DTCC zařadila XRP do svého Learning Center jako kryptoměnu a popsala, jak může sloužit jako kolaterál při clearingu. Uvedla také pravidla pro haircut, včetně vyššího haircutu pro XRP při ceně 5 USD nebo nižší.
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.
XRPL EVM sidechain po roce drží jen 25 741 USD TVL a za posledních 24 hodin i 7 dní vykázal nulový objem obchodů. Původní odhad 600 milionů až 12 miliard USD se nenaplnil.
In June 2025, a week before the XRP Ledger’s EVM sidechain went live, the team building it published the arithmetic of what was coming. Polygon had contributed somewhere between $2 billion and $6 billion in total value locked to Ethereum, up to a tenth of the whole.
Summary
The XRPL EVM sidechain promised a $600 million to $12 billion TVL uplift but holds only $25,741 after one year. The chain is technically live, audited, and maintained, but almost no users or capital have arrived. Moai Finance has recorded just $95,008 in cumulative spot volume across the sidechain’s entire existence. XRPL’s institutional mainnet activity grew while permissionless EVM DeFi failed to gain traction. The result suggests EVM compatibility alone does not create demand without users already waiting for cheaper or better execution. If the XRPL EVM sidechain matched that trajectory, the post argued, the uplift to the XRP Ledger would run from $600 million to $12 billion, and it would fundamentally change the demand curve for XRP. Ninety entities were already building. Sixty days of testnet had pulled in developers who had never touched the XRP ecosystem. The technology was ready. The builders were here.The sidechain launched on June 30, 2025. The anniversary passed two weeks ago.
As of July 14, 2026, total value locked on the XRPL EVM sidechain is $25,741, according to DefiLlama. Chain fees over the past 24 hours: zero. Chain revenue: zero. Decentralized exchange volume over 24 hours: zero. Over seven days: also zero. The largest protocol on the chain, a decentralized exchange called XRiSE33 Network, holds $11,909. The second largest, a launchpad named Riddle, holds $8,831. Moai Finance, the only protocol on the chain that has ever recorded meaningful trading, has done $95,008 in cumulative spot volume across its entire existence and currently holds $1,117.
The low end of the projection was $600 million. The delivery is $25,741. That is not a shortfall. It is a rounding error against a rounding error, and it is the most instructive number in the XRP ecosystem right now, because of what else the same ledger accomplished during the same twelve months.
What was actually built The technical work was not the problem, and it is worth stating that clearly before the autopsy.The XRPL EVM sidechain is a Cosmos SDK chain running Ethereum Virtual Machine compatibility, connected to the XRP Ledger mainnet through the Axelar bridge, which links more than eighty networks. XRP is the native gas token. Bridged XRP locks on mainnet and mints a synthetic version on the sidechain, so the design preserves mainnet supply integrity while freeing the asset for smart contract use. Consensus is proof of authority, targeting up to 1,000 transactions per second at fees far below Ethereum’s. Squid handles cross-chain transfers as the official interface. Band Protocol supplies oracles, Grove supplies public RPC endpoints. Wormhole integration was slated to follow, extending reach to more than 200 applications across 35 ecosystems.
Ripple built it with Peersyst and contributors from the Cosmos community. crypto.news covered the mainnet launch on June 30, 2025, where Ripple’s David Schwartz framed the sidechain as extending the ecosystem without altering what makes the XRP Ledger reliable. The launch roster included Strobe, a money market for lending and overcollateralized borrowing; Securd, a lending protocol for financing collateralized leverage; Vertex, a derivatives venue; plus Moai, Elys, XRise, and Hammy. The infrastructure was audited end to end. Subsequent releases hardened it further, with a v11 upgrade focused on economic security, IBC transfer hardening, and proof of authority validator management, and an upgrade to Cosmos EVM v0.4.1 adding ERC-20 mint and burn plus current Ethereum improvement proposals.
None of that is vaporware. Every component works. Someone can bridge XRP to the sidechain right now, deploy a Solidity contract, and trade on a decentralized exchange. The chain is live, secure, and functionally complete.It is also empty.That is the part worth sitting with, because it inverts the usual crypto post-mortem. The standard failure story is a project that promised more than it could build: the whitepaper outran the engineers, the deadlines slipped, the product never shipped or shipped broken. XRPL EVM shipped, on schedule, working, audited, and maintained through multiple upgrades over the following year. Every promise about the technology was kept. The only promise that failed was the one about people.
The decline, measured The most damning fact is not the small number. It is the direction.In August 2025, roughly six weeks after launch, DefiLlama showed the sidechain hosting three decentralized exchanges and a single launchpad, with combined total value locked of $100,818. Twenty four hour volume across the entire chain was $3,238, every dollar of it from Moai Finance. Riddle, XRiSE33 Network, and SurgeDefi recorded no trading activity whatsoever. Developer data at the time counted 168 developers on XRPL EVM against 8,448 on Ethereum, a gap of roughly 98%.
That was the bad news at six weeks. Today, eleven months later, total value locked is $25,741. The chain lost roughly three quarters of the little it had. The protocol count is nominally higher, with Midas RWA, Hyperithm, Portal, Axelar, and an NFT marketplace called Mintiq now listed, but every one of those additions reports zero total value locked on this chain. They are multi-chain protocols that support XRPL EVM the way a restaurant supports a dietary restriction: the option exists on the menu and nobody orders it.
The volume figures are what turn an underperformance into something stranger. Zero over 24 hours. Zero over seven days. Moai Finance, the chain’s only functioning exchange by any historical measure, shows $95,008 in cumulative volume since inception. Not per day. Total, across a year of operation, on the flagship DeFi venue of a chain built for a token with a market capitalization near $68 billion.
A chain with $25,741 of capital and no trading is not a slow start. It is a chain nobody is using, and the trend line says that fewer people are using it every month.For scale, the entire TVL of the sidechain is currently less than the value of roughly 24,000 XRP. Ripple releases a billion tokens from escrow on the first of every month. The whole DeFi economy built on top of the XRP Ledger, through the official sidechain, could be funded out of forty thousandths of a single monthly escrow tranche.
Who was supposed to show up Reading the launch roster a year later is the clearest way to see what went wrong, because the roster was not thin. It was specific.Strobe was announced as a money market for lending and overcollateralized borrowing on XRPL. Securd was to provide passive income by financing collateralized leverage across DeFi positions. Vertex was a derivatives platform optimizing capital efficiency. Between them, those three cover the load-bearing categories of any DeFi economy: lending, leverage, and derivatives. Add a decentralized exchange for spot, an oracle from Band, RPC infrastructure from Grove, and a cross-chain interface from Squid, and the stack on paper was complete. Nothing essential was missing.
Today none of those three names appears among the protocols holding capital on the chain. The entire TVL sits in two decentralized exchanges and a launchpad. The lending market that would have made bridged XRP productive, the derivatives venue that would have given traders a reason to keep collateral there, the leverage layer that generates the recursive deposits which inflate every chain’s TVL figure: none of it materialized in a form anyone funded.
That absence explains the volume better than any macro argument. A chain with only spot DEXs and no credit has no reason to hold capital between trades. Money arrives, swaps, and leaves. On chains where TVL compounds, it compounds because deposits are collateral, collateral is borrowed against, and the borrowings are redeposited. Without a lending market, TVL is just the float sitting in a few pools, and $25,741 is what that float looks like when almost nobody is swapping.
The irony is precise. The lending layer the sidechain needed and never got is now being built on the mainnet instead, in a permissioned, institutionally underwritten form that has nothing to do with the EVM. The sidechain was the place DeFi was supposed to happen. Credit went somewhere else, and the sidechain was left holding the part of DeFi that cannot sustain itself alone.
Why the projection was never plausible The Polygon comparison that produced the $600 million to $12 billion range deserves scrutiny, because in retrospect it was comparing two things that share almost no structural features.
Polygon captured Ethereum overflow. It existed because Ethereum’s fees became unbearable during periods of intense demand, and there was a vast population of users and developers already transacting on Ethereum who wanted the same applications for less money. The demand preceded the chain. Polygon did not create appetite for DeFi; it captured appetite that already existed and had nowhere cheaper to go. Add hundreds of millions of dollars in liquidity incentives and a mature Ethereum tooling ecosystem that ported over with a config change, and the TVL followed the demand.
XRPL EVM inverted every one of those conditions. There was no congestion to relieve, because the XRP Ledger has never been congested. There was no population of XRPL DeFi users seeking cheaper execution, because XRPL DeFi barely existed: the ledger’s total value locked has run under 0.05% of its market capitalization, against roughly 20% for Ethereum and 10% for Solana. That statistic was cited in the launch material as the size of the opportunity. It is more accurately read as the size of the demand problem.
Six million XRPL wallet holders were presented as a distribution advantage, but they were six million holders of a payments asset who had spent a decade not asking for smart contracts. The sidechain did not remove a barrier between XRP holders and DeFi. It tested whether the barrier was the reason, and the answer came back no.The Peersyst material was explicit that testnet momentum arrived organically, without incentives or paid marketing, and treated that as evidence of underlying pull. Ninety logos on a testnet is a real signal of developer curiosity. It is not a signal of user demand, and the distinction is the whole story: developers show up to explore new chains constantly, at near zero cost, and the tourism ends when nobody trades.
The comparison that hurts Here is why this matters beyond a dead sidechain: the XRP Ledger had an extraordinary year, on the mainnet, at exactly the same time.
Tokenized real-world assets on the XRP Ledger grew from under a billion dollars at the start of 2026 to roughly $3.5 billion, and the ledger has led the market on 90-day RWA inflows, adding $1.9 billion. In May 2026, Ondo Finance executed the first cross-border, cross-bank redemption of tokenized United States Treasuries on the XRPL, clearing in seconds, with JPMorgan and Mastercard involved in the surrounding work. RLUSD grew past a $1.5 billion market capitalization. The native automated market maker and multi-purpose token amendments both passed validator votes. The XLS-65 and XLS-66 lending amendments are in validator voting now, an effort crypto.news examined in its analysis of what on-chain credit would mean for XRP.
The mainnet, in other words, went and built exactly the thing the sidechain was supposed to enable, using its own native primitives, aimed at institutions instead of Solidity developers, and it worked. Institutional tokenization found the XRP Ledger without an EVM. Permissionless DeFi did not find it with one.
That contrast reframes the sidechain from a failed product into a resolved question. The bet was that XRPL’s problem was programmability, and that giving Ethereum developers a familiar environment on top of XRP liquidity would unlock a DeFi economy. Twelve months of data says the problem was never programmability. It was that the XRP ecosystem’s actual demand is institutional settlement, and institutional settlement does not want an EVM sidechain with proof of authority consensus and a bridge. It wants permissioned pools, credentialed counterparties, and off-chain underwriting, which is precisely what the mainnet amendments deliver.
Notice also where XRP-adjacent DeFi capital actually went. VivoPower allocated $100 million through Flare, a separate network built specifically to give XRP holders DeFi access, rather than through Ripple’s own sidechain. When money did move toward XRP DeFi, it routed around the official product.
The case that this is unfair The bearish read above deserves an honest counterweight, and there is a real one.Timing first. The sidechain launched on June 30, 2025, roughly three weeks before XRP’s cycle high near $3.65, and spent its entire first year inside the worst crypto drawdown since 2022. Bitcoin fell more than 40% from its October peak. Digital asset funds ran multi-billion dollar outflow streaks. Three consecutive losing quarters, the longest streak since the last bear market, with institutional capital rotating into artificial intelligence equities. TVL across the market compressed. Judging a new chain’s ecosystem formation against a projection written in a bull market, and measured entirely inside a bear market, stacks the comparison. Polygon’s $2 billion to $6 billion was built during a mania.
Second, no incentives. Polygon’s TVL was purchased. Hundreds of millions in liquidity mining subsidies pulled capital that largely left when the subsidies stopped. XRPL EVM launched with none, which is defensible as a matter of discipline and fatal as a matter of cold-start economics. Liquidity begets liquidity, and a chain with $25,741 cannot attract a trader who needs to move $50,000 without moving the price against themselves. Every DeFi ecosystem that reached scale bought its first users. Refusing to do so is a choice with predictable consequences, not evidence that the underlying idea is wrong.
Third, sequencing. The credit layer was always the point. RippleX’s own framing describes a deliberate progression: represent value, move value, trade value, finance value. The lending amendments now in voting are the fourth step, and they are being built on the mainnet with institutional design constraints, not on the sidechain. If the strategy is institutional DeFi rather than retail DeFi, then the sidechain was never the main line. It was an option that Ripple bought cheaply, and options that expire worthless are still rational to have purchased.
Fourth, the infrastructure persists. A chain is not a startup that folds. It runs, it gets upgraded, and it costs almost nothing to leave running. If the market turns, if incentives arrive, if a single application finds product-market fit, the environment is there, audited and connected to eighty networks. Twelve months is a short window for infrastructure that took years to build.
Fifth, and least comfortable for the bears: the metric itself is contested. Total value locked measures deposited capital, not usefulness, and it is trivially gamed by recursive lending and mercenary liquidity on chains that do buy their numbers. A chain with honest, unincentivized TVL of $25,741 and a chain with subsidized TVL of $500 million are not obviously ranked the way the figures suggest. That argument does not rescue XRPL EVM, because zero volume is not a metrics artifact, but it is a fair caution against treating one number as a verdict on an entire architecture.
