the importance of regulatory compliance and prudent financial planning in the context of crypto wealth management.

Evernorth’s approach to XRP is structured for long-term balance-sheet strength rather than speculative trading, reflecting a conviction-based corporate strategy that public investors will soon be able to access if the listing moves forward.

In summary, while Evernorth’s trajectory may offer institutions and investors a unique channel into XRP exposure, Stevenson makes clear that regulatory processes remain ongoing and retail strategies should prioritize sustainable wealth management over aggressive financial engineering.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

A Colorado-based wealth manager has disclosed a new investment in the Canary XRP ETF. 

It is yet another institutional firm that has gained exposure to XRP through recently launched exchange-traded funds.

According to a Form 13F-HR filed with the U.S. Securities and Exchange Commission on July 17, Gallacher Capital Management LLC reported holding 86,744 shares of the Canary XRP ETF ($961,126 as of June 30).

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Institutional XRP ETF holdings keep growingGallacher's disclosure follows several other recent 13F filings showing fresh institutional exposure to XRP-linked investment products.

On July 16, registered financial advisor Vista Finance reported owning 129,958 shares of the Franklin XRP Trust ETF, with a market value of roughly $11.45 million at the end of the second quarter. 

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A day earlier, CPR Investments, a Michigan-based registered investment adviser, disclosed a new position in the ProShares Ultra XRP ETF. According to its SEC filing, the firm held 36,619 shares valued at approximately $363,627.

T. Rowe Price launches ETF with XRP exposureIn the meantime, yet another product with XRP exposure was recently launched in the US. 

Earlier this week, Wall Street giant T. Rowe Price, which oversees roughly $7 trillion in assets under management, rolled out its first actively managed cryptocurrency ETF.

Trading under the TKNZ ticker, the fund provides diversified exposure to several major digital assets, including Bitcoin, Ethereum, Solana and XRP. The ETF debuted with approximately $15 million in assets and carries a 0.75% management fee.

The entry of the financial giant into the ETF space is viewed as yet another sign of growing mainstream adoption. 

The Depository Trust & Clearing Corporation (DTCC), the primary clearing and settlement provider for U.S. securities and custodian of $114 trillion in assets, has advanced its tokenization initiative into live production. This marks a significant milestone in the modernization of U.S. financial infrastructure, bridging the gap between traditional and digital assets.

DTCC’s tokenization strategy enters live operationOn July 15, DTCC confirmed that live production trading had commenced for tokenized versions of Russell 1000 stocks, major exchange-traded funds (ETFs), and U.S. Treasuries. More than 30 firms participated in these trades, bringing together established banking institutions and digital market leaders in a landmark demonstration of cross-industry collaboration.

The full commercial launch of the platform is expected to occur in October 2026. DTCC’s media outreach distilled the initiative’s progress in four words: “From experimentation to production.” The step signals a decisive move beyond pilot programs and towards large-scale adoption of blockchain-based solutions within financial markets.

DTCC’s transition from test phase to live production covers a broad range of assets and includes over 30 participating firms, aligning established financial entities with digital market innovators.

The company’s approach centers on integrating tokenized assets into established clearing rails, aiming to improve speed, transparency, and efficiency across the trading ecosystem.

Nadine Chakar leads DTCC’s digital agendaNadine Chakar, Managing Director and Global Head of DTCC Digital Assets, has played a pivotal role in the institution’s transition to digital securities and tokenization at scale. In December 2025, the Securities and Exchange Commission (SEC) granted DTCC a no-action letter, enabling the firm to tokenize institutional-grade assets spanning the Russell 1000, top ETFs, and government securities without requiring immediate legislative clarity under the CLARITY Act.

Chakar described the milestone as “just the beginning,” emphasizing that July 15 marks the shift from strategic planning to real-world execution for DTCC’s roadmap.

Mini dictionary: No-action letter, a formal assurance from the SEC that it will not take enforcement action against an entity’s actions, provided certain guidelines are followed.

Ripple’s integration and Prime brokerage ambitionsRipple Prime, a subsidiary formed after Ripple’s acquisition and rebranding of Hidden Road in April 2025, now holds membership in DTCC’s 50-firm Industry Working Group. This group also includes influential names such as Goldman Sachs, JPMorgan, and BlackRock. As part of its integration, Ripple Prime has gained direct access to DTCC’s clearing network, setting the stage for elevated participation in future developments.

With the October launch, Ripple Prime is positioned to connect tokenized assets settled via DTCC with the XRP Ledger’s liquidity pools as service expansion continues globally. The infrastructure to bridge traditional securities with the blockchain is moving from concept to operational reality.

Mini dictionary: Ripple Prime, the prime brokerage and institutional trading division of Ripple, enables advanced access to market infrastructure and clearing services for digital and tokenized assets.

InitiativeAsset CoverageGo-live DateDTCC TokenizationRussell 1000, ETFs, TreasuriesJuly 15, 2026 (pilot), October 2026 (full launch)Ripple Prime x DTCC PartnershipInstitutional digital assetsApril 2025 (acquisition), October 2026 (full launch)The XRP community responded quickly to DTCC’s announcements, filling official social channels and related content with discussion and analysis. Enthusiasts highlighted DTCC’s video on tokenization, noting the prominent presence of XRP advocates and interpreting it as an acknowledgment of Ripple’s longstanding involvement in the system.

Observers within the XRP community emphasized that July 15 marks a transition point, as tokenized assets move from experimental pilots to industry adoption across more than 50 organizations.

A number of posts emphasized the scale, describing the shift as “the moment the roadmap becomes reality” and underscoring the significance of 24/7 on-chain settlement for major asset classes.

Looking ahead to October 2026With the October rollout, Ripple Prime will gain unprecedented access to settlement infrastructure, with the opportunity to merge DTCC-handled assets and XRP Ledger liquidity on a global level. Industry leaders say the technology is now operational rather than theoretical, positioning the sector for accelerated innovation in securities clearance and tokenized trading.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

The Depository Trust and Clearing Corporation (DTCC), a major financial market infrastructure provider responsible for clearing and settlement of nearly all US stock and bond trades, has initiated its first equity conversions and tokenized infrastructure in live production. Citadel Securities, a leading market maker overseeing approximately $69 billion in assets under management, will be the first to participate in this rollout.

Citadel’s role and ties to RippleCitadel’s involvement draws particular attention due to its notable connections with Ripple and the XRP Ledger. In October 2025, Citadel joined Fortress in a $500 million strategic investment in Ripple. This move aligns with Ripple’s ongoing efforts to expand the institutional adoption of blockchain technology.

As detailed by blockchain analyst SMQKE, Citadel’s partnership with Ripple coincides with a series of major milestones for the fintech company, including high-profile acquisitions and the integration of RLUSD, Ripple’s stablecoin for on-chain settlement.

DTCC’s traditional infrastructure underpins an estimated $114 trillion in securities. This enormous volume is fueling speculation about how much liquidity proven blockchain platforms, such as the XRP Ledger, could provide for instant settlement of tokenized assets.

InstitutionAssets in ScopeKey Blockchain TieDTCC$114 trillion (traditional securities)Tokenized settlement railsCitadel$69 billion AUMRipple/XRP LedgerMini dictionary: DTCC — The Depository Trust and Clearing Corporation is a central player in US markets, streamlining the clearing and settlement process for equities, bonds, and other assets. It is critical to maintaining financial stability and efficiency on Wall Street.

Tokenization and market implicationsThe initial phase of DTCC’s tokenized trades has now commenced, but the broader impact on the real world asset (RWA) market remains to be seen. Citadel’s investment in Ripple has positioned XRP’s On-Demand Liquidity (ODL) solution as a foundational component of this evolving ecosystem. Meanwhile, SWIFT’s recent introduction of a multi-chain digital ledger allows for interoperability across a range of blockchains, potentially expanding the field to several networks beyond XRP Ledger for such infrastructure projects.

Ripple’s influence has grown through regulatory victories and expanded use among institutions. The acquisition of GTreasury in 2023 helped Ripple process $13 trillion in transaction volume without direct involvement with cryptocurrencies. Observers expect that as tokenization of traditional assets progresses, blockchain networks like the XRP Ledger could capture a greater share of new financial flows.

RLUSD, Ripple’s own US dollar stablecoin, has crossed $1.5 billion in market capitalization just a year after launch. Its role in the swiftly changing regulatory environment could become even more prominent if the Clarity Act — a key digital asset policy proposal — gains approval.

Mini dictionary: RLUSD — RLUSD is Ripple’s stablecoin pegged to the US dollar, designed for fast and reliable transactions across the XRP Ledger, supporting both traditional and crypto-native payment flows.

Ripple’s legal battles and Wall Street integrationRecent regulatory developments have energized the XRP community after Ripple secured a significant victory against the US Securities and Exchange Commission (SEC). David ‘JoelKatz’ Schwartz, Ripple’s Chief Technology Officer, emphasized the far-reaching consequences of this legal battle through a widely shared post on X, clarifying the complex treatment of XRP sales in relation to securities regulations and referencing statements by former SEC Chair Gary Gensler.

David Schwartz highlighted that all XRP transactions were handled as securities by regulators, challenging the notion that only specific unregistered sales were under scrutiny and pointing to prior comments by Gary Gensler for context.

The DTCC described its partnership with Citadel as a “notable milestone that marks the largest tokenization production initiative in breadth of use cases, asset classes and number of participants.” This has generated speculation regarding the capacity of XRP Ledger to scale and process a substantial share of the $114 trillion tokenization opportunity, building on its track record of supporting multi-billion dollar daily volumes.

Citadel, a private financial services firm, does not publicly disclose its full valuation, which can vary by source. However, its direct collaboration with Ripple signals an active pursuit of a greater stake in the tokenized financial infrastructure now emerging around DTCC’s backbone.

Market participants are closely watching how much of the immense tokenization opportunity will fall to established blockchain networks such as the XRP Ledger as Wall Street continues to bring assets on-chain.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Vet, an XRPL validator and director of community at the XRP Ledger Foundation, shared about an XRP Ledger feature that could change how treasury management works.

According to Vet, Permission Delegation is a new functionality for compliance coming to the XRP Ledger soon. The feature will allow users to delegate specific tasks onchain while keeping account keys in cold storage, with Vet adding that "It was born out of the need to manage a treasury."

Permission Delegation is a new functionality for compliance coming to the XRP Ledger soon.

Allowing to delegate specific tasks on chain while keeping account keys in cold storage.

"It was born out of the need to manage a treasury" pic.twitter.com/eSsz2fZu6w

— Vet (@Vet_X0) July 15, 2026 Permission Delegation is the function of granting various permissions to another account to send permissions on behalf of the user's account. Permission Delegation can be used to enable flexible security paradigms such as role-based access control, instead of or alongside techniques such as multi-signing.