The case that it is worse than it looks Now the harder reading, which the numbers support more directly.The bear market explains compression. It does not explain zero. Solana’s memecoin economy generated tens of billions of dollars of volume through the same drawdown. Robinhood Chain launched on July 1, 2026 into the identical macro and did more than $3 billion in decentralized exchange volume in two weeks, with 19,586 tokens created on a single day. Hyperliquid, Base, and BNB Chain all sustained real activity. Capital did not stop moving in 2026. It moved somewhere else. The absence of incentives explains a smaller number; it does not explain a chain where the flagship exchange has done $95,000 in trading across its entire existence while a two-week-old competitor chain did $3 billion.The declining trend is the tell. $100,818 in August 2025 to $25,741 in July 2026 is not a chain waiting for conditions to improve. It is a chain being abandoned by the little capital that tried it. Bear markets thin the field; they do not usually take three quarters of the liquidity from a chain that started with almost none.
And the developer number from August was the leading indicator everyone skipped: 168 developers against Ethereum’s 8,448. Chains are not built by logos on a testnet. They are built by people shipping applications that someone wants to use, and the ratio said, six weeks in, that the ninety entities had not converted into an ecosystem. The launch roster is the proof. Strobe, Securd, Vertex: named as launch partners, and today the chain’s entire TVL sits in two DEXs and a launchpad nobody trades on. The applications that were supposed to give the chain a reason to exist either never shipped at scale or shipped and found nobody.
The strategic cost is subtler than the wasted engineering. For a year, “XRPfi” and the EVM sidechain functioned as an answer to the hardest question about XRP, which is how any of Ripple’s progress reaches the token. The sidechain made XRP the gas asset of a DeFi economy, which would have generated real, recurring token demand. That answer is now empirically closed, and it closes at the same moment as the structural finding that most of Ripple’s bank partners never touch XRP at all. Two of the three main value-accrual arguments for the token have now been tested against data in the same quarter. Both came back thin.
What the $25,741 is actually evidence of Step back from XRP entirely, because the finding generalizes.The industry has spent five years treating EVM compatibility as a growth strategy. The reasoning is seductive: Ethereum has the developers, the tooling, the mental models, and the applications, so any chain that speaks Solidity inherits access to all of it at the cost of an engineering project. Dozens of chains have run this play. A few worked. Most produced exactly what XRPL EVM produced, which is a technically excellent environment with nobody in it.
The reason is that EVM compatibility removes a supply-side constraint and does nothing to the demand side. It makes building easier. It does not make anyone want the thing built. When a chain has organic demand and a technical barrier, removing the barrier unlocks enormous value, which is the Polygon story and the Arbitrum story. When a chain has a technical option and no demand, removing the barrier produces an empty room with excellent acoustics.
The diagnostic question is therefore simple and almost never asked before a chain commits to the work: is there a queue? Not a waiting list of developers, who are cheap to attract and cost nothing to lose, but users currently doing the thing somewhere worse and paying for the privilege. Polygon had a queue. Arbitrum had a queue. XRPL EVM had a hypothesis that six million payment-asset holders would become DeFi users once the tooling arrived, and hypotheses are not queues.
XRPL had the cleanest possible version of the test. Six million wallets. A top-ten asset. Twelve years of uptime. Deep liquidity. Real regulatory standing. A functioning native DEX. Every input the thesis requires, and a year later the DeFi economy built on top of it holds less capital than a used car. If EVM compatibility were the unlock, it would have worked here. The mechanics of liquidity pools and automated market makers are identical on XRPL EVM to what they are on Ethereum. The pools are simply empty, because pools are filled by people who want something, and nobody wanted this.
The lesson costs Ripple very little and should cost the next chain a great deal. The company retained an option, learned that its DeFi demand is institutional rather than permissionless, and redirected to native amendments aimed at exactly that. That is a reasonable outcome from a cheap experiment. The problem belongs to everyone still pitching an EVM layer as a demand strategy, because the most rigorous public test of that thesis just returned $25,741 and no volume, and the DeFi industry has not noticed.
The number to remember The projection was $600 million to $12 billion. The delivery is $25,741 and zero trading volume, twelve months later, on a chain that works perfectly.That gap is not a failure of engineering, marketing, timing, or macro, though each contributed at the margin. It is a measurement. Somebody asked, with real money and real code and a well-built product, whether the XRP ecosystem wanted permissionless DeFi. The ecosystem answered. The answer was no, and it took a year and a nine-figure projection to hear a number that fits on a single line of a spreadsheet.
XRPL’s institutional story is doing better than it has ever done. Its DeFi story is a chain with $25,741 on it and nobody trading. Both of those things are true at once, and anyone building a thesis on XRP needs to hold both, because the second one used to be an argument and is now just a data point.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Total value locked, volume, and protocol figures are drawn from DefiLlama as of July 14, 2026, and change continuously; TVL is a contested metric and methodologies differ between trackers. Historical figures are attributed to the sources that reported them at the time. Projections cited were published by the sidechain’s development team and are not forecasts by crypto.news. Details reflect information current as of July 14, 2026. Always do your own research.
XRP během sledované seance vzrostl o 3,45 % na 1,10 USD. Zároveň senátorka Cynthia Lummis uvedla, že upravený návrh CLARITY Act může být předložen během několika dnů.
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.
David Schwartz hájí reklamu XRP v univerzitním sportu s odkazem na ochranu pravdivé komerční řeči podle Prvního dodatku. Spor vyvolalo umístění loga XRP na dresech napříč univerzitními sportovními programy Kansasu.
Ripple CTO Emeritus David Schwartz has defended XRP advertising in college sports after critics called for tighter restrictions on crypto promotion.
Summary
David Schwartz argues truthful XRP advertising receives First Amendment protection against broad government restrictions nationwide. His argument cites Supreme Court rulings that struck restrictions on lawful alcohol and gambling advertising. Commercial speech remains regulable, meaning the Constitution does not automatically block every potential advertising restriction. The debate followed the University of Kansas athletics program’s decision to place XRP branding on team uniforms under a multi-year partnership with Ripple.
In a July 15 post on X, Schwartz argued that governments cannot broadly suppress truthful advertising for lawful products simply because officials believe consumers may make poor decisions. His position centers on First Amendment protections for commercial speech.
The United States has the First Amendment. If you want to restrict or can speech, you need to find some exception it fits into. I don't think there is one here. See the cases I cited including one involving liquor and one involving gambling.
— David 'JoelKatz' Schwartz (@JoelKatz) July 14, 2026 Schwartz turns XRP advertising debate into constitutional question The discussion began after critics compared crypto promotion in college sports with advertising for gambling, tobacco and alcohol. They argued that universities should not expose students and younger sports fans to digital asset marketing.
Schwartz responded with a legal argument rather than a defense of XRP as an investment. He wrote that the government cannot suppress truthful commercial speech merely to prevent people from making “bad, but lawful, decisions.” His argument draws a distinction between regulating an activity and banning truthful speech about that activity.
Supreme Court cases support protection for lawful advertising Schwartz cited 44 Liquormart v. Rhode Island, a 1996 Supreme Court case that struck down restrictions on advertising liquor prices. The Court found that Rhode Island could not broadly block truthful price information simply because the state wanted to reduce alcohol consumption.
He also pointed to Greater New Orleans Broadcasting Association v. United States. In that case, the Supreme Court ruled that a federal restriction could not block advertisements for lawful private casino gambling under the circumstances before the Court.
However, those rulings do not make every restriction on XRP advertising automatically unconstitutional. Under the Supreme Court’s Central Hudson framework, commercial speech receives protection when it concerns lawful activity and is not misleading. Governments may still impose properly tailored restrictions that directly serve a substantial public interest.
Kansas deal puts XRP logo across college sports Kansas Athletics announced the Ripple partnership on July 8. The XRP logo will appear on uniforms across the university’s athletic programs, making it the first cryptocurrency jersey patch used across a major college athletics program, according to Kansas.
The agreement also covers branding at athletic venues, digital properties and events. Ripple will fund financial and technology education programs for student-athletes and the wider campus community. The partnership also expands an existing recruitment link between Ripple and Kansas graduates.
As previously reported, the agreement runs for five years and has personal ties to Ripple CEO Brad Garlinghouse, a University of Kansas alumnus. The sponsorship has since drawn wider attention to how universities should handle digital asset advertising.
XRP legal history adds context to advertising dispute The debate comes three years after a federal court issued its split ruling in the SEC’s case against Ripple. The court found that Ripple’s programmatic XRP sales did not qualify as securities transactions under the circumstances examined, while certain institutional sales violated securities laws. The case formally ended in 2025 with a $125 million penalty and an injunction remaining in place.
That history makes broad claims about XRP’s legal status more complex than simply calling the asset universally exempt from financial regulation. Schwartz’s First Amendment argument instead rests on a narrower point: truthful commercial speech concerning lawful activity receives constitutional protection.
A government attempt to impose a blanket ban on XRP advertising could therefore face a serious First Amendment challenge. But existing Supreme Court doctrine still allows some commercial advertising rules when regulators can satisfy the required constitutional test.
Binance drží zásoby XRP na zhruba 2,61 miliardy tokenů, což je nejméně od února. XRP mezitím za posledních 24 hodin vzrostl o více než 3,7 % na zhruba 1,11 USD.
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.
Sněmovna poradců japonského parlamentu schválila změnu zákona, která řadí Bitcoin, Ethereum, XRP a další kryptoměny mezi finanční produkty místo platebních nástrojů. Otevírá tím cestu pro spotové krypto ETF a nižší zdanění zisků.
Japan’s House of Councillors passed an amendment to the Financial Instruments and Exchange Act, which officially recognizes cryptocurrencies as financial products rather than payment tools.
With this, the country is now planning to cut crypto taxes from 55% to 20% and open the door to Bitcoin ETFs.
Japan Moves Crypto Under Financial Product RulesJapan’s parliament has officially passed a landmark law amendment reclassifying cryptocurrencies as “financial assets.” Until now, cryptocurrencies have been mainly regulated under the Payment Services Act as a payment method.
Under the new law, Bitcoin, Ethereum, XRP, and other cryptocurrencies will be classified as financial products under the Financial Instruments and Exchange Act (FIEA), bringing them closer to stocks and other investment assets.
The new law also clears the way for spot crypto ETFs in Japan.
Regulators are aiming to launch them on the Tokyo Stock Exchange by 2027 or 2028, while major firms like Nomura Holdings and SBI Holdings are already preparing crypto ETF products.
List of Changes Under the New LawThe new framework introduces several rules that already apply to traditional financial markets. These include,
Insider trading ban: Trading using non-public information will be strictly prohibited.Annual disclosures: Token issuers must publish annual operational and financial disclosures.Strict penalties: Violators face up to 10 years in prison or 10 million Japanese yen fines.Retail investment cap: High-risk tokens will have a 2 million Japanese yen retail investment limitBigger Fines and Lower Crypto TaxesThe new law also brings stricter rules for the crypto industry. However, the maximum jail term for running an illegal crypto business will increase from three years to 10 years.
And the maximum fine will also increase from 3 million yen to 10 million yen, approximately $18,500 to $61,600. The government says these changes will help make the crypto market safer and protect investors.
Along with the bill, lawmakers are planning to cut the tax on crypto profits from the current maximum of 55% to a flat 20%, the same tax rate used for stock investments.
Another planned change is a three-year loss carryforward. This means investors will be able to use their past trading losses to reduce taxes on future crypto profits. If approved, these tax changes are expected to start in 2028.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
XRP ETF už přilákaly asi 1,5 miliardy USD v čistých přílivech kapitálu. Standard Chartered čeká dalších 4 až 8 miliard USD, pokud se CLARITY Act stane zákonem.
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.
Evernorth tvrdí, že XRP Ledger se má stát platformou pro aktivní využití tokenizovaných RWA, ne jen jejich držení. Hodnota RWA na síti letos vzrostla o 388 % na 4,4 miliardy USD.
Evernorth CEO Asheesh Birla says the XRP Ledger is evolving into a platform where tokenized real-world assets can be actively used, not simply stored.
The value of tokenized real-world assets (RWAs) on the XRP Ledger has climbed 388% from $900 million at the start of the year to $4.4 billion, according to data from RWA.xyz. But for Evernorth CEO Asheesh Birla, there should be more beyond just the general concept of tokenization.
Birla claims that the next phase of tokenization is not about placing traditional assets on a blockchain. Instead, the real opportunity lies in making those assets productive while they remain in their tokenized form.
Tokenized Assets Need Utility, Not Just Presence: Evernorth Birla compares the future of tokenized finance to how traditional financial markets have operated for decades. Notably, capital naturally gravitates toward platforms where it can be deployed with the least friction. Those with the deepest liquidity and the most competitive pricing also attract market users.
Rather than remaining idle in digital wallets, the Evernorth CEO expects tokenized assets to become increasingly dynamic. Since they are more liquid, they should provide better yields based on an owner’s risk appetite. Rebalance portfolios as market conditions change, and interaction with lending and collateral services should also be easier and automated.
From Birla’s perspective, tokenization is only the foundation. The real deal is if a network allows an asset to actively participate in broader financial activities.
XRP Ledger Offers Beyond Tokenization According to Birla, several pieces of that infrastructure are already available on the XRP Ledger.
The network has already developed a built-in decentralized exchange and supports near-instant transaction settlement. Notably, several financial institutions have acknowledged the XRP Ledger as a good fit for cross-border payments, with HSBC calling it a “game changer.”
Additional features, including on-chain lending and collateral vaults, are also under development, creating an environment where tokenized assets can be used rather than simply stored.
He emphasized that this is not a zero-sum game, as multiple networks will support tokenized assets as the sector expands.
However, those like the XRP Ledger, offering deep liquidity, efficient settlement, reliable governance, and broad asset availability, will attract more adoption over time. The over 380% growth in RWAs on the Ledger this year is already reflecting that.
Ripple’s RLUSD Is an Early Proof of Expanding On-Chain Liquidity Birla also pointed to the RLUSD stablecoin as an early example of this trend taking shape on the XRP Ledger.
Citing Evernorth’s June data, he highlighted that RLUSD has grown to approximately $1.6 billion in circulation, while more than 50% of its liquidity now resides on the XRP Ledger, up from just 17% in April. At the time of writing, however, the stablecoin’s circulating supply has dropped to $1.48 billion, with 59% of it on the XRP Ledger.
Birla explained that stablecoins play a central role in digital finance because they provide the liquidity needed for payments, lending, settlement, and other financial services. The increasing concentration of RLUSD liquidity on the XRP Ledger suggests users are choosing its infrastructure, as it allows capital to move quickly and efficiently.
Notably, these comments come days after Birla encouraged crypto treasury companies to move beyond building portfolios. As the industry moves to its next phase, he urged them to explore means of generating returns from their stash, recommending tokenization on the XRP Ledger.
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.
XRP se drží nad 1 USD, zatímco John Deaton připomněl, že soud uznal, že XRP samotné není cenný papír. Analytik přesto varuje před krátkým propadem pod 1 USD jako možným capitulation bottom.
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.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Ripple se připojil k x402 Foundation jako Premier Member a chce prosadit standard pro platby AI agentů přes XRP a RLUSD. x402 už eviduje více než 120 milionů transakcí a více než 41 milionů USD v vypořádání v USDC.
@Ripple has joined the @linuxfoundation x402 Foundation as a Premier Member, adding its weight to a growing industry push to create a global standard for autonomous machine-to-machine payments using $XRP and the regulated $RLUSD stablecoin.
What Is the x402 Protocol? The x402 protocol was originally created by Coinbase and is now stewarded by the Linux Foundation's x402 Foundation. The concept revives the old HTTP 402 "Payment Required" status code and turns it into a real transaction mechanism. An AI agent requests a paid service, receives a payment challenge, fires an on-chain payment, and resubmits the request with cryptographic proof. From the agent's perspective, it feels almost like a standard API call.
The x402 Foundation initially developed by Coinbase, Cloudflare, and Stripe, launched with a broad set of industry participants as it migrated toward an open source model for internet-native payments. Its membership includes Adyen, Amazon Web Services, American Express, Circle, Google, Mastercard, Microsoft, Shopify, Solana Foundation, Stripe, Visa, and others.
Ripple's Case for XRP and RLUSD Ripple's entry centers on positioning the XRP Ledger as a capable settlement network within the x402 ecosystem. The integration includes support for x402-powered payments using XRP and Ripple USD (RLUSD), enabling AI agents to transact for APIs, compute, and other digital services. Operations on the ledger feature deterministic finality that resolves within a 3-to-5-second range natively, and the system leverages existing institutional controls such as multi-signature schemes, deposit authorization, and escrow contracts.
Ripple promotes the XRP Ledger's three-to-five-second settlement times, predictable transaction costs, native escrow features, multisignature support, and built-in decentralized exchange as advantages for automated payments.
The broader x402 market, however, remains firmly in USDC territory for now. Data from Web3 Trackers shows more than 120 million cumulative x402 transactions and over $41 million in settled USDC volume, with Base accounting for roughly 70 million transactions and Solana processing about 45 million. While Ripple touts fast, low-cost, protocol-level payments as advantages, Ripple has not yet disclosed real-world adoption metrics for agent payments.
The move aligns with Ripple's broader strategy to provide compliant, institutional payment infrastructure for emerging AI-driven commerce.
Sources:
Linux Foundation: x402 Foundation Launch Announcement
Ripple: Introducing the XRP Ledger AI Starter Kit
CoinDesk: Ripple Wants AI Agents to Pay in XRP and RLUSD
Ripple-backed Evernorth v novém podání u SEC uvedl 44milionový akciový balík pro CEO Ashishe Birlu a posouvá fúzi s Armada Acquisition Corp II. Po schválení má vzniknout společnost zaměřená na XRP treasury, kotovaná na Nasdaqu, s tickerem XRPN.
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.
Další poradenské firmy v USA zveřejnily pozice v XRP ETF, což potvrzuje rostoucí institucionální zájem. Moisand Fitzgerald Tamayo drží 964 kusů Franklin XRP ETF a Main Street Group 5 261 kusů Canary XRP ETF.
Moisand Fitzgerald Tamayo, a registered investment advisor (RIA) based in Orlando, Florida, has disclosed that it holds shares of the Franklin XRP exchange-traded fund (ETF).
In its latest 13F filing with the US Securities and Exchange Commission (SEC), the company reported holding 964 shares of the ETF, valued at around $11,000 at press time. The firm boasts $1.35-$1.4 billion in assets under management (AUM) and is currently ranked among the top 500 RIAs in the US and named to the Best Financial Advisory Firms list.
Source: sec.gov
XRP ETFs attract institutional interestA similar Virginia-based firm, Main Street Group, also disclosed XRP exposure. According to its Q2 2026 regulatory filing, the firm holds 5,261 shares (valued at roughly $58,292 at the time of writing) in the Canary XRP ETF.
Additional firms with exposure in various XRP ETFs include Larson Financial Group ($1.8 million), Q3 Asset Management ($430,000), and Hurley Capital ($135,000). These firms join more prominent players like Flow Traders, whose XRP ETF is worth $1.93 million and makes up the largest institutional XRP ETF portfolio.
While the amount of funds invested varies, the above filings indicate increased institutional interest in XRP ETFs. According to MarketBeat, institutional investors purchased over 160,000 XRP ETF shares in the last 24 months. In the past year, inflows into these investment vehicles have totaled $2.50 million with zero outflows.
Source: MarketBeat
Token price is not reflective of ETF inflowsDespite rising institutional investment in XRP ETFs, the token itself is down 62.16% over the past year, trading at $1.06. Investor anticipation of US Fed interest hikes to curb inflation has also caused a recent market downturn, with XRP down over 3% in the past day.
Source: CoinMarketCap
That said, there just may be a silver lining, since the token has printed a chart similar to one from a time when it surged by 60,000%.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Doppler Finance a SBI Digital Finance uzavřely strategické partnerství s cílem rozšířit institucionální financování XRP v Japonsku. Zaměří se na úvěrování, likviditu a správu kolaterálu pro profesionální trh.
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.
David Schwartz uvedl, že SEC v žalobě opakovaně tvrdila, že samotné XRP je cenný papír, nejen prodeje Ripple. Soud ale v roce 2023 oddělil XRP od konkrétních transakcí.
Ripple CTO Emeritus David Schwartz has challenged claims that the U.S. Securities and Exchange Commission focused only on Ripple’s sales of XRP.
Summary
David Schwartz says the SEC repeatedly portrayed XRP itself as a security during Ripple litigation. Marc Fagel argues the case ultimately tested whether Ripple sold XRP through unregistered securities offerings. The 2023 ruling separated XRP tokens from transactions, rejecting programmatic sales while penalizing institutional deals. He said the agency’s complaint and public statements repeatedly described XRP itself as a security before the court rejected parts of that broader position.
The exchange followed comments from former SEC attorney Marc Fagel, who said the case ultimately turned on whether Ripple sold XRP through unregistered securities offerings. Schwartz argued that this summary leaves out the regulator’s original language and the court’s response to it.
Schwartz disputes narrower reading of SEC case In a July 14 X exchange, Fagel said the SEC needed to prove that Ripple sold XRP as a security to establish a Section 5 violation. He added that the agency did not need to decide every secondary-market transaction in its case against Ripple.
Schwartz agreed that Ripple’s sales mattered but rejected the claim that this was the regulator’s only argument. He wrote, “The complaint itself frequently refers to XRP itself as the security.” He called the narrower retelling “an attempt at completely rewriting history.”
You are ignoring the entire thrust of their argument, their statements around it, and the pushback they got from the court. This is an attempt at completely rewriting history.
The complaint itself frequently refers to XRP itself as the security. The SEC's press release… pic.twitter.com/pjF6Ku0Jbf
— David 'JoelKatz' Schwartz (@JoelKatz) July 13, 2026 SEC complaint used broad language around XRP The SEC’s December 2020 complaint said Ripple and its executives sold more than 14.6 billion units of a “digital asset security called XRP.” The regulator alleged that the sales raised more than $1.38 billion without registration or an exemption.
The SEC’s public announcement focused on Ripple’s alleged unregistered offering and its executives’ personal sales. Fagel later acknowledged that the agency’s messaging lacked nuance and that its points appeared to change during the case. He maintained that the final legal question concerned Ripple’s XRP transactions.
Court separated the token from each transaction Judge Analisa Torres drew a distinction between XRP and the contracts or schemes used to sell it. Her July 2023 order said XRP, as a digital token, was not “in and of itself” a contract, transaction or scheme that met the Howey test.
The court then reviewed Ripple’s sales by category. It found that about $728.9 million in direct institutional sales constituted unregistered investment contracts. Programmatic exchange sales did not meet the same test because buyers did not know whether Ripple or another holder sold the tokens.
Ripple case ended with split ruling intact The SEC and Ripple dismissed their appeals in August 2025, formally ending the civil case. The final judgment kept a $125.04 million penalty and a permanent injunction tied to future unregistered institutional sales.
Notably, the XRP community marked July 13 as the third anniversary of the 2023 ruling. The decision protected Ripple’s programmatic exchange sales while leaving its institutional transactions subject to securities law.
Related reporting showed that Ripple considered closing after the SEC filed its complaint. The company continued the case and spent about $150 million on its legal defense, according to Ripple executives, as reported by crypto.news.
Schwartz said the court’s rejection of the SEC’s broader position formed a major part of Ripple’s victory. Fagel said the outcome still centered on whether Ripple’s sales qualified as securities transactions. Their exchange reflects a lasting dispute over the agency’s legal burden, public wording and the ruling that followed. That distinction still shapes how XRP’s legal history is described.
Rozhodnutí soudkyně Torresové před třemi lety odstartovalo obrat Ripple: XRP se po něm znovu dostalo na americké burzy a později přilákalo ETF i institucionální zájem. Ripple mezitím rozšířila byznys o stablecoin RLUSD, tokenizaci a velké akvizice.
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.
Advokát XRP John Deaton tvrdí, že SEC žalovala vedení Ripple individuálně, aby urychlila dohodu. Ripple spor ustál a soud později rozhodl, že XRP není cenný papír a že programové prodeje na burzách nepředstavují transakce s cennými papíry.
XRP (CRYPTO: XRP) attorney John Deaton on Sunday said the SEC sued Ripple executives individually to force a faster settlement, calling it a deliberate intimidation campaign that reached their families.
How Far Did The SEC’s Intimidation Tactics Actually Go?Deaton argued on X that former SEC Chair Jay Clayton explicitly stated in a prior interview that suing individual executives, even in non-fraud cases, gives the government settlement leverage over the company.
“When the full weight and force of the United States Government comes after you, I don’t care who you are — it can be quite intimidating,” Deaton wrote. “That’s why Clayton did it.”
Prosecutors attempted to subpoena every credit card and bank statement belonging to Brad Garlinghouse and co-founder Chris Larsen, including records from their wives and family members, despite both executives having already handed over every XRP transaction ever made.
The judge shut that request down.
Deaton identified those same prosecutors as the team an appellate court later described as “arbitrary and capricious” and the same lawyers sanctioned in the Debt Box case for committing fraud upon the court.
The SEC complaint was drafted in a fraud-like style despite the agency never alleging fraud, a tactic Deaton said was designed to pressure the defendants into settling.
The same team lied to the court, claiming Deaton had threatened to beat up SEC staff, and asked the court to bar him from serving as amicus counsel on behalf of 75,000 XRP holders.
However, Garlinghouse and Larsen refused to settle through all of it, winning the case with those 75,000 holders behind them.
From Delisted To Institutional: How XRP Survived The SECRipple fought through four years of litigation and roughly $150 million in legal fees. A federal judge ultimately ruled that XRP itself was not a security and that programmatic sales on exchanges did not constitute securities transactions.
CEO Brad Garlinghouse revealed last week that Ripple had come close to shutting down entirely and distributing its XRP holdings to shareholders before choosing to fight.
Ripple has since secured licenses across multiple jurisdictions and expanded its U.S. operations, with banks actively building on its payments infrastructure.
XRP Price Update: Key Levels to WatchWhale activity on the XRP Ledger dropped sharply as crypto analyst Ali Charts noted on Monday.
Transactions worth more than $1 million fell from 70 over the past week to just 2 on Monday.
XRP is sitting below its 20-day EMA at $1.1044 and 50-day EMA at $1.1606. Meanwhile, buyers have repeatedly defended the $1.03 to $1.05 support zone, but the falling trendline keeps producing lower highs.
Key levels for XRP: $1.03 — losing this on a daily close confirms a breakdown and opens $1, then $0.95 $1.10 — first level XRP needs to reclaim to break the descending trendline Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Ripple podpořila britskou tokenizační strategii a uvedla, že tokenizované trhy ve Spojeném království by mohly do roku 2035 dosáhnout ročního objemu 33 miliard GBP, tedy asi 45 miliard USD. Firma zároveň pokračuje v práci s britským ministerstvem financí na rozvoji digitálních trhů.