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Discussions about Permission Delegation date back to 2024. The amendment XLS-75d "Permission Delegation" was introduced in XRPL v2.6.1 but was later disabled in September 2025 due to a bug that allowed an account to charge transaction fees to any other account and could have been maliciously used to drain an account's XRP balance; hence, the feature was not enabled on mainnet.

Vet's recent comments suggest that Permission Delegation might soon be coming to the XRP Ledger, which will unlock fresh potential on the XRPL.

XRP milestonesIn a recent milestone, the fixCleanup3_2_0 amendment — a collection of fixes for Single Asset Vaults, the Lending Protocol, the permissioned DEX, Multi-Purpose Tokens, and permissioned domains — has achieved a majority, entering a two-week activation period on the XRP Ledger with 30 yes votes.

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The XRP Ledger has surpassed 8 million accounts, thanks to continuous growth. According to XRP Ledger Services, an XRP explorer, the total currently stands at 8,001,658.

CryptoQuant reports that Binance's XRP reserves have hit their lowest level since February this month, falling to 2.61 billion XRP. This suggests a reduced supply of XRP on the world's largest cryptocurrency exchange.

T. Rowe Price, which manages nearly $2 trillion in assets, has launched the first active crypto ETF, which provides exposure to crypto assets such as Bitcoin, Ethereum, XRP, and Hyperliquid. Bloomberg analyst Eric Balchunas had previously said that this launch was notable because the asset manager was the largest active manager to enter the crypto space.

T. Rowe Price Unveils First Active Crypto ETF In a press release, the asset manager announced the launch of the first active crypto ETF, which began trading on the NYSE Arca today under the ticker TKNZ. “The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace,” the firm noted.

The T. Rowe Price Active Crypto ETF notably offers exposure to Bitcoin, Ethereum, BNB, XRP, Solana, and Hyperliquid. The Fund will also hold top meme coins Dogecoin and Shiba Inu, making it the first U.S. Fund to offer spot exposure to SHIB.

The asset manager also noted that the crypto ETF is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets. Meanwhile, the Fund will offer a net fee waiver, which will be effective until May 31, 2027. The management fee during this period will be 0.75%.

The T. Rowe Price Active Crypto ETF joins a host of other crypto ETFs that have launched this year, including the Hyperliquid ETFs. As CoinGape reported, Morgan Stanley’s Ethereum and Solana ETFs are about to launch, with the Wall Street giant filing amendments to its S-1.

‘Smart Timing’ For The ETF Launch Bloomberg analyst Eric Balchunas commended T. Rowe Price for the timing of the launch of its active crypto ETF. “I think they were smart with the timing- waiting till the Oct selloff dust settled a bit,” he said in an X post.

T Rowe Price’s Active Crypto ETF $TKNZ is ready for launch. Any day now, I’d guess Thursday. I think they were smart with the timing- waiting till the Oct selloff dust settled a bit. pic.twitter.com/5LZO5WHrqn

— Eric Balchunas (@EricBalchunas) July 14, 2026

It is worth noting that the SEC had approved the crypto ETF last month but waited until now to launch the Fund. The asset manager had first filed for the month in October last year, around the time of the infamous crypto crash.

Meanwhile, Balchunas had previously said that the T. Rowe Price Active Crypto ETF was notable because the asset manager was “by far the biggest active manager to apply their active prowess to this space.”

XRP has reached a notable step toward broader adoption in traditional finance after the Depository Trust & Clearing Corporation (DTCC) categorized it as a cryptocurrency within its Learning Center, drawing renewed institutional interest. DTCC, a critical clearinghouse that processes trillions of dollars in U.S. securities trades daily, discussed XRP’s potential role in collateral and clearing arrangements, increasing the asset’s profile in regulated financial circles.

XRP gains visibility in DTCC guidanceOn-chain analytics provider Archie observed that XRP now appears in DTCC’s educational materials, explaining specifically how it may be considered for collateral management and clearing procedures. While the Learning Center is an informational resource and not a regulatory mandate, XRP’s listing signals that DTCC clients and partners are actively reviewing how cryptocurrencies might be handled in real-world finance operations.

The inclusion is considered significant given DTCC’s central position within the U.S. securities infrastructure, influencing the processes by which institutions manage risk, optimize collateral, and meet regulatory requirements.

DTCC presents XRP alongside its guidance for cryptocurrencies, outlining scenarios in which the digital asset could be designated as collateral and specifying how market volatility may affect its eligibility and capital efficiency in institutional settings.

The development comes as more major financial bodies assess digital assets for integration into existing settlement and risk frameworks, a trend that could help bridge the gap between traditional and crypto markets.

Haircut methodology brings new standardsAs part of its updates, DTCC outlined haircut rules for cryptocurrencies, including XRP. Haircuts refer to the percentage by which the value of an asset is reduced when calculating its collateral value, typically as a buffer against volatility and risk.

Chad Steingraber, a market analyst, noted that DTCC’s educational framework proposes higher haircuts for XRP valued at $5 or below. If XRP’s price exceeds this threshold, it may be subject to a standard 35% haircut or a charge calculated using the Value-at-Risk (VaR) method, with final levels set according to market liquidity and other risk factors. The $5 mark is not presented as a target but rather as a notional reference point for illustrating the rules within the learning resource.

A higher haircut reduces the amount of capital an institution can borrow using the asset as collateral, while a lower haircut increases its capital efficiency and attractiveness for financial operations.

ScenarioXRP Price ($)Haircut AppliedBelow Benchmark$5 or lessHigher haircut (exact figure not specified)Above BenchmarkOver $535% haircut or VaR chargeSteingraber believes that inclusion in DTCC’s guidelines enhances XRP’s credibility as an asset considered for sophisticated institutional operations.

Mini dictionary: Depository Trust & Clearing Corporation (DTCC) is a major financial services company in the United States, responsible for clearing and settling almost all securities transactions in the country’s financial markets.

Institutional integration and future prospectsDTCC’s mention of XRP follows its broader move toward utilizing blockchain and digital asset solutions in live financial infrastructure. The corporation recently shifted from pilot blockchain projects to deploying tokenization infrastructure, enabling regulated digital assets and collateral to move seamlessly across its network.

Ripple, through its platform Ripple Prime, is already working with DTCC’s digital asset ecosystem, offering institutional-grade custody and trading services that support the integration of cryptocurrencies like XRP into major clearing and settlement workflows.

This collaboration brings the potential for digital assets to attain broader acceptance as credible collateral in mainstream finance, expanding their use beyond speculative trading to functions such as capital optimization and liquidity management.

These developments highlight how the evolving treatment of assets like $XRP in clearinghouse policies and integration initiatives can accelerate their adoption across institutional markets and shape the infrastructure governing digital finance’s next era.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP price rose 3.45% to $1.10 during the reported session, following renewed strength across the cryptocurrency market.

The XRP token surged past $1.10 as buyers responded to the increasing stablecoin operations on the XRP Ledger. The supply of RLUSD has gradually migrated to XRPL, which has contributed to higher network usage and transaction demand expectations.

Meanwhile, legislators in the United States are working on another significant effort to promote digital asset market structure law. Senator Cynthia Lummis said revised CLARITY Act text could be introduced within days after nearly ten months of negotiations.

CLARITY Act Faces Crucial Senate Test Lummis said lawmakers are ready to move the proposal forward during four consecutive Senate working weeks. She would like the bill enacted prior to the start of the August 7 recess of the chamber.

Nevertheless, the ultimate floor schedule is determined by Senate Majority Leader John Thune. It is reported that the lawmakers might start discussing the bill next week, July 20. 

Lummis says CLARITY text lands in days

Senator Lummis (@SenLummis) says the Senate will introduce CLARITY Act text within days and wants it passed before the August 7 recess. “It’s time to land this plane,” she said on Fox Business, capping nearly 10 months of work. Floor action… pic.twitter.com/57k9UxU1Jc

— BSCN (@BSCNews) July 14, 2026

The measure faces growing resistance from Democratic Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen. According to them, the current proposal is deficient in the form of powerful rules of ethics to deal with the senior government officials and cryptocurrency interests. 

Their protests are partly related to the reported crypto income and business ties of President Donald Trump. The senators warned that they might be able to vote against the bill unless significant conflict protections are included.

Democratic support is critical to the eventual passage of the bill as it may require 60 votes in the Senate. Additional contention may paralyze the floor procedure or force additional deliberations prior to a vote of decisiveness.

XRP Price Prediction: Will Bulls Extend To $1.20 Soon? The MACD line has crossed its signal line, and the green histogram bars are still growing. The Chaikin Money Flow is 0.14, which validates positive capital inflows.

A confirmed four-hour close above $1.12 could push the XRP price outlook toward the $1.15 resistance level.

Tradingview A Breaking $1.15 can allow a greater climb into the larger target of $1.20. Nevertheless, the next rejection at around $1.12 might postpone the bullish continuation and prolong the consolidation.

The $1.07 level remains the main support during any pullback. The loss of this area might reveal $1.05 and weaken the existing recovery structure.

XRP ETF Market Stalls Daily While Total Inflows Hit $1.48B According to SoSoValue data, XRP ETF products showed no net inflows in terms of daily net inflows on July 14. But cumulative net inflows were still high at 1.48 billion in the listed funds. The total trading value was the amount of 13.47 million, and combined net assets were 1.01 billion.

Bitwise led cumulative inflows with $493.86 million, followed by Canary Capital at $466.97 million. Franklin Templeton was the second with $413.23 million and Grayscale had 131.46 million.

According to SoSoValue data, spot Bitcoin ETFs recorded $181 million in net inflows yesterday (July 14, ET). Spot Ethereum ETFs saw $58.3385 million in net inflows, with none of the 10 ETFs recording net outflows. pic.twitter.com/AUMWhkHPD6

— Wu Blockchain (@WuBlockchain) July 15, 2026

Meanwhile, 21Shares showed cumulative net outflows of $20.06 million. The same session saw higher demands of crypto ETFs. Spot Bitcoin ETFs received inflows of $181 million and Ethereum funds received inflows of $58.34 million. None of the ten Ethereum ETFs reported daily net outflows.

The divergence between on-chain supply trends and market sentiment highlights how multiple factors are influencing XRP's price.

Binance’s XRP reserves have fallen to about 2.61 billion tokens, their lowest level since February, and the balance has held there since the start of July.

And even though the Ripple token had been sliding toward $1.06 while those reserves were draining out, it reversed course in the last 24 hours, gaining over 3% in that period.