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.
Soud v kauze SEC vs. Ripple rozhodl, že XRP samo o sobě není cenný papír. Zároveň ale označil přímý prodej XRP institucionálním investorům v hodnotě 728 milionů dolarů za neregistrovanou nabídku cenných papírů.
Today marks the three-year anniversary of what the digital asset community calls "The XRP Victory Day".
On July 13, Judge Analisa Torres of the U.S. District Court for the Southern District of New York delivered a landmark summary judgment in the SEC v. Ripple Labs case, fundamentally reshaping the cryptocurrency regulatory landscape.
The historic ruling decisively declared that XRP, in and of itself, is not a security.
HOT Stories
The historic Torres rulingThe legal warfare initiated by the U.S. Securities and Exchange Commission (SEC) in December 2020 sought to classify all sales of XRP as unregistered investment contracts.
Judge Torres's final ruling, however, rejected this attempt by relying on the decades-old Howey Test for modern digital assets.
Judge Torres ruled that Ripple’s programmatic sales of XRP on public digital asset exchanges did not constitute the sale of securities. She concluded that retail buyers purchasing tokens on secondary markets through blind bid-ask auctions had no way of knowing their funds were going to Ripple. Consequently, these buyers could not have had a reasonable expectation of profits derived directly from Ripple's effort (hence, it failed a core prong of the Howey Test).
You Might Also Like
Conversely, the court sided with the SEC regarding direct institutional sales. Judge Torres ruled that Ripple’s $728 million in direct token sales to institutional players constituted unregistered securities offerings. These sophisticated parties were aware they were purchasing directly from Ripple (and their success depended on the company's efforts).
On the verge of a shutdown In the meantime, recently surfaced statements from Ripple CEO Brad Garlinghouse and Chief Technology Officer David Schwartz confirmed that the company was seriously considering closing its doors. "We almost decided to shut down the company when the SEC sued us," Garlinghouse admitted. "We were like, you know, the government has infinite power and resources." This was due to advice from their lawyers, according to Schwartz.
Aktivita na XRP Ledgeru ožila: označené transakce vyskočily za týden o 28,6 % na 676 800. Počet nových peněženek zůstal na 12 400, což naznačuje vyšší aktivitu stávajících uživatelů.
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.
UK Treasury zařadilo Ripple do 54členné skupiny pro reformu velkoobchodních trhů s cílem modernizace prostřednictvím tokenizace. Program se zaměří hlavně na fixed-income trhy, DIGIT a tokenizované repo transakce.
The UK Treasury has selected Ripple, the US-based blockchain payments company, as a member of a major government-backed initiative designed to modernize the nation’s wholesale financial markets through tokenization.
Ripple joins top financial institutions in reform groupRipple will be part of a working group composed of 54 organizations, formed under the leadership of Wholesale Digital Markets Champion Chris Woolard and the City of London Corporation. Other members include prominent global financial institutions such as BlackRock, Goldman Sachs, and J.P. Morgan, as well as leading market infrastructure providers Euroclear and Bloomberg.
The government aims to fully replace traditional settlement systems with blockchain technology across wholesale financial markets. This initiative reflects the UK’s ambition to capture a share of the rapidly expanding global market for tokenized real-world assets, which analysts forecast could reach $88 trillion by 2035.
The UK government estimates a transition to on-chain wholesale markets may generate £33 billion in additional annual economic output and boost tax revenues by £14 billion each year by 2035.
By moving established financial activity onto blockchain-based platforms, officials seek to streamline operations and expand the competitive position of London’s financial sector.
Mini dictionary: City of London Corporation, a municipal governing body for the historic center of London, plays a central role in promoting the city as a leading financial hub and supports initiatives aimed at financial innovation and regulation.
Action plan targets digital bonds and tokenized marketsThe group has set a 12-month timetable focused initially on the fixed-income sector, which officials identify as ready for rapid transformation. A key part of the strategy involves launching DIGIT, sovereign digital bonds issued by the UK government, and digitizing collateral markets.
Nine specialized action groups will pursue end-to-end deployment of technological solutions. Their brief also includes live testing of tokenized repurchase (repo) transactions, targeted for completion by spring 2027.
Key Reform TargetImplementation GoalFixed-income marketsImmediate digital transformationDIGIT bondsLaunch as UK sovereign digital bondsTokenized repo transactionsLive end-to-end tests by spring 2027Input from market participants will be collected through September 4, 2026. After this feedback phase, the reform program will advance into implementation, ushering in a new era for Britain’s wholesale capital markets.
Ripple is expected to contribute its global technological expertise to support high-volume institutional transactions as the UK aims for digital innovation in its financial core.
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.
Spotové XRP ETF zaznamenaly za uplynulý týden první červený týden po více než dvou měsících, když z fondů odešlo 7,29 milionu USD. XRP za týden kleslo o 3,2 %.
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.
Japonsko zrychluje reformy digitálních aktiv a může otevřít cestu ke spotovým ETF, což by mohlo výrazně prospět XRP. SBI navíc rozšiřuje spolupráci s Ripple a v Japonsku spustila RLUSD po schválení JFSA.
From SBI's expanding Ripple partnership to potential crypto ETF reforms, Japan's role is growing.
Even in times when XRP and the company behind it were not in good shape in their home country, Japan has long stood out as a major ally. However, the most recent regulatory and institutional developments suggest that the country could play an even bigger role in their future.
Over the past several months, Japan has accelerated efforts to modernize its digital asset framework and has proposed legal reforms to classify many cryptocurrencies as financial instruments, paving the way for spot ETFs. It also introduced a more investor-friendly tax regime.
Although the legislation still needs to complete the entire process before such financial vehicles are allowed to launch, the direction has become increasingly clearer. This could be significantly beneficial for XRP.
XRP, Ripple, and Japan For starters, SBI continues with its pro-Ripple initiatives. Both parties have been tangled for years through SBI Ripple Asia to expand cross-border payments across the region. Meanwhile, SBI VC Trade remains one of Japan’s largest XRP-friendly exchanges.
Most recently, Ripple and SBI announced that the former’s stablecoin, RLUSD, has launched in the country after receiving approval from the Japan Financial Services Agency (JFSA), which expanded their partnership into the regulated stablecoin market.
SBI has also filed for a product that could eventually become the first Japan-based XRP ETF. Instead of pairing the two largest cryptocurrencies by market cap, the proposed products went for BTC and XRP, highlighting the firm’s conviction that Ripple’s token could become a core institutional asset in the country.
Institutional Demand Given the relatively short history of the cryptocurrency industry and the lack of regulation in most jurisdictions, proper regulatory frameworks can open the door for additional investments from larger players and institutions. Japan has been at the forefront of crypto regulation, and XRP has generally benefited from this.
You may also like: Circle Receives Final Green Light to Establish National Trust Bank Ripple Rolls Out New XRPL Upgrade, but Less Than Half of Nodes Have Upgraded Ripple Lands Major XRP Partnership as Garlinghouse Shares Rare Personal Moment Unlike the prolonged legal battle Ripple endured in the US against the SEC, Japanese regulators have long treated its token as a crypto asset rather than a security. Combined with SBI’s banking relationships and Ripple’s growing enterprise presence, that regulatory certainty has helped create one of XRP’s strongest international footholds.
If Japan indeed approves spot crypto ETFs, XRP could be among the earliest beneficiaries, thanks to its history and the infrastructure already in place there.
Spotové XRP ETF v pátek zaznamenaly čistý příliv asi 107 000 USD a ukončily čtyřdenní sérii odlivů. Za červenec 2026 ale zůstávají v čistém odlivu 2,61 milionu USD.
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
XRP se na konci června krátce propadl na 1,01 USD a letos je níže o více než 25 %. Mezitím tokenizovaná aktiva na XRP Ledger překročila 3,5 miliardy USD.
In the last week of June, XRP printed its weakest price since late 2024, briefly touching $1.01 before stabilizing in the $1.05 to $1.13 range where it has traded through early July. The token is down more than 25% for the year and roughly 65% below the $3.65 cycle high it set in July 2025. On the same June days that the chart broke down, tokenized real-world assets on the XRP Ledger crossed $3.5 billion, more than triple the level at which they started the year, spot XRP exchange-traded funds extended a net inflow streak that would reach eight consecutive weeks, and Ripple stood weeks away from full European authorization under MiCA.
Summary
Ripple has delivered record institutional growth in 2026, but XRP remains more than 25% lower this year and near multi-year lows. The article examines both sides of the debate: whether Ripple’s expanding infrastructure will eventually lift XRP or whether the company and token have permanently diverged. Upcoming CLARITY Act votes, ETF flows, XRPL upgrades, and institutional adoption could determine whether the gap between Ripple and XRP finally closes. That is the whole story in one paragraph, and it is genuinely strange. By any operational measure, the 12 months behind Ripple are the most productive in the company’s history: a settled SEC case, launched ETFs, a $1.25 billion prime brokerage acquisition, membership in the clearing infrastructure of American equities, a stablecoin with $18 billion in quarterly transfer volume, and regulatory licenses stacking up on three continents.
By the only measure most holders care about, the same 12 months are the worst since the 2022 bear market. The gap between what Ripple built and what XRP is worth has never been wider, and how that gap closes, upward through the price or downward through the narrative, is now the central question hanging over the fourth largest ecosystem in crypto.
This feature lays out both sides honestly: the case that the infrastructure eventually drags the token up, and the case that the token and the company have simply decoupled, with the price telling the truer story.
The year Ripple built: an inventory It helps to see the accumulation in one place, because no single item explains the disconnect. The pattern does.
Legal closure came first. The SEC’s enforcement case against Ripple, filed in December 2020, formally concluded in 2025 with a financial settlement, ending the overhang that had defined the token’s American existence for half a decade and building on the 2023 court finding that programmatic exchange sales of XRP were not securities transactions.
Then distribution. Spot XRP ETFs launched in November 2025 across 5 providers and have accumulated roughly $1.49 billion in cumulative net inflows since. May 2026 was the strongest month of the year with $118 million, including a record $60.5 million week.
The streak ran 8 consecutive weeks into July, as crypto.news reported, before showing its first daily pauses, and assets under management sit near $1.05 billion, about 1.5% of the token’s market capitalization, led by Bitwise at $331 million, Canary at $265 million, and Franklin at $262 million.
Then market plumbing. Ripple closed its acquisition of prime broker Hidden Road in October 2025 and rebranded it Ripple Prime. On March 2, 2026, Ripple Prime joined the participant directory of the National Securities Clearing Corporation, placing an XRP-linked institution inside the DTCC complex that clears the bulk of American equity trading and safeguards roughly $100 trillion in assets. DTCC has since named Ripple Prime to the working group of more than 50 firms shaping its tokenization service for Russell 1000 stocks, ETFs, and Treasuries, scheduled for October 2026.
Then the ledger itself. XRPL tokenized assets grew from $991 million on January 1 to $3.5 billion by midsummer. In early May, JPMorgan, Mastercard, Ondo Finance, and Ripple completed the first cross-border tokenized US Treasury redemption on the XRPL, settling in under 5 seconds. Daily transactions hit 3 million on March 15, roughly three times mid-2025 averages.
A protocol amendment from XRPL version 3.1.0 that would enable fixed-term lending through Single Asset Vaults is under validator vote, and support has been climbing toward the 80% supermajority it needs, a governance process crypto.news has tracked as it approaches the threshold.
Then the stablecoin. RLUSD reached a $1.72 billion market capitalization in under a year, moved more than $18 billion in the first quarter alone, and Ripple hedged the strategy in July by joining Open USD, the consortium dollar token backed by Visa, Mastercard, Stripe, BlackRock, and more than 140 other companies.
Then the licenses. A full Electronic Money Institution approval from Luxembourg in February, UK Financial Conduct Authority permissions in January, and the full MiCA Crypto-Asset Service Provider license on July 6 that opened all 30 countries of the European Economic Area, arriving days after the transition deadline locked unlicensed competitors out of the bloc.
Any one of these, delivered into the 2024 market, would have produced a rally measured in double digits. Delivered into 2026, the entire list produced a chart that goes down and to the right.
The year XRP traded: an autopsy The price ledger is shorter and harsher. XRP closed 2025 near $1.90 after the July peak at $3.65, rallied to about $2.40 in the new year, then spent 2026 in decline: a sharp February selloff that prompted Standard Chartered to cut its year-end target from $8 to $2.80, a spring of lower highs between $1.28 and $1.50, a June that opened near $1.30 and closed near $1.04, and a July that has been a daily fight to defend the $1 line.
The token trades below every major moving average, with the 20-day near $1.11, the 50-day near $1.20, and the 200-day near $1.52. Relative strength readings in the low 30s mark the deepest oversold territory of the cycle.
Two facts about the decline matter for interpreting it. First, it was market-wide. Bitcoin fell from above $100,000 to below $62,000, briefly touching $58,000. Ethereum, Solana, and BNB fell comparably or worse; total crypto market capitalization shed $2.3 trillion over 8 weeks, and digital assets posted a third consecutive losing quarter, the longest streak since 2022, as institutional capital rotated toward AI equities. Everything outside Bitcoin and Ethereum lost roughly 23% in 6 months. XRP’s beta to that drawdown was high, as it always is, because the token falls harder than Bitcoin when sentiment turns.
Second, and more uncomfortable for the bull case, none of the good news interrupted it. The full MiCA license produced a 3% weekly decline around the preliminary approval and indifference at the final one. The DTCC milestone passed without a candle. The Treasury redemption pilot with JPMorgan, arguably the most institutionally significant event in XRPL history, is invisible on the chart.
The one catalyst the market visibly responds to is legislative: the token jumped 4.5% within an hour of the CLARITY Act clearing committee on May 14, and it sagged when the July 4 signing target slipped, price action crypto.news examined as the delay sank in. The market has, in effect, told everyone what it is waiting for, and it is not another license.
What the forecasters did with the same facts The professional forecasting record around XRP in 2026 is itself evidence of the disconnect, because analysts looking at identical data have produced the widest dispersion of targets for any large-cap asset.
Standard Chartered entered the year at $8 for 2026 and cut to $2.80 in February after the selloff, a 65% downgrade in a single revision, while explicitly leaving its 2030 target untouched at $28. The bank’s stated logic was that regulatory clarity, institutional involvement, and new investment products justify higher long-term valuations, but near-term price action would remain correlated with the broad crypto market. That is the lag thesis and the beta thesis coexisting in one research note.
Bitwise carries a $4.94 year-end forecast. JPMorgan’s contribution is conditional rather than directional: $4 to $8.4 billion of first-year ETF inflows if the CLARITY Act passes, with no comparable estimate under failure. Algorithmic models cluster far lower, in the $1.70 to $2 band, essentially extrapolating the chart. The professional consensus for year-end sits above $2, which would require a 77% rally from current levels in under 6 months, a move the asset has produced before but only during regime changes in sentiment.
Forecast dispersion this wide is unusual for an asset of this size, and it maps precisely onto the two readings of the disconnect. Analysts weighting the infrastructure see multiples of the current price; models weighting the tape see the current price as fair. When the same inputs produce a $1.70 answer and a $28 answer depending on the discount rate applied to institutional adoption, the market is not confused. It is unpriced, waiting on the one variable, classification, that neither the company nor the chart can supply.
The bear reading: the token and the company are different assets The uncomfortable thesis deserves its full strength. Ripple’s success and XRP’s value are linked by a mechanism, and the mechanism is thin.
Ripple the company earns revenue from payments, custody, prime brokerage, and stablecoin float. Almost none of that revenue requires the XRP price to be anything in particular. The company’s own announcements make the point unintentionally: the MiCA license release mentions XRP essentially once, in the boilerplate.
Ripple Payments has moved more than $100 billion across 60-plus markets, but most of that volume settles in fiat or RLUSD, and where it does route through the XRP Ledger, the burned fee per transaction is a fraction of a cent. 3 million daily transactions at those rates destroys token supply at a pace measured in rounding errors. The stablecoin strategy, on this reading, actively competes with the bridge-asset story that once justified the token: every corridor that settles in RLUSD is a corridor that does not need XRP volatility risk.
Supply mechanics deepen the skepticism, and they deserve their own accounting. Ripple releases up to 1 billion XRP from escrow every month under a schedule set in 2017, relocking the majority into new escrow contracts while a smaller portion enters circulation through sales and ecosystem distributions. The market has watched this metronome for years, and its psychological weight exceeds its mechanical weight: even in months when net new supply is modest, the release event itself gives traders a recurring reason to expect selling, and expectations of supply function like supply. Set the monthly release against the demand side and the imbalance is stark. The entire ETF complex has absorbed roughly $1.49 billion over 8 months, an average of around $6 million of daily buying, in a token that trades north of $1.4 billion in daily volume.
Institutional flows at that scale can support a floor; they cannot fight a distribution schedule and a bear market simultaneously. The bear case does not need Ripple to fail. It needs only for the demand mechanisms to keep growing slower than the supply mechanisms, which is a fair description of every month of 2026 so far.
There is also the exchange migration to consider from the skeptical side. Tokens leaving exchanges for ETF custody are commonly read as bullish scarcity, but a share of that movement is simply the same speculative holders changing wrappers, retail selling spot that funds buy into trusts, with no net new demand created. The flow data cannot distinguish conviction from repackaging, which is why the bears discount it. The comparison Brad Garlinghouse himself invited when he attacked Michael Saylor’s leverage model cuts both ways, as crypto.news observed: both Strategy and Ripple sit atop enormous token treasuries whose value depends on a market they are simultaneously supplying.
On this view, the 2026 chart is not a mispricing. It is the market correctly concluding that owning XRP is not owning Ripple, that the institutional build-out accrues to Ripple’s private shareholders, and that the token’s fair value is whatever speculative demand plus modest utility demand will bear in a risk-off tape. The disconnect is not a gap waiting to close. It is the honest spread between an equity story and a token story that were never the same story.
The bull reading: infrastructure is demand with a lag The counterargument does not deny any of that. It argues the causality has a delay measured in years, and that 2026 is the trough of the lag, not the verdict.
Start with the demand channels that did not exist 18 months ago. ETFs holding $1.05 billion sound small against a $69 billion market cap until you note the direction and the constraint: 8 straight weeks of net inflows through the worst quarter since 2022, from a buyer base that is still legally capped. Pension funds, sovereign wealth funds, and most insurance portfolios cannot allocate to an unclassified asset at all.
That is precisely the constraint the CLARITY Act removes by making XRP a digital commodity under CFTC oversight, and it is why JPMorgan and Standard Chartered independently project $4 to $8.4 billion in first-year inflows under passage, a 5- to 8-fold expansion of the current ETF base. The bill’s merged draft is due the week of July 13, with floor action targeted a week later. The single largest catalyst in the token’s history has a date range attached to it.
Second, the utility story is finally measurable instead of theoretical. Tokenized assets tripling to $3.5 billion, a functioning institutional redemption pilot with the largest bank in America, a lending protocol approaching validator approval, and RLUSD volume in the tens of billions are all activity that lives on the ledger whose native asset is XRP.
The fee-burn mechanism is tiny per transaction, but the investment case was never fee burn; it is that reserve requirements, liquidity provisioning, and settlement paths on a busy institutional ledger create structural demand for the asset that denominates it. Japan already offers the proof of concept, where SBI’s remittance corridors made the country the one place XRP is used at scale in production, a story crypto.news has documented, and Europe post-MiCA is the first market since Japan where Ripple holds the full regulatory stack to attempt a repeat.
Third, the on-chain footprint of conviction is visible even at the lows. Whale accumulation ran through the spring, with roughly 450 million XRP moving through Binance in a 10-day stretch in March, wallet creation hit a 3-month high near 5,000 per day in late June, and large-holder balances rose while retail sentiment collapsed. Someone with size is treating $1 as a level to buy, and the historical pattern in this asset is that accumulation phases at multi-month lows precede the violent repricings the token is famous for. July, for what it is worth, is historically XRP’s strongest month, averaging around 10% gains, though seasonality in a fear-gripped market deserves limited weight.
The bull synthesis: the company spent 2026 building the pipes, the law that fills them sits 3 weeks from a vote, and the price is a coiled spring compressed by macro conditions that have nothing to do with Ripple. Standard Chartered, even after cutting its 2026 target to $2.80, left its 2030 target at $28, which is the lag thesis expressed as a forecast.
The map of the battlefield at $1 For traders, the disconnect compresses into a few price zones that both camps agree on even while disagreeing about everything else.
Support is a dense band between $1.00 and $1.06, where a thick concentration of historical buying has absorbed every test since late June, including seven separate probes of the $1.04 to $1.06 area. Beneath it, the map goes dark: a decisive daily close below $1 opens territory the token has not traded since 2024, with the next meaningful demand zone estimated between $0.80 and $0.90. The bounce attempts of early July have built a sequence of higher lows above $1.03, and the immediate breakout zone sits at $1.056 to $1.066, where a surge of volume, at one point 1,400% above the hourly average, marked the strongest buying of the month.
Resistance begins where the moving averages live. The 20-day average near $1.11 and the descending channel midline have capped every rally attempt; above that, $1.18 to $1.20 is the zone that separates a technical bounce from a trend change, since it contains the 50-day average and the highs of the last failed breakout. A move through $1.20 would be the first structural repair of the year. The level that matters for the larger argument is further up: analysts broadly treat $1.65 as the line above which the downtrend that began at $3.65 would formally be broken.
The holder structure beneath those levels is where the two theses interact most directly. Exchange balances have been falling as tokens migrate to ETF custodians and cold storage, whale addresses have grown through the decline, and the retail cohort, measured by funding rates and sentiment indexes reading extreme fear, is maximally absent.
That configuration, shrinking liquid supply against a depressed price, is the classic setup for violent moves in both directions: thin order books amplify whatever catalyst arrives. A CLARITY passage into this structure would meet little overhead supply until the mid-$1.20s. A failure into this structure would find equally little bid support below $1. The market has arranged itself for an outsized reaction to a binary event, which is rational, because that is exactly what the calendar is offering.
What would actually settle the argument Disconnects resolve through evidence, and four specific markers will decide which reading was right.
The CLARITY floor vote before the August 7 recess is the binary. Passage activates the constrained buyer base and converts the classification question from risk to fact; failure removes the identified catalyst and hands the bear thesis another year of confirmation. Nothing else on this list matters as much.
XRPL settlement disclosures are the slow variable. Europe will produce client announcements through the fall; the tell is whether named institutions settle on the ledger or through RLUSD and fiat rails that bypass the token. Every disclosure is a data point for exactly the mechanism the two camps dispute.
ETF flow behavior around the $1 level tests the institutional bid. The first net outflow day arrived on June 30 as the quarter closed. If inflows resume through a flat tape, the allocation story survives the drawdown. If outflows follow the price down, the ETF base was momentum money wearing an institutional costume.
The lending amendment vote tests whether the ledger’s institutional roadmap ships. Validator support has been grinding toward the 80% threshold; activation would open uncollateralized fixed-term credit through Single Asset Vaults, the first XRPL primitive aimed squarely at the institutional DeFi demand the bull case requires.
One more marker sits outside the token entirely: Ripple’s own capital decisions. The company has explored an initial public offering intermittently, and hints have circulated that XRP holders might somehow participate in a listing. Nothing concrete has emerged, and nothing should be assumed, but the scenario clarifies the stakes of the disconnect better than any chart.
If Ripple lists, the market will finally price the company and the token side by side, in public, every trading day. Either the equity valuation validates the institutional story and drags attention back to the ledger that underpins it, or investors will buy the company and continue ignoring the token, at which point the decoupling thesis stops being a thesis and becomes a quote on two screens. The company has every incentive to make the token matter before that comparison goes live.
For holders, the practical takeaway is about position sizing against a calendar, not about conviction in either narrative. The next 26 days contain the merged CLARITY draft, a possible floor vote, the July escrow release, continuing ETF flow data, and the validator vote on the lending amendment. That is an unusual density of resolution for a single month. The disconnect between Ripple’s year and XRP’s year has been stable precisely because nothing forced the two stories to reconcile. The Senate schedule is about to force it.
The widest gap in crypto right now is not between any two tokens. It is between a company having its best year and a token having its worst, wearing the same three letters. Markets close gaps like this one eventually, and they are indifferent about the direction. 26 days of Senate calendar will supply the first, and probably decisive, piece of the answer.
Ripple získal v Lucembursku plnou licenci MiCA, takže může nabízet regulované krypto služby ve všech 30 zemích EHP. V USA ale právní klasifikace XRP stále čeká na zákon CLARITY Act.
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.
Ripple CEO Brad Garlinghouse has revealed that his company also shut down after the Securities and Exchange Commission (SEC) sued it in 2020. He highlighted how they faced a dilemma after the Commission sued them, seeing as the government had unlimited resources to see the lawsuit through to the end.
Ripple CEO Says The Crypto Firm Almost Shut Down In an appearance at the KU School of Business, Garlinghouse said that they almost decided to shut down the company after the SEC sued them. He noted that the government had “infinite power and resources,” signaling that they faced a tough decision about whether to challenge the lawsuit.
The Ripple CEO further remarked that shutting down the company would likely have been an easier choice. Under such a scenario, he said that they would have simply distributed their XRP holdings to shareholders on a pro rata basis and informed the SEC that they no longer held ay XRP since the Commission said it was a security.
However, he added that such a decision would have been a bad outcome, seeing as hundreds of people would have lost their jobs. In line with this, he said he was glad they did not make such a decision, although it wasn’t easy at the time. The SEC sued Ripple in 2020 over the sale of XRP, and both sides eventually settled the long-running lawsuit last year after the Trump administration took office.
It is worth noting that the SEC had also sued Garlinghouse and Ripple co-founder Chris Larsen, claiming that they had sold XRP as an unregistered security. However, Judge Analisa Torres eventually ruled that XRP was not a security in itself. Interestingly, the Ripple lawsuit judge recently handed Kalshi a major loss in its case against New York, ruling that New York state gambling laws apply to Kalshi’s sports-related event contracts.
XRP Community Member Reflects On The Journey Commenting on how far Ripple and XRP have come, community member BankXRP noted that Ripple’s U.S. business is fully back and that the company has secured licenses across multiple jurisdictions. As CoinGape reported, Ripple recently secured a new EU license, making it MiCA-compliant.
I remember December 2020 like it was yesterday.
SEC sues Ripple. Exchanges start delisting XRP overnight. Coinbase, one by one, others follow.
XRP is done. It’s over, sell before it goes to zero. Ripple is finished, the SEC just killed it.
For almost 2 years, that was the…
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) July 11, 2026
Meanwhile, BankXRP added that institutional partnerships are stacking up globally for the crypto firm, while banks are building on the XRP Ledger (XRPL) rather than just talking about it. “The same “dead” project people wrote off in 2020 is now sitting at the center of institutional adoption,” he said.