Exchange Reserves Shrink as Selling Pressure Lingers According to CryptoQuant contributor Arab Chain, there have been no meaningful inflows to replenish Binance’s XRP stockpile in recent months, which is why the reserve figure has held near its February 2026 low instead of climbing back.

A falling exchange balance can be considered a bullish signal since it is often taken to mean that investors are moving their stash into private wallets instead of preparing to sell. That signal took a while to show up in price, with Arab Chain noting that XRP had been falling to around $1.06 while reserves were emptying out, suggesting that liquidity, trading activity and investor sentiment were outweighing the effect of declining exchange supply.

In another market update, the same analysts pointed to the Binance CVD Confirmation Score, which blends price with Cumulative Volume Delta to track whether buy or sell orders are winning out in the spot market. That CVD reading is at -6.93 million, meaning that sell orders have outweighed buys as XRP fell from above $2.00 earlier this year toward the $1.07 area.

Meanwhile, the 30-day Price-CVD Confirmation Score is holding near 0.84, a figure Arab Chain says, while reasonably healthy, still falls short of confirming a genuine shift in buying demand. According to them, only a sustained move into positive CVD territory alongside a stronger confirmation score would point to a real reversal in buying interest.

As noted earlier, XRP’s price action has nevertheless improved modestly, with data from CoinGecko at the time of writing showing the asset trading around $1.11 after gaining about 3.7% in 24 hours, having oscillated between $1.07 and $1.12 during that period. However, the world’s sixth-largest cryptocurrency by market cap is still down 7% over the past month and more than 61% across one year, despite daily trading volume jumping 31% higher than the previous day to hit $1.26 billion.

You may also like: Binance Marks Ninth Anniversary With 323 Million Users and Expansion Beyond Crypto XRP and ETH Traders Turn Bullish as FOMO Surges to 5-Week High: Santiment 3 Years After The Key Ripple-SEC Ruling: How XRP Went From SEC Target to Institutional Asset Analysts Divided On Where XRP Heads Next Such is the state of XRP that market watchers are split on what comes next. For example, popular trader Diana has pointed to $1.08 as the level to watch and warned that losing it could send XRP toward the $0.90-$0.93 zone before one last flush to the $0.87 macro support. Fellow analyst CasiTrades holds a similar technical view but frames it as the tail end of a yearlong correction, telling followers on X that a drop toward $0.87 would “finish off the correction we’ve spent the last year building.”

But others are looking past the near-term chop, with one of them, Crypto Patel, arguing that XRP is tracing a pattern that has historically come right before rallies of more than 1,000%. On his part, crypto investor Celal Kucuker pointed to a 500% monthly gain two years ago as a reason not to dismiss $7 by the end of the year.

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The most instructive XRP trade of 2026 was an exit. When it emerged this month that Goldman Sachs, once the largest XRP holder among Wall Street institutions, had sold down its position, the reaction split along familiar lines: bears read it as the smartest money leaving a stalled asset, bulls read it as a bank taking profits on ETF seeding and creation-desk inventory it never intended to hold.

Both camps then arrived at the same, more interesting question, and it is the one that will define XRP’s next year. The first $1.5 billion of ETF money is in. Goldman’s chapter is closed. Standard Chartered says the next tranche is worth $4 billion to $8 billion. So who, exactly, buys it, what has to happen first, and what does XRP look like if they do?

Summary

XRP ETFs have attracted about $1.5 billion in net inflows, with Standard Chartered estimating another $4 billion to $8 billion could follow if the CLARITY Act becomes law. Registered investment advisors, model portfolios, wirehouses, corporate treasuries, and sovereign investors are expected to drive the next wave of institutional XRP ETF demand over time. ETF inflows have continued despite weak price action as long term accumulation, lower exchange balances, and regulatory progress compete with macro pressure and ongoing supply.  The question matters because XRP has spent 2026 as the market’s cleanest natural experiment in whether flows alone can move a price. The token trades near $1.08 inside a range that has compressed to roughly $1.00 to $1.13, down around 40 percent on the year, while nearly every input a flow analyst would track has pointed the other way: sustained ETF creations, whale accumulation running at multiples of last year’s pace, exchange balances at multi-year lows, and a parent company stacking regulatory wins across three continents. The demand arrived. The price did not respond. Resolving that contradiction requires taking the flow machine apart piece by piece.

What the first $1.5 billion proved Five spot XRP exchange-traded funds launched in the United States between November and December 2025, arriving in the window after the SEC’s posture shifted and before any statute confirmed it. Through mid-2026 the products have gathered roughly $1.5 billion in net inflows, a figure that deserves more context than it usually gets. That total accumulated during the worst crypto tape since 2022, with Bitcoin falling from the $90,000s toward $60,000, the Federal Reserve pivoting from expected cuts toward a possible hike, and the Fear and Greed Index pinned in the twenties. Gathering $1.5 billion into a falling altcoin during a fear regime is not failure. It is evidence of a persistent bid that did not exist in any prior cycle, because the wrapper that carries it did not exist.

The composition of that bid matters as much as its size. ETF flows in the launch phase come disproportionately from three sources: self-directed retail moving out of exchange custody and into brokerage accounts, hedge funds running basis and arbitrage strategies, and early-adopter advisors making small allocations for aggressive clients. What launch-phase flows conspicuously exclude is the slow money: the wirehouse model portfolios, the pension consultants, the bank trust departments, and the insurance general accounts. Those channels move on compliance calendars, not conviction, and their compliance calendars all point at the same gate.

Benchmarking the figure against the category sharpens the point. The five XRP products collectively rank behind only the Bitcoin and Ethereum complexes among American crypto ETFs by assets gathered, ahead of the Solana products that launched into the same window with a stronger price narrative. Monthly net flows have oscillated with the tape, including redemption stretches during the worst weeks of the drawdown, but the cumulative line has kept its upward slope through eight months that destroyed weaker products across the fund industry. Whatever the price chart says, the wrapper found a durable audience on its first attempt, and product durability is the precondition every larger channel checks before it checks anything else.

The gate: statute, not classification That gate is legal permanence. The SEC and CFTC jointly classified XRP as a digital commodity in March 2026, an interpretive release that ended, in practical terms, the five-year war that began with the SEC’s 2020 lawsuit against Ripple. But an interpretive release binds nobody past the current commissions, and the institutional legal departments that gatekeep the largest pools of American wealth have been explicit about the distinction. Their memos approve products backed by law and defer products backed by guidance. The CLARITY Act, the market structure bill now sitting on the Senate calendar, is the instrument that converts one into the other, which is why Standard Chartered’s $4 billion to $8 billion projection is written as conditional: those flows unlock if the bill becomes law.

The mechanics of the projection are worth spelling out, because the number is not a guess about sentiment. Analysts build it from allocation math: take the advised wealth channels that currently exclude crypto ETFs, apply the small percentage allocations their model portfolios assign to alternatives when products clear compliance, weight by XRP’s likely share of a multi-asset crypto sleeve alongside Bitcoin, Ethereum, and Solana products, and discount for adoption lag. Run that arithmetic across several trillion dollars of advised assets and single-digit billions fall out quickly. The projection’s fragility is equally visible in its assumptions: it requires the law to pass, the wirehouses to act on it within quarters instead of years, and XRP to hold its place in the standard institutional basket. As crypto.news examined in its analysis of the bill’s falling odds, the first assumption alone now carries roughly 43 percent probability for 2026, which means the headline flow number should be probability-weighted by anyone using it seriously.

The buyers, ranked by likelihood Ranking the candidate buyers of the next $4 billion produces a clearer picture than the generic institutional label. The most probable early source is the registered investment advisor channel, roughly $8 trillion of American wealth where individual firms make their own compliance decisions and where crypto allocations have already normalized at the aggressive end. RIA flows into Bitcoin ETFs led every other channel in that product’s first year, and the pattern would likely repeat down the risk curve.

Second come the model portfolio and turnkey asset management platforms, which matter less for their size than for their automation: once an XRP product enters a model, flows recur monthly with rebalancing, indifferent to headlines. Third, the wirehouses, the largest and slowest pool, where solicited recommendations require the statutory green light and where internal approval processes run quarters after that. Fourth, corporate treasuries, a wildcard channel that Bitcoin normalized and that a handful of firms have already extended to XRP; permanence in law plus an accounting framework would widen that experiment. Fifth and most speculative, sovereign and quasi-sovereign buyers in jurisdictions where Ripple’s payment infrastructure is operationally embedded, a category that generates headlines out of proportion to its realistic near-term size.

The timing across these channels is sequential, not simultaneous, and the sequence is the part most projections flatten. RIA adoption can begin within weeks of a statutory trigger because the decision sits with thousands of small compliance committees rather than a handful of large ones. Model platforms follow within one to two quarters, on their scheduled review cycles. Wirehouse approval historically lags by two to four quarters even after the stated objection is removed, because internal product committees, training requirements, and suitability frameworks each add their own clock. Stacking those lags against Standard Chartered’s range suggests the honest shape of the projection: a thin front edge arriving within months of passage, and the bulk arriving across 2027, which is a materially different trade than the headline number implies.

Against these stand the sellers. Launch-phase arbitrageurs exit as basis compresses. Early holders use ETF liquidity as an exit ramp, which is partly what the Goldman episode illustrated. And Ripple itself remains a structural source of supply through its escrow releases, a flow bulls prefer not to model and bears never stop modeling. Net flow, not gross inflow, is what moves price, and the first eight months of ETF trading have shown the net figure can stay positive while the price goes nowhere if enough legacy supply uses the new demand as liquidity.

The demand stack beneath the ETFs The ETF story sits on top of an on-chain demand picture that has quietly strengthened all year. Whale accumulation, measured by large-wallet inflows and exchange outflows, has run at roughly triple last year’s pace during the 2026 drawdown, the classic accumulation-into-weakness pattern that preceded prior cycle turns. Exchange balances have fallen toward multi-year lows, shrinking the tradable float. XRP Ledger activity has grown across payments, tokenized real-world assets, and the RLUSD stablecoin, which has become the settlement asset for an expanding share of Ripple’s enterprise volume.

The corporate side reads the same direction. Ripple holds more than 75 regulatory licenses and registrations worldwide. It secured full authorization under the European Union’s MiCA framework in Luxembourg this month, opening the entire European Economic Area under a single passport. Mastercard named Ripple a settlement partner in its AI payments network. SWIFT-connected banks have begun routing blockchain settlement pilots through Ripple-linked institutions. And the company stages its largest event of the year, Swell, alongside the XRPL developer summit in New York in late October, a traditional venue for partnership announcements. On any fundamental checklist an equity analyst would recognize, the boxes are ticked. That is precisely what makes the price action so uncomfortable.