The XRP community member also declared that bear markets and lawsuits do not kill real conviction; rather, they just test who actually understood the thesis in the first place.
For more on regulated crypto firms, please check out Best Regulated Crypto Exchanges in Europe in July 2026 – MiCA Compliant List
Stablecoinová nabídka na Avalanche za sedm dní vyskočila o 46 % na více než 1,8 miliardy USD. Síť tím přeskočila Plasma i XRP Ledger a posunula se na 11. místo mezi stablecoinovými sítěmi.
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
XRP vzrostl o 1,27 % na $1,10, ale zůstává pod resistance na $1,12. ETF na XRP mezitím přilákaly kumulativně $1,48 miliardy a spravují čistá aktiva ve výši $989,46 milionu.
Key Takeaways XRP registered a 1.27% gain to reach $1.10, with critical resistance positioned at $1.12 The CLARITY Act successfully cleared the House and progressed through the Senate Banking Committee A procedural Senate vote could occur during the July 13–17, 2026 window Market experts EGRAG CRYPTO and Crypto Patel both highlight $0.85–$1.20 as a strategic accumulation range XRP ETF products recorded $1.48 billion in cumulative inflows, with combined net assets reaching $989 million XRP posted gains on Friday, reaching $1.10 with a 1.27% increase while the cryptocurrency market overall expanded by 1.54% to achieve a $2.19 trillion aggregate market capitalization. Bitcoin advanced 1.48% to settle at $64,002, while Ethereum demonstrated stronger momentum with a 3.03% climb to $1,790.
XRP Price Technical analysis of the four-hour timeframe reveals purchasing activity returning to the market, though upward momentum remains constrained beneath the $1.12 resistance threshold. The Relative Strength Index registers at 47.48, positioned marginally below the neutral 50 benchmark. The MACD histogram has shifted into positive territory at 0.0018, with the MACD line executing an upward cross above the signal line, suggesting potential price recovery.
A decisive breach above $1.12 would establish a pathway toward $1.15, subsequently targeting $1.20. Conversely, $1.07 represents the critical support foundation. Should this level fail to hold, XRP faces potential downward pressure toward $1.05 or the psychologically significant $1.00 threshold.
Market analyst Celal Kucuker shared insights via Twitter, emphasizing that “smart money accumulates when everyone is bored.” His technical framework identifies $0.85–$1.20 as the accumulation territory, $1.65 as the momentum inflection point, $3–$3.50 as the macro breakout region, and establishes a cycle objective of $15. His core thesis: strategic patience outweighs reactive trading.
CLARITY Act Legislative Timeline The CLARITY Act secured House approval on July 17, 2025, garnering 294 affirmative votes. The Senate Banking Committee pushed the legislation forward on May 14, 2026, through a 15-9 decision. The Senate reconvenes following its recess on July 13, with procedural voting potentially scheduled between July 13 and July 17.
House-Senate reconciliation proceedings may commence during the July 20–24 period. Should both legislative chambers approve identical versions, the legislation could land on President Trump’s desk before August concludes. Failure to meet this timeline would shift expectations to September.
Senate Democrats have voiced apprehensions regarding Trump’s cryptocurrency investments and are demanding committee hearings, pointing to potential conflict-of-interest complications connected to the CLARITY Act. The ethics component continues to represent a contentious negotiation point.
The proposed legislation would establish a comprehensive national infrastructure for digital asset commerce and oversight, distributing regulatory authority between the SEC and CFTC. Enhanced regulatory clarity could diminish ambiguity surrounding XRP’s asset classification and facilitate expanded institutional market participation.
Expert Accumulation Price Targets Cryptocurrency analyst EGRAG CRYPTO has designated $0.85–$1.20 as a historically significant macro support band. According to his assessment, XRP could retreat to $0.85 while preserving its long-term structural integrity. His price objectives include $1.65 for momentum confirmation, $3.00–$3.50 as substantial resistance barriers, and $15 as the complete cycle destination.
#XRP – BENT FORK 🍴 – $15 (Accumulation Band):
Right now, $XRP is sitting near the historical accumulation band around:
▫️ $0.85–$1.20
This zone has acted as macro support in previous cycles.
Can $XRP wick lower toward $0.85? Yes.
But as long as this band holds, the macro… pic.twitter.com/LQ6mMPdcUb
— EGRAG CRYPTO (@egragcrypto) July 10, 2026
Analyst Crypto Patel establishes the accumulation window between $0.70 and $1.10. His MACD technical evaluation indicates an emerging bullish crossover pattern. Patel referenced comparable technical configurations that preceded price surges exceeding 1,000%, projecting a trajectory toward $9 or beyond if XRP maintains present support levels and penetrates the $3 threshold.
Regarding exchange-traded fund developments, XRP products registered zero net daily inflows on July 9. Aggregate inflows total $1.48 billion, while combined net assets measure $989.46 million. Bitwise commands the leading position with $308.15 million in assets under management, trailed by Canary at $252.97 million and Franklin at $249.54 million.
CryptoQuant uvedl, že spotová likvidita XRP rychle roste, zatímco otevřený zájem na Binance klesl z více než 500 milionů USD v polovině června na 399 milionů USD k 10. červenci. Funding rate přitom vzrostla o 266 % mezitýdně na 0,007.
On-chain analytics platform CryptoQuant reported that spot liquidity in the XRP market is rapidly increasing, but the delegitimization process in derivatives trading, which has been ongoing since mid-June, has not yet ended.
According to CryptoQuant data, Binance experienced a significant increase in XRP spot trading activity between July 4th and 8th. Specifically, on July 7th, 64.9 million XRP were injected into the exchange, while 49.2 million XRP were withdrawn on the same day.
The analysis added that this volatility in the spot market was not the factor that triggered the closing of positions in derivative markets. It was noted that the size of open XRP positions on Binance decreased from over $500 million in mid-June to $431 million by July 4th, and further to $399 million by July 10th.
During the same period, long position liquidations increased by 94 percent on a weekly basis. While long position liquidations were reported to be 172 percent above the average of the last three months, short position liquidations decreased by 53 percent.
CryptoQuant stated that the high inflows and outflows in the spot market indicate investors repositioning their capital rather than anticipating a new and strong direction. The continued decline in open positions suggests that leveraged capital continues to exit the XRP derivatives market.
In contrast, a different trend was observed in funding rates. Binance XRP funding rate, which briefly turned negative at the end of June, increased by 266 percent on a weekly basis, rising to 0.007.
According to CryptoQuant, as open positions decline while funding rates rise and long position liquidations increase, it indicates that remaining or newly opened long positions in the market are paying increasingly higher premiums. This suggests that despite a decrease in the total derivatives market capitalization, a segment of investors still maintains a bullish outlook.
On-chain data, however, presents a more balanced picture compared to the derivatives market. The number of active addresses on the XRP network remains 11 percent below the average of the last three months, indicating that broad-based network participation has not yet fully recovered.
However, the number of transactions increased by approximately 3-4 percent on both a weekly and monthly basis. Nevertheless, the total number of transactions remains 21 percent below the three-month average.
During the same period, a decline in the NVT ratio, which measures the relationship between XRP’s network value and transaction volume, suggested that the previous decline in network usage may have slowed and usage may have begun to stabilize.
CryptoQuant stated that the market becomes more vulnerable to funding rate corrections during periods when long position liquidations continue, funding rates rise, and the derivatives market size shrinks.
If this trend continues, funding rates may fall again as overly optimistic leveraged positions are liquidated. However, strengthening spot demand and a continued recovery in network activity could limit the impact of any potential correction.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Sněmovní výbor pro finanční služby naplánoval na 17. července terénní slyšení v New Yorku k CLARITY Act. XRP na to reaguje jen mírným růstem a trh čeká na vyšší volatilitu.
Ripple (XRP) price is up slightly by 0.02% today, July 11, to trade at $1.10 at the time of writing. The slight gain comes as trading volumes cool into the weekend, with CoinMarketCap showing that XRP’s volume are down by 25% to $762 million.
Traders are now bracing for volatility in the coming week with the CLARITY Act coming back in focus as the US Congress resumes sessions on July 13 after the July 4 recess.
Congress Schedules CLARITY Act Hearing Data from the US Congress website shows that the House Financial Services Committee will have a field hearing in New York regarding the CLARITY Act on July 17.
CLARITY Act Hearing This hearing was even confirmed by Congressman French Hill during an interview with FOX, where he said that lawmakers want to ensure that CLARITY can be merged with old legislation.
“We’ve got to get this market framework in place to be combined with the GENIUS Act”,” Hill said.
The Congressman’s remarks come after a CoinGape report revealed that the final draft for the CLARITY Act could drop between July 13 and July 17 and potentially move the XRP price.
Pro-crypto senators like Cynthia Lummis say that this final draft will be the last chance that the CLARITY Act has to pass before the mid-term elections happen in November.
The resumption of the US Senate from the July 4 holiday recess has also caused a slight increase in the odds of the CLARITY Act being approved from 40% on July 8 to 44% today, July 11.
XRP Price Eyes Wedge Breakout as Bearish Momentum Fades The price of XRP trades within a falling wedge pattern. This pattern has a depth of 22%, and it usually appears when the trend is about to change from a bearish one to a bullish one.
The RSI reading of 47 also suggests that bears might be losing their grip. This RSO has moved from 32 on June 30 to 47 on July 11, suggesting that buyers are slowly replacing sellers.
This RSI needs to make a higher high above 50 to confirm that the momentum has changed to bullish.
XRP value faces resistance at $1.16. Moving above this obstacle could pave the way for a 22% gain to $1.42.
XRP Price Chart But if XRP fails to close above $1.16, bears might force it back into consolidation within the falling wedge pattern, and the price could drop to the support of $1.03.
XRP Ledger Activity Hits Rare Lows SWIFT recently partnered with several banks affiliated with Ripple, but that did not increase network activity like is usually the case.
Instead, data from Santiment shows that the level of activity on the XRP Ledger is at the second-lowest level in 2026.
XRP Ledger saw only 25,350 active wallets on July 11 and 2,130 new wallets.
The number of new wallets on XRP Ledger is at the lowest point since November 2024, with Santiment saying that buyers are hesitating until there is a real catalyst that can push the price up.
Japonsko podle ministryně financí Satsuki Katayamy postupuje podle plánu k legalizaci ETF na kryptoaktiva. Nové pravidlo má otevřít cestu k obchodování už příští rok.
Japan’s Finance Minister Satsuki Katayama announced at the Open QUICK 2026 seminar, organized by leading financial information provider QUICK on July 10, that the government is progressing as scheduled in the process to legalize crypto asset exchange-traded funds (ETFs) in the country. This development follows growing international interest in similar financial products abroad.
Regulatory shift for crypto assetsRecently, Japan’s House of Representatives approved a regulatory change transferring the oversight of spot crypto assets from the Payment Services Act to the Financial Instruments and Exchange Act. This move paves the way for crypto assets to be classified as fully regulated financial products, aligning their legal framework more closely with that of equities and bonds.
Finance Minister Satsuki Katayama confirmed that the government is proceeding with the legalization of crypto asset ETFs as originally intended.
The new regulation strengthens the legal basis for crypto asset ETFs to be listed and traded on Japanese exchanges. Under the current timetable, these products may begin trading on Japan’s markets as early as next year.
SBI develops two innovative fund offeringsIn May, SBI Holdings announced the launch of a new crypto asset ETF. The company’s plans include a dual-asset ETF structure that will provide investors with regulated access to both Bitcoin and XRP. As one of Japan’s largest financial groups, SBI operates across banking, brokerage, and asset management services.
In addition, SBI proposed a hybrid investment fund bringing together gold-based ETFs and crypto asset ETFs. In this structure, 51% of the portfolio would be allocated to gold ETFs, while the remaining 49% would be dedicated to crypto assets such as Bitcoin ETFs. This approach targets more cautious institutional and retail investors seeking diversified exposure.
ProductContentTarget audienceDual-asset ETFBitcoin and XRPInvestors seeking regulated crypto accessHybrid fund51% gold-based ETF, 49% crypto asset ETFMore cautious institutional and retail investorsAmbitious asset growth and competitionSBI aims to reach approximately 5 trillion yen, equivalent to $32 billion in assets under management, within three years of launching these products. This target represents a bold step for crypto-themed investment products within Japan’s financial sector and signals significant anticipated demand.
The company also hopes to secure an early market advantage by moving ahead of major Japanese financial groups such as Nomura and Rakuten Securities. With expanding regulatory clarity, competition in the crypto ETF space in Japan is expected to intensify in the coming period.
Ripple partnership comes to the foreSBI’s inclusion of XRP in its ETF plan aligns with its longstanding corporate partnership with Ripple. Known for its XRP-focused payment solutions, Ripple has established close business relationships in the Japanese market, and this collaboration continues to play a significant strategic role for SBI.
SBI is developing a structure uniting Bitcoin and XRP within the same fund, while also introducing a separate model that combines gold and crypto asset ETFs in a single portfolio.
Through these initiatives, SBI seeks to attract both aggressive crypto investors and more risk-averse clients, offering diverse routes to engage with digital assets under a regulated framework.
Market analysts expect SBI’s pioneering approach and regulatory developments to spur wider adoption of crypto ETFs in Japan, potentially altering the landscape for both institutional and retail participation in the coming years.
As Japan prepares to launch crypto asset ETFs, the convergence of traditional finance and blockchain technology is poised to reshape investment options in the country, with major players vying for leadership in a rapidly evolving sector.
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.
Ripple tento týden uvolnil z escrow zhruba 1 miliardu XRP, což analytik označil za běžnou měsíční praxi. Zároveň tvrdí, že firma míří k tomu, stát se první digitální bankou v USA a získat bankovní licenci.
Ripple released roughly $1 billion worth of XRP from its escrow this week, an amount large enough to catch the attention of traders watching the token’s price action closely.
Asked how to interpret the timing, given XRP’s recent price weakness, one analyst pushed back on the idea that the unlock signals anything unusual. “This is just the standard playbook for Ripple. We’ve seen this for years,” the analyst said, describing it as part of a broader redistribution of XRP into the hands of people who will actually use the underlying technology.
Ripple unlocks roughly 1 billion XRP tokens from its escrow, every single month. On a high-volume month, the company typically sells between 180 million and 300 million tokens, while Ripple typically relocks 70 to 80 percent of that supply right back into escrow. “It’s not as if Ripple sees the writing on the wall,” the analyst said. “This is standard business practice for the company.”
The bank narrative behind the numbers
The analyst pointed to a bigger story developing alongside the CLARITY Act, the PACE Act, separate legislation that could give Ripple direct access to the Federal Reserve system, too. Citing a previous interview, the analyst argued Ripple has “every incentive in the world” to lock up its remaining escrow and use it as collateral to become the first digital bank chartered in the United States.
A co-host on the discussion noted the relock percentage matters for gauging Ripple’s intent. A 90 percent relock this month would show Ripple is flush with capital, he said, pointing to active ETF inflows and corporate revenue as signs the company does not need to dilute the market by selling more tokens than necessary.
Reading the charts
Beyond the unlock, the hosts flagged a possible technical catalyst: XRP may be breaking out of a year-long descending channel, a move they said could align with historically favorable seasonal trends for the token heading into the fall.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Ripple snížil nabídku RLUSD na Ethereu na zhruba 692 milionů USD, protože pokračuje v burnech tokenu. Na XRP Ledgeru je RLUSD stále více než na Ethereu.
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.
According to recent data from Ripple Stablecoin Tracker, Ripple USD (RLUSD) supply on the Ethereum network has shrunk to about $692 million as Ripple continues to adjust the stablecoin's circulating supply through token burns.
At the start of July, RLUSD supply on Ethereum was above $727 million; now this figure has decreased, with millions in Ripple USD burned on the Ethereum network in the last seven days.
$115.4 million was burned on the Ethereum blockchain in the last seven days as seen on the Ripple Stablecoin Tracker website, while $49.3 million was minted in the same timeframe. On July 29 alone, $25.9 million was burned on the Ethereum blockchain while $6.2 million in RLUSD was minted.
HOT Stories
The last 30 days saw significant RLUSD redemptions on the Ethereum blockchain; a total of $369.4 million was burned while $167.6 million was minted.
You Might Also Like
On the XRP Ledger, a total of $324.1 million was minted in the last 30 days and $217.6 million was burned. The total circulating supply of the RLUSD stablecoin is currently $1.556 billion.
RLUSD expands footprint on XRP LedgerWith RLUSD supply on Ethereum shrinking to $692 million, XRP Ledger remains ahead, hosting more RLUSD than Ethereum network. RLUSD's footprint on XRP has increased significantly, overtaking Ethereum supply for the first time in June.
You Might Also Like
RLUSD in circulation on the XRP Ledger grew from roughly $20 million at the end of 2024 to about $800 million by late June 2026, which is a 40-fold rise, with the largest increase occurring in May and June 2026.
Ripple USD is currently one of the most-traded issued assets on XRP. Its share of all on-chain trading climbed from under 1% to about 12% in 2026, and the RLUSD/XRP pair alone has cleared roughly $900 million over the last six months.
This week, Ripple received authorization of its Crypto Asset Service Provider (CASP) license from Luxembourg's Commission de Surveillance du Secteur Financier (CSSF). The authorization confirms Ripple as fully MiCA-compliant, with its solutions underpinned by XRP and RLUSD made available to financial institutions, corporates and businesses across all 30 countries of the European Economic Area.
Intesa Sanpaolo zveřejnila zhruba 18 milionů USD v XRP, které drží prostřednictvím Grayscale XRP Trust, nikoli přímo v peněženkách ani přes ETF. Ukazuje to, že banky dál volí tradiční cenné papíry místo přímého držení krypta.
Italy’s largest bank disclosed an $18 million XRP position, and the interesting part is not the size but the plumbing: the exposure runs through Grayscale’s trust, not through wallets, keys, or even the shiny new ETFs. Bank crypto exposure has more than doubled in two quarters, and the wrappers banks choose reveal exactly how far the regulated world has actually come. This is the anatomy of how a bank buys a token.
Summary
Italy’s largest bank disclosed an $18 million XRP position through Grayscale’s trust, highlighting how regulated banks continue to prefer traditional securities over direct crypto holdings. European banks’ disclosed crypto exposure has more than doubled to $235 million, although most positions remain small, wrapped and focused on strategic exposure rather than treasury investments. The structure banks choose to hold crypto reflects regulatory, capital and custody constraints, offering a clearer signal of institutional adoption than the size of individual investments. The most institutionally significant XRP purchase of the year fits in a footnote. Intesa Sanpaolo, Italy’s largest banking group with over a trillion dollars in assets, disclosed a roughly $18 million position in XRP, acquired not on any crypto exchange, not through self-custody, not even through the spot exchange-traded funds that launched to such fanfare, but through shares of Grayscale’s XRP trust, a wrapper most retail traders stopped thinking about years ago.
Intesa bought an approximately $18 million position in the Grayscale XRP Trust
— Degi (@bryLFC88) July 9, 2026 Eighteen million dollars is a rounding error for Intesa, less than 0.002% of its balance sheet, and dismissing the disclosure on size would miss what it actually documents. Bank crypto exposure in aggregate has more than doubled across two quarters, from roughly $100 million to $235 million among disclosing European institutions, and each disclosure is a specimen of the same understudied question: when a regulated deposit-taking institution decides to hold a volatile digital asset, what does it actually buy, through what legal object, on whose books, and why that one? The answers are duller than the headlines and far more informative, because the wrapper a bank selects encodes everything, its regulators’ current mood, its capital treatment, its custody constraints, and its honest time horizon.
This piece uses the Intesa position as a dissection subject. It covers the menu of structures through which a bank can hold crypto and what each one costs in capital, operations, and optics; why a trust, of all things, beat both the ETFs and direct custody for this purchase; what the doubling of bank exposure does and does not signal about the institutional wave every forecast depends on; the XRP-specific reading, since the asset choice is itself information; and the checkable signals that would show bank demand becoming the structural bid the market has priced in advance so many times.
The menu: five ways a bank can own a coin A bank deciding to hold crypto chooses among five structures, and the choice is never about preference; it is about what its regulator, risk committee, and accounting framework will tolerate this quarter.
The first is direct ownership with self-custody: coins on the balance sheet, keys in the bank’s control. It is the purest exposure and the rarest, because it triggers everything at once, the harshest prudential capital treatment, under Basel-derived rules a risk weight so punitive that unhedged direct holdings can require capital near the position’s full value, plus operational custody risk the institution must build or buy, plus accounting volatility straight through earnings. A handful of pioneers run small direct books as strategic learning exercises; as a portfolio structure it barely exists.
The second is direct ownership with third-party custody: the bank owns coins held by a qualified custodian. It softens the operational problem and none of the capital problem, and it is the structure banks build for clients, custody as a fee business, far more often than for themselves; Intesa itself has run a proprietary desk and custody buildout along exactly these lines, which makes its choice of a different wrapper for this position all the more instructive.
The third is the exchange-traded fund: regulated, liquid, redeemable, tracking tightly through the creation-and-redemption machinery that keeps share and coin prices glued. For most institutions the ETF is the modern default, which is precisely why a bank bypassing it deserves attention.
The fourth is the trust or closed-end structure, the Grayscale lineage: a fund holding coins, whose shares trade as securities, historically without the redemption loop that disciplines ETF pricing, meaning shares can and famously did trade at large premiums and discounts to the underlying. The fifth is synthetic exposure, futures, notes, certificates, total-return swaps, owning the price without the asset, the structure of choice where regulators permit derivatives more readily than holdings.
JUST IN: Grayscale has categorized $XRP under the
"Global Payments" investment narrative, highlighting its role in cross-border payments and digital financial infrastructure. As institutional interest in blockchain continues to grow, #XRPArmy pic.twitter.com/g4NEi1p86Y
— Michelle Kirby X (@michelekirby623) July 10, 2026 Read as a ladder, the five structures run from maximum conviction and maximum friction at the top to minimum commitment at the bottom, and where an institution steps on reveals its constraints more honestly than its press releases. A bank in a jurisdiction with settled ETF access, clean capital rules, and a supportive supervisor buys the ETF. A bank that buys a trust is telling you something specific.
Why the trust: the unglamorous logic Intesa’s route through Grayscale’s XRP trust looks, at first glance, like choosing a flip phone, and the logic assembles quickly once the constraints are listed.
The first constraint is geography and availability. The US spot XRP ETFs are new, their European availability to a regulated Italian bank’s balance sheet runs through legal and distribution questions that a US-listed trust security, tradeable as an ordinary share, sidesteps; European institutions have bought American trust shares for years precisely because they slot into existing securities plumbing, custody, settlement, and reporting included, with no crypto-specific operational buildout at all. For a first position, or a small strategic one, the wrapper that requires zero new infrastructure wins on cost alone.
The second is the capital and accounting angle. A trust share is a security, held and risk-weighted as one under frameworks the bank already runs, while direct coin holdings drag the punitive crypto-specific capital treatment; the wrapper does not eliminate the exposure’s volatility, and it can materially simplify its regulatory life. The third is discretion and reversibility: an $18 million security position is entered, marked, and exited like any other line in a trading book, with no wallets to explain, no custodian onboarding, no board-level operational review, an experiment sized and structured to be abandonable, which is exactly how serious institutions run first experiments.
In diesem Video geht es um Goldman Sachs, Intesa Sanpaolo, sinkende XRP Bestände auf Börsen und die Frage, warum der Kurs trotz positiver Onchain Daten noch nicht wirklich reagiert.
Außerdem ordnen wir ein, ob die fehlende Krypto Liquidität wirklich verschwunden ist, oder nur… https://t.co/GcYvrwSBk7 pic.twitter.com/ttVelYqLEj
— CryptoTuts (@CryptoTuts) July 9, 2026 The fourth is the trust’s historical quirk turned feature: with spot ETFs now existing as conversion or competition targets, the old discount problem that made trusts hazardous has largely resolved, while the structure retains its accessibility. The instrument that spent years as the cautionary tale about wrappers, its discounts the very evidence that forced the ETF era into being, now serves as the quiet on-ramp for institutions whose plumbing has not caught up to the products the caution produced. Finance rarely wastes an old vehicle; it reassigns it.
The capital rules: the constraint underneath everything The single largest force shaping how banks hold crypto never appears in the headlines, so it earns its own section: prudential capital treatment, the rules deciding how much of a bank’s own equity must stand behind each asset it holds. The international framework finalized by the Basel Committee sorts crypto exposures into groups, with tokenized traditional assets and qualifying stablecoins receiving conventional treatment, and unbacked cryptoassets, the Bitcoin-and-XRP category, consigned to the punitive tier: a risk weight of 1,250%, the framework’s maximum, which in practice requires capital roughly equal to the exposure itself, plus an aggregate cap holding such exposures to a sliver of a bank’s Tier 1 capital. The design intent was explicit, to make direct crypto holdings nearly uneconomic for banks, and it succeeded: no meaningful direct bank crypto book exists anywhere under full Basel-aligned rules.
The wrapper economy documented in this piece is, in large part, the industry’s negotiated response to that number. A trust share or ETF position may, depending on jurisdiction and interpretation, route through securities and funds treatments instead of the maximum weight; synthetic exposures route through derivatives and market-risk frameworks; and client-custody businesses, where the bank never owns the coins at all, sit outside the exposure caps entirely, which is why custody is where bank crypto revenue actually lives. None of this is evasion, every structure is disclosed and supervised, and all of it is arbitrage in the honest sense: institutions selecting, among permitted forms, the one whose capital cost matches their conviction. The forward-looking point follows directly: the capital rules are under active review in multiple jurisdictions, industry bodies have pressed for recalibration as the classification legislation matures, and any softening of the 1,250% regime would do more for bank demand than a decade of conferences, because it changes the only number bank treasurers actually optimize. Watch the consultations, not the keynotes.
The specimen in context: who else, and how Intesa’s disclosure lands within a recognizable cohort, and the cohort’s composition sharpens the reading. European institutions dominate the disclosed-exposure aggregate for a structural reason: MiCA’s arrival gave the continent’s banks a supervisory framework to point to, and supervised clarity, even strict clarity, unlocks more institutional behavior than permissive ambiguity ever has. The cohort’s positions share the Intesa profile almost uniformly, small against the balance sheet, wrapped rather than direct, concentrated in the majors plus, notably, XRP, and framed internally as strategic learning. Around the disclosed positions sits the larger undisclosed economy: bank-run custody for funds and corporates, structured notes and certificates giving private-bank clients crypto exposure, and trading desks making markets in ETPs, all of which generate crypto revenue without crypto balance-sheet exposure and all of which grew straight through the drawdown. The honest map of bank adoption, in other words, is a pyramid: a vast base of client-service activity, a thin middle of wrapped proprietary positions like Intesa’s, and an apex of direct holdings that remains, by regulatory design, nearly empty. Adoption forecasts that conflate the layers, and most do, mistake the pyramid’s base for its apex and misprice both.