The RLUSD complication One development the flow models handle awkwardly is that Ripple’s fastest-growing product is no longer XRP. RLUSD, the company’s regulated stablecoin, has become the settlement asset for a rising share of enterprise volume, the collateral base for Ripple Prime’s institutional services, and the instrument through which many of the bank partnerships actually clear. Every corporate win that routes through RLUSD strengthens Ripple the company while contributing nothing direct to XRP the asset, and the divergence has become a live debate among holders: whether the stablecoin is the wedge that eventually drives ledger activity and XRP demand for bridging and fees, or the quiet replacement of the token’s original use case with a product institutions find easier to hold.

For the ETF flow question, the debate cuts a specific way. Allocators buying an XRP product are buying the token’s monetary premium and its role in the ledger economy, not Ripple’s equity story. If the company’s growth increasingly expresses itself through RLUSD and through services revenue, the fundamental narrative that supports a dedicated single-token allocation weakens at the margin, even as the company itself strengthens. Bulls answer that stablecoin settlement and tokenized asset growth raise ledger throughput, and throughput ultimately prices the native asset. The honest status of that argument is unresolved, and it is the fundamental question hiding inside the flow question: $4 billion buys exposure to XRP, and the market is still deciding what XRP is exposure to.

Why ETF demand behaves differently from spot demand The distinction between a billion dollars of exchange buying and a billion dollars of ETF creations is mechanical, and it decides how the next tranche would express itself in price. Spot demand on exchanges is discretionary and reflexive: it arrives with momentum, leaves with drawdowns, and concentrates in the leveraged venues where liquidations amplify both directions. ETF demand routes through authorized participants who create and redeem shares against the net of each day’s orders. The flow that survives that netting is disproportionately allocation flow: advisors rebalancing models, platforms deploying scheduled contributions, funds equitizing mandates. It arrives on calendars, ignores intraday narrative, and, critically, keeps arriving through drawdowns because rebalancing into weakness is what model portfolios are built to do.

That character difference explains an apparent paradox in the 2026 data: steady net creations against a falling price. The creations were real, but they were met by discretionary sellers using the wrapper’s liquidity as an exit, including, evidently, the largest bank holder on the street. The bull interpretation is that this is exactly what accumulation phases look like when a new demand channel opens into an old holder base: impatient supply migrates to patient hands, the float thins, and the price stays flat until the migration completes. The bear interpretation is that the patient hands are simply early, and patience is not a catalyst. The data cannot distinguish the two until a demand shock tests the thinner book. What the data does show is that the pipe works: shares get created, spreads stay tight, and the products tracked their net asset values through the year’s worst volatility, which is the operational track record the slower channels required before even beginning their reviews.

The Bitcoin ETF playbook, one asset down the curve There is a map for how the channels open, because Bitcoin walked it in 2024 and 2025. The Bitcoin spot ETFs launched into self-directed and hedge fund demand, spent roughly two quarters dominated by basis trades, then inflected when the RIA channel cleared the products for solicited use and the first wirehouses followed. Each gate that opened produced a step change in cumulative flows, and the price responded with a lag measured in weeks, not days, because allocation flow does not chase. By the time the largest platforms had fully opened, the products held a meaningful share of circulating supply and the asset’s volatility profile had visibly compressed.

XRP’s products are one asset class rung below on the institutional risk ladder and roughly three quarters into the equivalent timeline, still waiting on the gate that Bitcoin never needed: statutory classification. Bitcoin entered its ETF era with a commodity status nobody seriously disputed. XRP entered with a court ruling, an interpretive release, and a pending bill, which is why its channel-opening sequence stalled at the compliance stage that Bitcoin’s cleared automatically. The playbook’s lesson is not that XRP repeats Bitcoin’s flow curve at smaller scale, though the analog is tempting. The lesson is that the curve is gated by legal events, and the gates open in order. The March release opened the first. The Senate holds the second.

The supply side of the ledger Flow analysis that counts only buyers is half an analysis, and XRP’s supply side has features Bitcoin’s does not. Ripple’s escrow releases up to one billion XRP monthly, with unused portions returning to new escrow contracts. The net escrow contribution to circulating supply has trended well below the headline figure, and the company has leaned on programmatic sales less as institutional revenue lines have grown, but the overhang is structural: the market prices the possibility of supply even in months when little arrives. Layer on the launch-era holders for whom regulated products finally offered institutional-grade exit liquidity, and the absorption burden on the first $1.5 billion becomes clearer. New demand did not meet a fixed float. It met a float with a scheduled faucet and a queue at the exit.

The counterweight is the on-chain float data. Exchange balances at multi-year lows mean the discretionary sell-side has thinned even as the escrow schedule persists, and RLUSD settlement growth gives a share of monthly releases an internal destination that did not previously exist. The supply picture, like everything else in this asset, resolves into a timing question: whether the faucet or the gate moves first.

Why the price has not followed The bear explanation for the standoff is the simplest and has been the best trade of the year: XRP is a high-beta risk asset in a market being repriced by the Federal Reserve, and no token-specific story survives a regime where inflation prints at three-year highs and rate expectations invert. XRP’s correlation with Bitcoin has remained high through the drawdown, and Bitcoin itself has ignored its own bullish supply dynamics for months. In this reading, the flows are real but small against the macro tide, the $1.5 billion of ETF demand was absorbed by sellers grateful for the liquidity, and the next $4 billion, if it comes, arrives only after the Fed turns, at which point every risk asset rallies and XRP’s story adds beta instead of alpha.

The structural bear adds a colder point: XRP’s investment case has become a regulatory derivative. Strip out the CLARITY Act and the token trades on cross-border payment adoption that, while real, has never been priced by the market as sufficient on its own. If the bill slips to 2027, the one catalyst distinguishing XRP from the general altcoin complex slips with it, ETF inflows could reverse the way they briefly did earlier this year, and analysts have flagged the zone below $1.00 as thin support down to materially lower levels. The Goldman exit, in this telling, was not noise. It was a sophisticated holder concluding that the probability-weighted return of waiting had fallen below its hurdle.

The bull rebuttal: coiled, not broken The bull case does not dispute the macro pressure; it disputes the conclusion. Prices that refuse to fall on bad tape while accumulation triples are compressing, not failing, and the float shrinkage means any demand shock hits a thinner order book than at any point in XRP’s modern history. Seasonality offers a minor tailwind with a major caveat: July has historically been XRP’s strongest month, averaging roughly 10 percent gains, though this July opened deep in a fear regime that blunts seasonal patterns. The levels are unusually clean. The $1.00 floor has been defended repeatedly, resistance sits at $1.13 and then the $1.18 to $1.20 zone, and a legislative surprise into light positioning would find little supply between the breakout level and the low $1.40s where the year’s earlier ranges sat, as crypto.news mapped in its July price prediction.

The deeper bull argument is about market structure rather than price. Every prior XRP cycle ran on retail exchanges and offshore leverage. This one is the first where a regulated wrapper connects the token to the advised wealth system, and wrappers change the character of demand: slower to arrive, slower to leave, price-insensitive on schedule. The first $1.5 billion built the pipe. The debate over the next $4 billion is really a debate over timing, because the channels themselves, once compliance-cleared, allocate mechanically. Bulls can be wrong about 2026 and right about the asset, which is an argument for position sizing instead of abstinence.

What would invalidate the flow thesis Intellectual honesty requires listing the ways the $4 billion never arrives even if the bill passes. The first is product cannibalization. The next generation of crypto ETFs is multi-asset: index products holding baskets weighted by market capitalization, which institutional buyers often prefer to single-token bets. If the advised channels open and allocate through baskets, XRP captures only its index weight of the flows, a fraction of the headline projection built on dedicated products. The second is fee and liquidity concentration. ETF flows historically consolidate into one or two winners per category, and a fragmented five-issuer field splits liquidity in ways that keep the largest allocators waiting for a dominant product to emerge.

The third invalidator is reputational path dependence. A single adverse event, an issuer failure, a custody incident, an escrow controversy, would reset the compliance clocks that took years to run, and crypto’s history suggests assigning that tail a nonzero weight. The fourth is simple opportunity cost: if the gate opens during a macro regime where advisors are cutting risk, the mechanical allocations shrink with the risk budgets they draw from. None of these kills the asset. Each of them turns the projection’s midpoint into its ceiling, and collectively they are why serious flow forecasts carry ranges wide enough to drive a truck through.

What Ripple controls and what it does not It is worth separating the variables by who holds them. Ripple controls its licensing map, its product velocity, RLUSD’s growth, escrow release policy, and the October event calendar. It controls none of the three variables that will actually decide the flow question: the Senate schedule, the Federal Reserve, and the oil price. That asymmetry explains the company’s visible strategy of building the institutional rails before the demand arrives, so that when the gate opens, adoption is an integration task rather than a construction project. It also explains why company news has stopped moving the token: the market has correctly identified which variables bind.

For regulation watchers, the checklist between now and the August recess is short. A scheduled Senate floor vote is the unlock signal. The reconciliation of the two committee texts is its precondition. Public declarations from additional Democratic senators are the vote-count tell. And ETF net flows themselves are the real-time referendum: sustained creations through a stalled news cycle would show the slow money starting to front-run the statute, while accelerating redemptions would show the hope premium leaking out.

The scoreboard to watch through August Condensing the analysis into a watchlist: Senate floor scheduling is the master variable, and everything else is downstream. Weekly ETF net flows are the highest-frequency tell, with sustained creations through stalled news indicating front-running and accelerating redemptions indicating the hope premium unwinding. Exchange balance trends and large-wallet accumulation show whether the patient-hands migration continues. RLUSD supply growth versus XRP ledger fee volume tracks the internal debate about what the token captures. And the $1.00 and $1.13 levels frame the range until one of the above breaks it.

The next $4 billion is neither a fantasy nor a schedule. It is a documented pipeline behind a legal gate, with a probability attached that the market itself now prices below even odds for this year. If the gate opens, the buyer list is specific, the mechanics are boring, and boring is what durable repricings are made of. If it does not, XRP spends the midterm season as a range asset defending $1.00 with strong hands accumulating and weak hands gone, which is not the worst setup an asset has entered a year with.

Goldman answered the question of who sells. The Senate, not the market, holds the answer to who buys.

Disclaimer: This article is information, not investment advice. Prices, flow figures, analyst projections, and legislative timelines reflect reporting available as of July 14, 2026, and can change quickly. ETF flow projections are conditional estimates, not commitments. Nothing here is a recommendation to buy or sell XRP or any other asset. Verify current developments from primary sources and consider your own circumstances before making any decision.

As XRP (CRYPTO: XRP) is battling to stay above $1, pro-crypto attorney John Deaton said XRP holders played a meaningful role in Ripple’s landmark legal victory against the SEC.

‘Happy XRP is not a security day’In an X post on July 14, Deaton said the court cited his amicus brief, nearly 4,000 affidavits submitted by XRP holders, and an oral argument he made in the LBRY case regarding secondary-market sales of digital assets.

He also noted that his brief argued that the token is merely digital code regardless of how it may have been marketed.

Judge Torres ultimately ruled that XRP itself is not a security, a conclusion Deaton said aligned with that argument.

Ripple chief legal officer Stuart Alderoty also celebrated on X stating, "Happy XRP IS NOT A SECURITY DAY!"

Vet, an XRP Ledger validator, also noted that the legal win led to a more crypto friendly administration and it was the "beginning of the end of the previous SEC war on crypto."

Japan remains one of XRP’s strongest markets, supported by regulatory clarity, significant institutional participation and one of the world’s largest XRP holder communities.

Doppler Finance announced a strategic partnership with SBI Digital Finance to expand institutional XRP finance in Japan. The main goal is to develop compliant XRP-based financial solutions for institutional investors.

Potential Capitulation BottomIn a podcast on July 13, crypto analyst Cryptoinsightuk highlighted elevated open interest, positive funding rates and geopolitical uncertainty as possible triggers for XRP to briefly fall below $1, targeting the $0.925-$0.95 range.

However, the analyst views such a move as a potential capitulation bottom rather than the beginning of a deeper downtrend.

Strong support around $0.95 and relatively limited liquidity below that level could pave the way for a rebound toward $1.70-$1.80.

While a decline to $0.63 remains possible, the analyst considers it a lower-probability scenario.

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Ripple-backed Evernorth has unveiled a $44 million CEO equity package in a fresh SEC filing while advancing its merger to create a Nasdaq-listed XRP treasury company.

Summary

Evernorth’s latest SEC filing includes a $44 million equity award for CEO Asheesh Birla. The amended filing advances Evernorth’s merger with Armada Acquisition Corp II and planned XRPN listing. Evernorth also launched a Japanese-language XRP information channel without announcing local operations. According to Evernorth Holdings’ fourth amended Form S-4 registration statement filed with the U.S. Securities and Exchange Commission, the company updated executive and director compensation arrangements while advancing the paperwork required for its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company backed by Arrington Capital.

🚨SCOOP: Ripple-backed Evernorth Holdings files S-4 Amendment with the US SEC
🔸Evernorth moves closer to its merger with Armada Acquisition Corp II and to launch the largest Nasdaq-listed public XRP treasury

🔸Filing announces CEO Ashish Birla’s base salary and a $44 million… pic.twitter.com/wStNBFZ23q

— Rednirav (@CryptoRednirav) July 14, 2026 The filing sets CEO Asheesh Birla’s base salary and grants him an initial equity award valued at about $44 million, together with vesting terms. Chief financial officer Matt Frymier would receive a base salary, annual bonus eligibility and an equity award worth about $5.6 million.

Evernorth also disclosed restricted stock unit awards valued at $750,000 for executives, subject to approval by the board’s compensation committee and the company’s shareholders.

Merger filing moves XRP treasury listing closer Beyond executive compensation, the amended filing moves Evernorth another step toward completing its merger with Armada Acquisition Corp II. If the transaction receives regulatory and shareholder approval, the combined company is expected to trade on Nasdaq under the ticker XRPN while operating what Evernorth has described in its SEC filings as the largest publicly listed XRP treasury company.

According to the filing, Evernorth has secured more than $1 billion in gross proceeds from investors including Ripple, Arrington Capital, SBI Holdings, Pantera Capital and Kraken.

Board appointments were also updated. Ripple chief legal officer Stuart Alderoty is expected to join the board alongside CEO Asheesh Birla and Ted Janus. The proposed board would also include OpenAI Foundation chief financial officer Robert Kaiden and Antalpha chief operating officer Derar Islim.

Separately, Evernorth has expanded its public communications by launching a Japanese-language social media account focused on XRP-related updates and market education. In its introductory message, the company stated that Japan had supported XRP early and that it would continue building from there. However, Evernorth did not announce a new office, regulatory license, investment, product launch, or local operating business in Japan.

The company added that the Japanese account would explain market developments in simple terms and provide professional information without discussing XRP price movements or forecasts. Evernorth has not disclosed local staffing, partnerships or services connected to the initiative, while its website continues to list San Francisco as its primary headquarters.

XRPN stock holds steady as XRP activity grows While the merger still awaits regulatory approval, Armada Acquisition Corp II shares have largely held their gains. The stock is up about 2.25% since the beginning of the year and has gained nearly 0.5% over the past month, although it closed 0.10% lower on Monday. Its 52-week high stands at $10.91.

Source: Yahoo Finance Evernorth has also pointed to rising XRP adoption across several areas. According to the company, tokenized real-world assets on the XRP Ledger increased from roughly $150 million to $4 billion over the past year, supported by growth in spot XRP ETF inflows and an increase in newly created XRP wallets.

Meanwhile, XRP (XRP) traded at about $1.10 after rising 2.3% over the previous 24 hours. The token fluctuated between $1.06 and $1.11 during the session, while trading volume rose nearly 16% ahead of the release of U.S. consumer price index inflation data.

Doppler Finance and SBI Digital Finance have formed a strategic partnership to expand institutional XRP finance in Japan. 

Summary

Doppler and SBI Digital Finance will build regulated institutional XRP infrastructure for Japan’s financial market. The partnership targets lending, liquidity, collateral management and tokenized assets rather than retail trading services. SBI’s broader crypto strategy includes exchanges, stablecoins, payments, rewards and institutional market infrastructure projects. The companies announced the agreement on July 13, saying they will work on digital asset infrastructure for professional market participants.

The partnership combines Doppler’s tokenized capital market systems with SBI Digital Finance’s institutional network and crypto lending experience. The announcement did not disclose financial terms, launch dates, named clients or a specific product ready for release.

Partnership targets institutional XRP infrastructure Doppler and SBI Digital Finance plan to support infrastructure for XRP and other digital assets in Japan. Their stated work areas include institutional solutions for XRP, tokenized assets and wider tokenized financial markets, subject to applicable Japanese rules. The services could target banks, funds and professional trading firms.

Doppler Finance X SBI Digital Finance

Doppler Finance and SBI Digital Finance Announce Strategic Partnership to Expand Institutional XRP Finance in Japan

The partnership brings together Doppler’s digital asset infrastructure and SBI Digital Finance’s institutional market… pic.twitter.com/pTSyxkXgYM

— Doppler Finance (@doppler_fi) July 14, 2026 The companies said institutional demand now reaches beyond custody. They expect market participants to seek systems for liquidity, financing, collateral management and better use of capital. The partnership focuses on those functions rather than retail trading or a new consumer XRP service.

SBI Digital Finance brings lending experience SBI Digital Finance operates HashHub Lending, a Japan-based service for lending crypto assets. Doppler said the company brings market relationships, risk controls and operational experience that could support products designed for institutions.

Rox, Doppler Finance’s head of institutions, said the company aims to “transform digital assets from passive holdings into productive financial capital.” The statement presents that goal as a development plan. It does not confirm that institutions can already access a new XRP lending, yield or collateral product through the partnership.

Agreement extends Doppler’s work with SBI companies The new agreement follows an earlier link between Doppler and another SBI business. In December 2025, SBI Ripple Asia and Doppler signed a memorandum to explore XRP-based yield infrastructure and real-world asset tokenization on the XRP Ledger. The partners selected SBI Digital Markets to provide institutional custody for that initiative.

The July partnership names SBI Digital Finance, a separate lending-focused company within the wider SBI network. Doppler has not explained whether the two agreements will share products, custody arrangements or customers. Both initiatives center on regulated infrastructure intended to give institutions more ways to use XRP and tokenized assets.

SBI expands Japan’s regulated digital asset network Japan already hosts a broad SBI-led XRP ecosystem. As previously reported, SBI companies have supported regulated prepaid tokens on the XRP Ledger, RLUSD distribution, tokenized bonds with XRP rewards and other payment and investment services. The latest partnership adds lending and capital-market infrastructure to that wider activity.

SBI has also expanded its exchange and institutional market reach. The group moved to acquire Bitbank after SBI VC Trade absorbed Bitpoint Japan. Separately, SBI led EDX Markets’ $76 million funding round for institutional trading, clearing and settlement infrastructure.

Related activity has also drawn XRP-focused firms toward Japan. As reported by crypto.news, Evernorth recently opened a Japanese-language presence while pursuing a planned public XRP treasury. SBI committed $200 million to the proposed transaction, although Evernorth did not announce a new Japanese license, office or product.

The Doppler partnership remains at the development stage. Neither company identified lending rates, supported assets beyond XRP, collateral terms, custody providers or an expected launch window. Future announcements will need to define the services institutions can use and the regulatory approvals required in Japan.

After the SEC fight, Ripple bounced back with new deals, acquisitions, tokenization efforts, and XRP ETFs.

It has been three years since Judge Analisa Torres delivered her landmark ruling that Ripple’s programmatic sales of XRP on crypto exchanges did not constitute securities transactions. This decision remains one of the most important legal moments in the history of the industry that had long been vilified by regulators.

Issued on July 13, 2023, the ruling distinguished between XRP sold to institutional investors, which the court found violated securities laws, and tokens sold on public exchanges, which it said did not constitute securities transactions.

The decision triggered an immediate market reaction. The asset, for one, soared more than 70% in a single day as major US exchanges such as Coinbase, Kraken, and Gemini quickly relisted it after previously suspending trading following the SEC’s lawsuit.

The token staged a powerful rally in late 2024 and subsequently climbed above $3 in early 2025 before it tapped a new ATH in July that year. Although XRP later gave up part of those gains amid a broader market downturn, it stood above $1 on the ruling’s third anniversary.

Following the Torres ruling, Ripple continued expanding beyond XRP and launched its US dollar-backed stablecoin, RLUSD, in December 2024.

From Partnerships to Acquisitions Ripple partnered with African payments network Onafriq to facilitate cross-border payments between Africa and the rest of the world, using Ripple Payments months after the ruling. The following year, the company added the Axelar Foundation to its growing roster of strategic partners to support interoperability within XRP Ledger (XRPL).

It partnered with Clear Junction to ramp up euro payment rails for Ripple Payments and improve payout capabilities across Europe as well. Later that year, it collaborated with Archax to bring tokenized RWAs onto the XRPL. Ripple also worked with OpenEden to bring tokenized US Treasury bills to the network.

You may also like: The End of a Ripple Era: XRP ETFs Record First Red Week In Months XRP Stalls at $1.10: Could Quiet On-Chain Activity Be the Calm Before a Bigger Move? XRP’s On-Chain Data Flashes Warning While Sellers Continue to Dominate In 2025, South Korean institutional custody firm BDACS signed a strategic partnership with the company. An alliance was also made with the tokenization platform Ctrl Alt to support the Dubai Land Department’s (DLD) Real Estate Tokenization Project. Meanwhile, BNY Mellon was appointed the primary custodian for RLUSD reserves.

On the acquisitions front, Ripple first announced the purchase of Standard Custody & Trust Company to strengthen its regulatory compliance. The acquisition officially closed in June 2024.

The next major acquisition came in April 2025 with the $1.25 billion purchase of global prime broker Hidden Road. The transaction expanded the company beyond payments into institutional prime brokerage, clearing, and financing, while positioning RLUSD and the XRP Ledger at the center of Hidden Road’s post-trade infrastructure.

Entering the ETF Era The Torres ruling also paved the way for XRP’s entry into the US exchange-traded fund market in a major milestone for institutional adoption. While several asset managers, including Bitwise, Franklin Templeton, Grayscale, Canary Capital, and 21Shares, filed applications for spot XRP ETFs over the following months as regulatory clarity around the asset improved, the products did not begin launching until late 2025.

Since they went live, these funds have dominated crypto ETF flows and have only recently suffered a setback. So far in July, XRP ETFs have recorded an outflow of $2.50 million after an impressive nine-week green-only streak.

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Ripple has announced that onchain financial products are rapidly transforming the global finance sector, signaling a clear shift from the experimental phase of blockchain toward widespread adoption. The technology company, which specializes in digital payment protocols and the XRP Ledger, cited increasing evidence that tokenized funds, bonds, and repurchase agreements (repos) are delivering significant improvements in settlement speed, cost reduction, transparency, and round-the-clock operational efficiency when compared to traditional systems.

UK takes the lead in digital assetsThe UK government has set out a strategic plan to establish itself as a center for tokenized wholesale finance. Ripple stated that the country’s robust capital markets, strong regulatory framework, and long-standing credibility in global finance give it a competitive advantage in driving digital asset innovation.

Industry forecasts suggest tokenized wholesale markets in the UK could achieve up to £33 billion, or approximately $45 billion, in annual economic output by 2035. Advocates claim that moving conventional financial instruments onto blockchain networks could deliver notable economic benefits as well as modernize financial infrastructure.

Ripple projects that tokenized funds, bonds, and repos are already enabling faster settlements, lower operational costs, and continuous market access, supporting the case for blockchain as a core element of future financial infrastructure.

Ripple also confirmed its ongoing participation in the UK Treasury’s Wholesale Digital Markets Taskforce. The Taskforce, working with regulators and private firms, is developing policies to advance the United Kingdom’s digital markets and support the rollout of blockchain-based financial products.

The UK initiative aims to increase the tokenization of real-world assets, including government bonds, corporate debt, money market funds, and repos. These efforts are designed to modernize financial markets while enabling real-time, transparent, and resilient transactions.

Mini dictionary: Repurchase agreement (repo), a short-term loan where one party sells securities to another with an agreement to repurchase them at a set date and price. Repos are widely used in money markets to manage liquidity between financial institutions.

Ripple and institutional adoption of blockchainThe momentum in tokenization is not confined to the UK. Financial institutions around the world are increasingly recognizing the advantages of bringing capital markets onchain. JPMorgan, one of the largest global banks, has underlined the growing importance of tokenized assets and programmable money, describing them as building blocks for the financial market’s next evolution.

Country/InstitutionTokenization StrategyAnnual Output TargetUKWholesale market and real-world asset tokenization£33 billion ($45 billion) by 2035RippleXRP Ledger as core infrastructure for regulated digital marketsGlobal scale (no explicit target)JPMorganAdoption of tokenized assets and programmable moneyNo direct output target statedRipple maintains that the XRP Ledger is well positioned to meet the needs of regulated digital markets. David Schwartz, Ripple’s Chief Technology Officer, has recently highlighted tokenized loans, securities, and repo markets as a significant opportunity for the network, stating that the platform could serve as an institutional backbone for bond issuance, securities processing, tokenized lending, and wholesale funding.

Ripple is working with regulators, financial institutions, and technology partners to shape frameworks that support regulated tokenization and encourage adoption of blockchain solutions in global finance.

As governments and leading institutions accelerate tokenization strategies, Ripple aims to ensure the XRP Ledger is prepared to facilitate large-scale, regulated trading of real-world assets. Observers say that the global financial system is increasingly positioning blockchain not simply as a vehicle for cryptocurrencies but as a foundational technology for markets and payments infrastructure.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP Ledger app activity has picked up, with tagged transactions jumping 28.6% as more applications become active on the network.

Developer-related activity on the XRP Ledger is showing renewed momentum, with new data pointing to a noticeable rise over the past week. According to an X post from XRPL dUNL validator Vet, source-tagged transactions have increased sharply as more applications and services come live on the ecosystem.

XRP Ledger Records Stronger App Activity According to the data, source-tagged transactions reached 676,800 per week, representing a 28.6% increase compared to the first week of the reporting period.

An accompanying chart shows daily source-tagged transactions trending higher after a noticeable drop in late June. Activity accelerated on the third day of July, with several sessions since then pushing above the 80,000 mark. On July 10, tagged transactions on the XRP Ledger reached 120,000 per day, one of the highest readings on the chart.

XRP Ledger App Activity Spike/Vet Network participation also ticked up during the same timeframe. Average daily active source tags rose to 176, up 13% from the beginning of the reporting period. 

Notably, source tags identify the services and applications generating activity on the XRP Ledger. As such, their increase suggests that more platforms are now operating on the network.

Overall, the metric shows that developers are actively deploying newer applications on XRP Ledger. Also, those apps are generating interest, resulting in more source-tagged transactions processed on the Ledger per day.

While the overall activity grew, the data shows that new wallets per week held steady at 12,400. Vet noted that the flat new wallet count suggests that existing users are becoming more active. The current increase in app usage is from users already registered on the network, not primarily from new addresses.

Rising Developer Activity Fueled by “Make Waves?” Vet noted that one possible explanation for the higher level of activity is the ongoing “Make Waves on XRPL” initiative organized by XRPL Commons.

For the uninitiated, the three-month competition started on June 22. XRPL Commons offers 50,000 XRP in rewards to developers who launch live applications on the XRP Ledger mainnet and attract active users and measurable on-chain activity.

The hackathon bases the incentives on working products and does not accept prototypes. At the end of the program on September 21, the best projects will receive a share of the 50,000 XRP prize money.

For context, 25,000 XRP will go to the best overall project, selected by the jury. 5,000 XRP will go to the application with the highest number of users. The project with the highest on-chain volume will receive another 5,000 XRP, while 1,000 XRP will be shared among 15 projects with 300 active users.

Vet suggested that this could be the reason why both tagged transactions and active source tags have climbed together. Nonetheless, this remains unconfirmed.

XRP Whale Activity and Price Decline Despite the increase in app activity, XRP whales have slowed down transactions. Over the past week, transactions exceeding $1 million on the XRP Ledger have dropped from 70 to two, a 97% decline.

At the same time, XRP also pulled back by 6%, as bears continue to dominate market proceedings. At the time of writing, XRP trades at $1.078, continuing to defend key support areas despite weakness.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

The XRP products continue to operate differently than those tracking BTC and ETH.

For weeks and weeks, the spot Ripple ETFs, alongside HYPE and sometimes SOL, dominated all cryptocurrency-related exchange-traded funds, while the market leaders suffered.

However, this trend has finally changed as the financial vehicles tracking the performance of the cross-border token turned red in the past week for the first time in over two months.

Streak Broken Although the actual numbers were not as impressive as they were back in October, November, and December last year when the XRP ETFs launched, they were still in the green for nine consecutive weeks. Moreover, the only week that broke that streak saw a minor $35.21K (not millions) in net outflows, so it doesn’t really count. Within this timeframe, the total net inflows rose from under $1.29 billion to a new all-time high of $1.49 billion as of July 2.

However, the tides finally turned in the past five business days. Interestingly, though, only one day was in the red, with $7.29 million leaving the funds on July 8. A minor $107.38K entered the funds on Friday, while the other three trading days saw no reportable action, according to SoSoValue data.

Spot XRP ETF Inflows. Source: SoSoValue This is rather concerning as XRP has seen similar net inflow-free days in the past, but that wasn’t the case in the last few months. Now, though, investors appear to have turned their attention away from Ripple’s token and back to the market leaders. As reported yesterday, both the Bitcoin and Ethereum ETFs recorded their first green week in two months, with net inflows of almost $200 million and $84 million, respectively.

XRP Price Stalls Despite the major net inflows for nine weeks, Ripple’s native coin failed to capitalize and record any substantial gains in that time. However, the net ouflows in the past week seem to have harmed it, as current data from CoinGecko shows a 3.2% decline over the past week.

XRP challenged the $1.15 resistance earlier this week, but it was halted there, and the subsequent rejection pushed it south to under $1.10. Although it has rebounded to that level now, the uncertainty continues as many analysts expect a major move ahead.

You may also like: XRP Stalls at $1.10: Could Quiet On-Chain Activity Be the Calm Before a Bigger Move? XRP’s On-Chain Data Flashes Warning While Sellers Continue to Dominate Japanese Firms Are Boosting BTC and XRP Holdings – SBI VC Trade Reveals Why The direction, as usual, is unknown, but the overall belief within the crypto community is that XRP has reached a decision point and it could either head below $1.00 soon or rocket toward new local peaks.

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XRP ETFs Break Four-Day Outflow StreakSpot $XRP ETFs recorded a modest net inflow of around $107,000 on Friday, July 10, breaking a four-consecutive-day run of outflows. While the figure is small in absolute terms, it marks the first positive daily flow the products had seen in nearly a week.

Despite the brief recovery, the funds remain in negative territory for the month. The latest withdrawals had pushed cumulative flows into a net outflow of $2.61 million for July 2026. That reversal comes after a strong finish to June, when the funds pulled in $15.34 million on June 29, building on an equally impressive $15.63 million net inflow recorded just days prior on June 26.

Three-Month Inflow Run Now Under PressureThe July softness interrupts what had been a sustained period of investor appetite for the regulated products. According to data from Yahoo Finance, XRP ETFs ended April with roughly $82 million in net inflows, marking the funds' best month since the late-2025 launch period, a reverse of what happened in March, which ended with $31 million in outflows. May then topped that, with May's inflow of $118.29 million surpassing April's $81.59 million to become the strongest month of 2026.

The broader picture for the products remains constructive. Cumulative net inflows across all approved XRP spot ETFs continue to hover around a healthy $1.40 billion mark. As of July 11, 2026, seven XRP spot ETFs are trading in the United States with combined assets under management of around $1 billion and 964.5 million XRP tokens locked.

The leading products include the Bitwise XRP ETF (1XRP) with around $245.3 million in assets, followed by the Canary XRP ETF with approximately $225.9 million and the Franklin XRP ETF with about $167.9 million. Whether the July 10 inflow signals a genuine turn or merely a brief pause in the current negative run remains to be seen, but the month's performance will be closely watched given the three-month positive streak that preceded it.

Sources:
U.Today: XRP ETFs Log One of Biggest Outflows of 2026
Yahoo Finance: XRP ETFs Snap Longest Inflow Streak of 2026
Coinpedia: Spot XRP ETFs Record Largest Outflow Since March

On July 6, Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier, upgraded Ripple’s preliminary Crypto-Asset Service Provider authorization into a full license under the European Union’s Markets in Crypto-Assets framework. The approval means Ripple can passport regulated crypto services across all 30 countries of the European Economic Area, from Lisbon to Helsinki, under a single national authorization. Cassie Craddock, Ripple’s managing director for the UK and Europe, framed the moment plainly: the company enters the post-transitional MiCA era fully compliant and ready to scale.

Summary

Ripple secured a full MiCA license in Luxembourg, allowing it to offer regulated crypto services across the European Economic Area. While Europe has given Ripple regulatory certainty, XRP’s legal classification in the U.S. still depends on the CLARITY Act. The article explores whether Ripple’s expanding regulatory footprint can eventually translate into stronger XRP demand. Five days later, on the other side of the Atlantic, the legislation that would finally tell American regulators what XRP actually is remained stuck in the Senate. A merged draft of the CLARITY Act is expected the week of July 13, floor action is penciled in for the week of July 20, and the whole effort still needs roughly 7 Democratic votes it does not currently have. Galaxy Research has cut its odds of passage in 2026 to a coin flip.

That is the strange position Ripple occupies in the summer of 2026. A company born in San Francisco, hardened by a 4-year fight with the Securities and Exchange Commission, and lobbying harder than almost anyone for American crypto legislation, is now more comprehensively regulated in Europe than it has ever been at home. The Luxembourg license is not just a compliance milestone. It is a measuring stick for how far apart the two largest Western markets have drifted, and a live experiment in whether regulatory certainty actually converts into business, and eventually into token demand.

What Ripple actually won in Luxembourg The July 6 approval was the second half of a two-part regulatory build that Ripple has been assembling in the Grand Duchy for most of a year. The first half arrived on February 2, when the CSSF granted Ripple full approval as an Electronic Money Institution. The EMI license lets the company issue electronic money and run regulated fiat payment services across the European Union. It followed a preliminary EMI approval a month earlier and came shortly after Ripple picked up an EMI license and a cryptoasset registration from the UK’s Financial Conduct Authority, extending the same regulated posture to Britain.

The CASP license completes the picture on the crypto side. Under MiCA, a Crypto-Asset Service Provider authorization covers custody, exchange, transfer, and related services for cryptoassets. Ripple received preliminary CASP approval from the CSSF on June 23, then satisfied the remaining conditions in under 2 weeks, converting the in-principle nod into a full license just after MiCA’s transition period closed on July 1. As crypto.news reported, the timing put Ripple inside the licensed perimeter at the exact moment the perimeter became a hard wall.

The combination matters more than either license alone. With the EMI approval, European banks, fintechs, and corporates can move regulated fiat and e-money through Ripple. With the CASP approval, the same clients can move cryptoassets and stablecoin flows through the same provider under the same rulebook. Ripple Payments, the company’s cross-border settlement product, has processed more than $100 billion across more than 60 markets globally. The Luxembourg stack gives that product a clean legal wrapper in a bloc of roughly 450 million people, with one regulator to answer to and 30 countries to sell into.

Ripple says its global license count now exceeds 75 authorizations, registrations, and approvals, a portfolio that spans Singapore, Dubai, New York’s BitLicense regime, and now the heart of the EU. Few crypto-native companies carry anything comparable. That was a deliberate strategy long before MiCA existed: sell to banks, and you must look like something a bank compliance department can approve.

The graveyard on the other side of the deadline The value of a MiCA license is easiest to see in what happened to the companies that do not have one. The regulation’s transition period ended on July 1, 2026. From that date, any firm offering covered crypto services in the EEA without CASP authorization must limit or stop those services. The European Securities and Markets Authority added 57 newly approved firms to its register right after the deadline, bringing the total to around 300 authorized providers. Set that against the more than 1,200 firms that operated in Europe under the old patchwork of national regimes, and the scale of the cull becomes clear. By some counts, only around 210 of those incumbent companies completed the licensing process in time.

The casualty list includes names that would have seemed untouchable 2 years ago. Binance, the largest exchange in the world by volume, failed to secure authorization in time through its Greek application and has told customers in several European markets that services are suspended while it seeks approval elsewhere. Tether chose not to apply at all, citing objections to MiCA’s stablecoin requirements, and USDT has been delisted from European venues as a result. Hundreds of smaller firms now face a choice between merging with licensed competitors, shrinking to non-covered activities, or exiting the region entirely.

The passporting mechanism is what makes a single national license so valuable. Under MiCA, a firm authorized in one member state can offer covered crypto services throughout the EU and the wider EEA without seeking separate national approvals, the same single-market logic that has governed European banking and investment services for decades.

Before MiCA, a crypto company wanting continental coverage needed a patchwork of national registrations, each with its own rules, timelines, and supervisory quirks, and each revocable on its own schedule. After MiCA, the choice of home regulator became a strategic decision, because one supervisor now stands behind a firm’s entire European footprint. That concentration cuts both ways.

A company with a Luxembourg license answers to a regulator with a long institutional finance pedigree and a reputation for rigor, which reassures bank counterparties. It also means a single supervisory dispute could, in theory, imperil access to 30 markets at once. Firms accepted that trade because the alternative, 30 separate relationships, was worse.

Luxembourg, meanwhile, has become one of the main gateways for the firms that made it through. Coinbase won its MiCA license from the CSSF in June 2025, opened a physical hub in the country, and migrated its EU operations into a dedicated Luxembourg entity.

Standard Chartered received its authorization through the same regulator. B2C2 took the Luxembourg route for its European trading business. Ripple now joins that group, which turns the Grand Duchy into something like the institutional crypto capital of the EU, a jurisdiction that courted the industry with dedicated blockchain legislation and a regulator willing to process serious applications quickly.

For Ripple specifically, the competitive math is straightforward. Every payments client it pitches in Europe now faces a shrunken menu of fully licensed providers. The company spent years and considerable money building a compliance posture that most rivals treated as optional. MiCA just made it mandatory, and Ripple crossed the line while much of the field did not.

The license lands on top of an institutional build-out The Luxembourg approval did not arrive in isolation. It caps 12 months in which Ripple assembled more institutional infrastructure than in the previous decade combined, which is what makes the token’s indifference so striking and the license so strategically loaded.

Start with the prime brokerage. Ripple closed its $1.25 billion acquisition of Hidden Road in October 2025, folding a multi-asset prime broker into the company and rebranding the operation as Ripple Prime. On March 2, 2026, Ripple Prime appeared in the participant directory of the National Securities Clearing Corporation, the DTCC subsidiary that clears the vast majority of American equity trades.

The Depository Trust and Clearing Corporation processes transactions measured in the quadrillions of dollars annually and safeguards roughly $100 trillion in assets. Having XRP-linked infrastructure inside that machine is the kind of positioning that takes years to arrange and cannot be improvised later. DTCC has since named Ripple Prime to the industry working group of more than 50 firms shaping its tokenization service for Russell 1000 stocks, major ETFs, and US Treasuries, scheduled to launch in October 2026.

Then the ledger itself. Tokenized real-world assets on the XRP Ledger grew from $991 million at the start of 2026 to roughly $3.5 billion by midsummer. In early May, JPMorgan, Mastercard, Ondo Finance, and Ripple completed the first cross-border tokenized US Treasury redemption on XRPL, clearing in under 5 seconds.

Daily transactions on the ledger hit 3 million on March 15, roughly triple the averages of mid-2025. RLUSD, the stablecoin at the center of Ripple’s settlement strategy, reached a market capitalization of $1.72 billion in under a year, with more than $18 billion in transfer volume in the first quarter of 2026 alone. And in July, Ripple joined Open USD, the consortium dollar stablecoin backed by Visa, Mastercard, Stripe, BlackRock, and more than 140 other companies, hedging its own stablecoin bet with a seat at the industry table.

Every item on that list is the kind of development that, in a friendlier market, would have carried its own rally. Instead, each landed on a chart grinding lower, which is a useful reminder of how much of crypto pricing in 2026 is macro beta and how little is project-specific fundamentals. The relevance to the Luxembourg story is this: the license is not a standalone trophy. It is the regulatory layer of a stack that now includes clearing access, tokenization rails, a stablecoin, and a prime broker. Europe is where that full stack can operate legally today.

Meanwhile in Washington: a bill, a deadline, and seven missing votes The contrast with the United States is not subtle. The CLARITY Act, the market structure bill that would sort digital assets into commodity and security buckets and hand spot market oversight of digital commodities to the Commodity Futures Trading Commission, has traveled further than any crypto legislation in American history. The House passed it 294 to 134 in July 2025. The Senate Banking Committee advanced its version 15 to 9 on May 14, 2026, with Democrats Ruben Gallego and Angela Alsobrooks crossing over. The bill sits on the Senate Legislative Calendar, eligible for a floor vote whenever leadership schedules one.

And there it sits. A unified draft merging the Banking and Agriculture Committee texts, reportedly more than 70 pages longer than the earlier versions and heavier on consumer protections, is expected as soon as the week of July 13, with floor action targeted for the week of July 20. The Senate breaks for recess on August 7.

Senator Cynthia Lummis has warned that failure in this window likely means no market structure law before 2030. Galaxy Research has lowered its passage odds for 2026 to 50%, down from 75% right after the committee vote, and Stifel’s Washington strategist has written that the bill’s prospects deteriorate materially if it misses the recess deadline.

The blockage is not primarily about crypto. It is about ethics. Senate Democrats have demanded language barring senior government officials, including the president, from holding business interests in the crypto industry, a demand aimed squarely at the Trump family’s estimated $2.3 billion in crypto exposure across memecoins, World Liberty Financial, and mining ventures.

The White House has said it will accept rules that apply across the board but not language that singles out one officeholder. A tentative compromise involving state attorney general enforcement fell apart. Even Gallego and Alsobrooks have said their floor votes depend on the ethics fix. As crypto.news covered, disputes over vacant SEC and CFTC commissioner seats have layered a second standoff on top of the first.

Two more fault lines complicate the count. Senator Amy Klobuchar has proposed an amendment that would block new CFTC rules from taking effect until at least four commissioners are confirmed, effectively turning the agency staffing dispute into a statutory switch on the entire regulatory framework the bill would create. CFTC Chair Selig has pushed back, arguing on July 9 that the bill is being derailed by matters extraneous to its substance and that the agency does not need a quorum to write rules.

And law enforcement groups have raised objections to Section 604, the developer protection language drawn from the Blockchain Regulatory Certainty Act, worried it could complicate illicit finance cases. Senator Ron Wyden countered on July 8 with a letter to Senate leadership urging that the BRCA provisions be preserved, giving the DeFi industry its one clear win of the month. Lummis, for her part, has answered the illicit finance critique by pointing to more than 16 safeguards in the text and $150 million in dedicated enforcement funding.

Add it together, and the arithmetic is unforgiving. Three working weeks remain in July, a defense spending bill competes for floor time, and every unresolved dispute needs to close simultaneously for 7 Democrats to move. The committee vote on May 14 offered a preview of what passage would be worth: within an hour of the 15-9 result, Bitcoin jumped to $81,449, and XRP gained 4.5% on the day. Citi has a $143,000 Bitcoin target and Standard Chartered a $150,000 target contingent on the bill becoming law. Markets have, in other words, priced regulatory clarity as a real asset. The Senate simply has not delivered it.

So the American question that matters most to Ripple, whether XRP is a digital commodity under CFTC oversight or something the SEC can still reach, remains formally unanswered. The 2023 court ruling in the SEC’s case against Ripple found that programmatic sales of XRP on exchanges were not securities transactions, and the SEC case itself ended in a settlement in 2025. But a court ruling in one district and a dropped enforcement action are not a statute. They are precedents that a future administration, a future commission, or a future judge could narrow. That is precisely the uncertainty the CLARITY Act exists to remove, and precisely the uncertainty Europe has already removed for Ripple’s payments business.

Does a license move a token? Here is where the bull case and the bear case split, and both deserve a fair hearing.

The bear case is blunt: the Luxembourg license is a company milestone, not a token catalyst. Ripple’s own announcement barely mentions XRP. The approval covers Ripple’s regulated payments services, not its tokens, and MiCA runs a separate authorization track for stablecoins that RLUSD has not yet cleared. Until that happens, Ripple’s own dollar token cannot be offered to the European public, a gap rivals like Circle’s USDC do not have.

Most Ripple Payments volume today settles in RLUSD or fiat, not XRP, and where XRP does route payments across the XRP Ledger, the fees burned per transaction amount to fractions of a cent. When the preliminary CASP approval landed in June, XRP fell about 3% that week alongside the broader market. The market looked at the news and, quite rationally, did not treat it as a buy signal.

The token’s price action through 2026 supports that reading. XRP peaked near $3.65 in July 2025, closed last year around $1.90, and has spent this summer defending the $1 level, trading recently in the $1.05 to $1.13 range. None of Ripple’s regulatory wins arrested the slide, because the slide was never about Ripple. It tracked a market-wide drawdown that pulled Bitcoin below $60,000 and cut altcoins far deeper.

The bull case asks for a longer clock. Regulatory moats compound slowly. Ripple can now sell regulated crypto payments to European banks and corporates at a moment when much of its competition legally cannot, and enterprise procurement cycles that begin in 2026 produce volume in 2027 and 2028. If that volume increasingly touches the XRP Ledger, whether through On-Demand Liquidity corridors, RLUSD flows that settle on XRPL, or tokenized asset activity, the token accrues usage that exists independently of speculative sentiment.

Institutional demand channels are also open in a way they were not a year ago: spot XRP ETFs have logged roughly $1.49 billion in cumulative net inflows since launching in November 2025, and as crypto.news noted, that streak recently stretched to 8 consecutive weeks even as the price languished. Standard Chartered and JPMorgan have both projected $4 to $8.4 billion in first-year ETF inflows if the CLARITY Act passes and unlocks allocators who cannot touch unclassified assets.

The honest synthesis is that the license changes Ripple’s revenue trajectory with high confidence and XRP’s demand trajectory with low confidence. The link between the two runs through actual ledger usage, and that is a metric to watch, not a headline to trade.

The deeper pattern: Two systems, two bets Step back from Ripple and the transatlantic gap looks like two different theories of how to regulate an industry.

Europe chose comprehensiveness first. MiCA is a single rulebook, written once, applied across 30 countries, with a hard deadline and real exclusion for non-compliance. Its critics have a point: the regime’s stablecoin rules, including a blanket ban on interest and heavy bank-deposit reserve requirements, pushed the largest stablecoin issuer on earth out of the market, and the European Commission has already opened a consultation on whether parts of the framework need repair. A rulebook that excludes Tether and stalls RLUSD is not obviously optimized for growth. But it exists, it is enforceable, and a company that clears it knows exactly where it stands.

The United States chose litigation first and legislation later, maybe. The SEC’s enforcement campaign defined the rules by lawsuit, Ripple’s case being the canonical example, and the current Congress is attempting to replace that regime with statute under intense time pressure and presidential conflict-of-interest baggage that no other financial bill has ever carried. The fallback if CLARITY fails is the SEC’s administrative framework known as Regulation Crypto, which Chair Paul Atkins has described as a bridge to legislation. A bridge built by one commission can be dismantled by the next, which is exactly the problem statutes exist to solve. Similar dynamics played out in the stablecoin fight that preceded this one, where, as crypto.news reported, even a bill that eventually passed spent months hostage to fights over state versus federal authority.

For a company like Ripple, which sells to the most conservative buyers in finance, the European bet pays off immediately, and the American bet pays off only if Congress acts. Cross-border payments are also a business where network effects follow regulatory access. Japan already shows what deep institutional integration looks like, with SBI running XRP-based remittance corridors that have no real American equivalent, a story crypto.news has examined in depth. Europe is now the second major bloc where Ripple can attempt that playbook with full regulatory cover. The United States, the company’s home market, is the one place where it still cannot.

There is one more wrinkle worth naming. If the CLARITY Act does pass before the August recess, the transatlantic gap closes fast, and it closes in a way that favors assets with existing institutional plumbing. XRP would enter CFTC jurisdiction as a digital commodity with ETFs already trading, a prime brokerage arm already inside the DTCC’s clearing ecosystem, and a European license portfolio already generating regulated volume. The pieces would connect. If the bill dies, the gap becomes the story for another year at minimum, and Ripple’s center of commercial gravity keeps shifting toward jurisdictions that gave it an answer.

What to watch from here Three markers will tell the story faster than any press release.

First, RLUSD’s European stablecoin authorization. The EMI license gives Ripple the corporate foundation to seek approval for its stablecoin under MiCA’s separate e-money token rules. Until that clears, the most natural settlement asset in Ripple’s European stack stays off the shelf for public offering, and the license story remains half finished.

Second, disclosed European client wins. Licenses are permission, not demand. The proof that regulatory certainty converts into business will arrive as named banks, payment providers, and corporates routing volume through Ripple Payments in the EEA. Watch for whether those announcements specify XRPL settlement or quietly settle in fiat and RLUSD, because that distinction is the entire XRP investment case in miniature.

Third, the Senate floor in the last 2 weeks of July. The merged CLARITY draft, the ethics compromise or its absence, and the 7-Democrat math will determine whether the United States joins Europe in giving Ripple a rulebook or hands the company another year of asymmetry. Either outcome is informative. One of them is also tradable.

The Luxembourg license will not move XRP this week, and anyone claiming otherwise is selling something. What it does is quietly settle an older argument. For years, skeptics said Ripple’s compliance-heavy strategy was expensive theater in an industry that rewarded speed over permission.

In Europe, in July 2026, permission became the product. The companies that skipped the theater are locked out of a market of 450 million people, and the company that endured 4 years of litigation from its own government is, for the moment, more welcome in Brussels than in Washington. That inversion says less about Ripple than it does about the two systems that produced it, and the next month will reveal whether the American half of the story finally catches up.

Avalanche Stablecoin Supply Jumps 46% in Seven DaysAvalanche's stablecoin supply has posted one of its sharpest weekly gains on record. According to data shared by @BSCNews, the total stablecoin supply on @Avax surged 46% in just seven days, pushing the figure above $1.8 billion at time of writing. The move has lifted $AVAX into 11th place among all stablecoin networks globally, overtaking both @Plasma and @ripple's $XRP Ledger in the process.

The milestone is notable not just for its speed but for the broader trajectory it reflects. According to Token Terminal data, the combined market cap of stablecoins and tokenized funds on Avalanche climbed from roughly $1.2 billion in January 2024 to just above $2 billion in January 2026, representing a roughly 70% increase over two years. The latest weekly spike suggests that pace is now accelerating.

Institutional Momentum and Network Growth Behind the MoveThe stablecoin surge does not exist in isolation. Avalanche has been building institutional momentum across several fronts in 2026. Avalanche formally launched the Avalanche Payments Collective, an alliance of 28 major organisations including Franklin Templeton, VanEck, and Paxos, aimed at unifying stablecoin settlement, treasury infrastructure, and foreign exchange into a single blockchain-based framework spanning more than 150 countries.

Major financial institutions such as J.P. Morgan, Apollo, and Citi are also using Avalanche for real-world asset tokenization and backend infrastructure. That institutional engagement has helped attract deeper stablecoin liquidity to the network, providing a structural foundation beneath the latest supply figures.

On the technical side, Avalanche's C-Chain can process roughly 88% more transaction throughput than Ethereum while pricing transactions at approximately one-fiftieth of the cost, and it can rapidly increase block size during periods of high demand. Those performance characteristics make it a practical choice for stablecoin issuers and settlement-focused applications looking for speed and low cost.

The credit for building the infrastructure that underpins these results sits largely with the @AvaLabs team, whose continued development work has positioned Avalanche as a credible institutional-grade settlement layer heading into the second half of 2026.

Sources:
Yahoo Finance: Avalanche posts 70% surge in stablecoin and tokenized fund market cap in 2 years
VanEck: Avalanche 201, The Institutional Platform
DefiLlama: Avalanche Stablecoin Market Cap and Supply