What $100M to $235M actually signals The aggregate number behind the Intesa specimen, disclosed bank crypto exposure more than doubling to $235 million in two quarters, invites two opposite readings, and the honest analysis requires holding both.
The deflationary reading starts with scale: $235 million across the European banking system is not institutional adoption; it is institutional curiosity, a few basis points of trading-book capacity spread across a handful of names, an order of magnitude below what single corporate treasuries deployed in the last cycle and three orders below the ETF complex. Banks hold these positions the way they hold any exotic, small, hedged or hedgeable, and structured for exit, and extrapolating a wave from a doubling of a tiny base is the oldest error in institutional-adoption forecasting. The doubling also coincides with the drawdown, which cuts both ways: it is conviction buying weakness, or it is desks accumulating inventory for client products rather than expressing any house view at all, and disclosures rarely distinguish the two.
The inflationary reading counts differently: it counts precedents. Every structure a bank uses for a small position is a structure approved, documented, and reusable for a large one; the expensive part of institutional adoption was never the buying but the permissioning, the risk-committee papers, the regulator conversations, the accounting memos, and each disclosed position is proof that some institution’s permissioning is complete. On this reading, $235 million is not the wave, it is the wave’s paperwork, and the doubling measures how fast the paperwork is clearing. The reading gains force from who is moving: Intesa is not a crypto-adjacent challenger but a systemically important incumbent whose choices get studied by every peer risk committee in Europe, and incumbent behavior is the single best-documented contagion vector in institutional finance.
Both readings share one implication worth stating plainly: the structural bank bid, the one in the conditional price forecasts, remains almost entirely in front of, not behind, the current market, which is precisely why the classification legislation gates so much of every forecast. Banks buy at the pace their constraints dissolve, and the constraints are dissolving on legislative and supervisory calendars, not market ones.
A note on the disclosure mechanics themselves rounds out the specimen. Bank positions of this kind surface through securities filings, fund shareholder registers, and periodic risk disclosures, each with its own lag and granularity, and the analysts who compiled the $235 million aggregate are stitching exactly these sources. The number is therefore a floor, not a census: positions below reporting thresholds, exposures inside synthetic structures, and holdings at institutions with lighter disclosure regimes all escape it, which means the true wrapped-proprietary layer is somewhat larger and its growth rate somewhat smoother than the headline doubling suggests. It also means the series improves mechanically as the asset class formalizes, more filings, finer categories, shorter lags, so part of every future increase will be measurement catching up with reality, a caveat worth carrying into each new headline about bank exposure records.
What a bank position is not Two category errors follow every bank-crypto disclosure, and clearing them sharpens what remains. The first is reading a trading-book position as a treasury strategy. Corporate treasury adopters hold coins as a reserve-asset thesis, financed by their capital structure and marked as conviction; a bank’s wrapped $18 million sits in a book built for exposures that come and go, sized inside limits designed to make its total loss immaterial, and often paired with hedges or client flows invisible from outside. The position’s information value is procedural, not directional: it proves the pipe exists, not that the water is committed. The second error is reading disclosure timing as buying timing. Positions surface through reporting cycles months after their construction, get built across many sessions to avoid moving thin markets, and can be inventory against structured products the bank has sold, not a view at all. The market’s habit of backdating conviction onto the disclosure date has embarrassed every analyst who indulged it, and the professional reading discipline is the same one every filing teaches: the fact is the exposure and its structure; the story is unrecoverable from public data and should be priced accordingly.
There is also the question of what would make a bank sell, which no adoption narrative ever models. Wrapped positions of this size exit for reasons that have nothing to do with crypto, quarter-end optics, risk-limit reshuffles, a supervisor’s raised eyebrow, a desk head’s rotation, and their departure would generate exactly the headlines their arrival did, inverted and equally overread. The institutional bid, when it truly forms, will be identifiable not by any single entry but by its behavior through stress: positions that persist across drawdowns, disclosures that grow through bad quarters, and wrapper migrations toward more committed structures while prices fall. By that standard, the current cohort is untested, the drawdown positions are its first examination, and the next two reporting cycles are worth more than the last ten announcements.
The XRP of it: why this asset, from this buyer The asset selection is its own signal, and it reads differently from a bank than it would from a fund. XRP is, among major assets, the one whose institutional story runs through exactly the world Intesa inhabits: cross-border payments, correspondent banking, and a corporate sponsor that has spent a decade selling to institutions like Intesa, an empire whose honest token accounting this publication has mapped. A European bank taking its crypto first step in XRP rather than only Bitcoin is choosing the asset whose bull case is denominated in its own industry’s plumbing, which makes the position readable as strategic reconnaissance as much as investment: a small, live stake in the asset one’s own payments division will inevitably be asked about.
The timing adds the contrarian layer: the position surfaces with XRP down roughly 70% from its peak, the tradable float at seven-year lows, and sentiment at cycle extremes, which is either exactly when patient institutional money historically steps in, or exactly the environment in which a small position is cheap enough to serve as an option on the payments thesis resolving. Eighteen million dollars does not move the asset. Eighteen million dollars of precedent, from this buyer, in this structure, at this point in the cycle, is the kind of data point the next dozen risk committees cite, and the market’s institutional wave, if it ever arrives, will be assembled out of citations exactly like it.
The historical rhyme deserves a paragraph, because banks have run this exact sequence before. Gold ETFs in the early 2000s, emerging-market debt in the 1990s, and high-yield credit before that each entered bank balance sheets the same way: first as client-service revenue, then as small wrapped proprietary positions justified as market-making inventory, then, after capital treatments matured and a cycle survived, as ordinary allocations nobody announced. The sequence’s clock is measured in years per stage, its motor is regulatory calibration, not price, and its tell, in every prior asset class, was the moment risk committees stopped writing special memos for the exposure, the bureaucratic non-event that never makes news and always precedes size. Crypto’s bank adoption is visibly mid-sequence: the client-service layer is thriving, the wrapped-position layer is doubling off a tiny base, and the special memos are still being written. The Intesa disclosure is one such memo made public, and the forecast it supports is not a price target but a schedule: the asset class is roughly one capital-rule revision and one uneventful cycle away from the stage where positions like this stop being articles.
One more actor deserves mention because it shadows every European bank’s calculus: the ECB and the digital-euro project, whose relationship with private crypto assets ranges from indifference to rivalry depending on the week. A eurozone bank’s crypto position lives under a supervisor whose own institution is building a competing settlement future, and the diplomacy of that position, small enough to be unobjectionable, wrapped enough to be conventional, useful enough to inform the bank’s own digital-asset strategy, explains the specimen’s every parameter as well as any market view does. Banks do not merely hold assets; they hold positions within relationships, and the wrapper is part of the diplomacy.
The signals that would show the wave forming The Intesa specimen suggests its own dashboard, and each line is public. Watch the disclosure aggregate, the $235 million line, for its next doubling and its composition, trusts versus ETFs versus direct, because wrapper migration toward more committed structures is the maturation signal. Watch European ETF and ETP access for banks, the plumbing whose arrival collapses the trust workaround. Watch the supervisory texture, capital-treatment consultations and national supervisor guidance, the constraint whose relaxation moves faster than any narrative. Watch whether custody businesses and proprietary positions converge, banks that custody for clients acquiring house exposure and vice versa, the pattern that preceded every prior asset class’s institutional normalization. And watch the legislation, always, because the classification question sets the risk weights and the risk weights set the size.
The conclusion the dissection supports is deliberately modest and, for that reason, durable. Intesa’s $18 million documents neither a wave nor a fad; it documents a procedure, the specific, replicable, now-approved path by which a trillion-dollar European bank holds a crypto asset without touching a key, and procedures, once they exist, get reused at whatever size conditions permit. The market has spent years pricing the day banks arrive. The disclosure’s quiet news is that the arrival, when it comes, will look exactly like this: no announcement, no wallet, a securities ticket in an old wrapper, and a footnote that compounds.
The dissection closes where it began, with proportion. Eighteen million dollars, one wrapper, one bank: as a market event it is nothing, and the piece has argued it is the most informative kind of nothing, a procedure caught on camera. Institutional adoption was never going to arrive as an announcement, because institutions do not announce; they file, and the filing cadence, the wrapper choices, and the capital consultations are the wave in its only observable form. Readers who want to track it need three bookmarks, the disclosure aggregates, the Basel-review docket, and the European ETP-access rulings, and one habit: when the next bank position surfaces, ask not how much but through what, because in this corner of the market, the plumbing is the story, and it has been telling it, quietly and in public, one footnote at a time.
And one sentence for the traders who read this far looking for the signal: there is none on the tape today, and there is a precise one coming, because bank flows, unlike whale flows, pre-announce themselves through rulemaking, and the rulemaking calendar is public. The edge in this corner of the market is not speed. It is literacy, and the literacy is teachable, which is what this dissection was for.
The specimen will be superseded, probably within a quarter, by a larger name or a bigger number, and the framework will not: five wrappers, one capital regime, a pyramid of adoption layers, and a disclosure lag between them all. Keep the framework, discard the headline, and the next footnote reads itself.
A closing housekeeping note: the exposure figures cited here reflect analyst compilations of public disclosures at this writing, the wrapper landscape is being actively reshaped by ETF access rulings and capital consultations, and readers applying this framework to future disclosures should expect the menu’s relative costs, though not its structure, to have shifted. The structure is the durable part; it always is.
The banks, unlike the traders, are in no hurry, and the wrappers, unlike the narratives, keep perfect records; between those two facts sits everything this piece has argued.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile, and you can lose your entire investment. Figures are current as of July 9, 2026, and may change. Always do your own research.
Na amerických burzách se nyní obchoduje sedm XRP ETF; pět hlavních spotových fondů drželo začátkem června 2026 čistá aktiva ve výši 927,78 milionu USD. Celkové čisté přílivy od listopadu 2025 dosáhly zhruba 1,47 miliardy USD.
Seven different XRP exchange-traded funds now trade on US exchanges. The five primary spot funds alone held $927.78 million in combined net assets as of early June 2026, while cumulative net inflows across the XRP ETF complex have reached roughly $1.47 billion since the first fund launched in November 2025. If you’ve searched for a specific ticker — XRPI, XRPC, GXRP, TOXR — and come away more confused about which fund is which, you’re not alone: these products launched within months of each other in late 2025 and early 2026, each from a different issuer, with different fee structures and, in one case, futures-based rather than spot exposure. Here’s the complete breakdown.
Key Takeaways Seven XRP ETFs currently trade in the US: Bitwise (XRP), Canary Capital (XRPC), Franklin Templeton (XRPZ), Grayscale (GXRP), REX-Osprey (XRPR), 21Shares (TOXR), and Volatility Shares (XRPI) Six of the seven hold spot XRP directly in institutional custody; XRPI is a futures-based product tracking CME XRP futures contracts rather than holding spot XRP directly Fees range from 0.19% (Franklin Templeton’s XRPZ) to 0.75%, with several issuers running temporary fee waivers to attract early assets All can be bought through standard brokerage accounts — Fidelity, Schwab, Vanguard, Robinhood — without needing a crypto wallet or private keys Grayscale’s GXRP originated as a private trust before converting to ETF structure, which is why it sometimes appears in searches as “Grayscale XRP Trust” The Complete List of XRP ETFs TickerIssuerStructureExpense RatioCustodianLaunchXRPBitwiseSpot0.34%Coinbase PrimeNov 19-20, 2025XRPCCanary CapitalSpot0.50%Gemini Trust + BitGo TrustNov 12-13, 2025XRPZFranklin TempletonSpot0.19%—Late 2025GXRPGrayscaleSpot (converted trust)~0.35%—Early 2026TOXR21SharesSpot (ETP structure)~0.34%—Nov 2025XRPRREX-OspreySpot~0.75%—Late 2025XRPIVolatility SharesFutures-based (1x)0.94%—May 22, 2025 Fee and custodian figures for Bitwise and Canary Capital are confirmed via SEC filings and fund provider data. Figures for the remaining five issuers are drawn from secondary reporting and haven’t been independently verified against primary sources — always confirm current terms directly with the issuer or your brokerage before investing.
What Actually Happened, and Why So Many Launched at Once Spot XRP ETFs became possible only after the SEC resolved the long-running legal uncertainty around XRP’s regulatory status in 2025. Once that cleared, approvals came in a wave rather than one at a time — multiple issuers had registration statements sitting ready, and Ripple CEO Brad Garlinghouse described the resulting rush of near-simultaneous launches as a “pre-Thanksgiving rush” when Bitwise’s fund debuted in November 2025. Bitwise’s XRP ETF became the first mover and quickly the most liquid, reporting over $100 million in inflows in its opening days. Canary Capital’s XRPC and 21Shares’ TOXR followed within the same window.
Demand has been uneven but persistent since launch. May 2026 was the strongest month yet for the complex, with $131.94 million in net inflows, and as of late June the funds had strung together eight consecutive weeks of positive flows. Retail investors have driven the bulk of that demand — accounting for roughly 84% of inflows by some estimates — while larger institutional participation has moved in fits and starts; Goldman Sachs, for instance, built and then fully exited a $153.8 million XRP ETF position within two quarterly filings. For the latest on how these funds are trading, see today’s XRP news.
XRPI Is Different From the Others — Here’s What to Know Most searches for individual XRP ETF tickers assume every fund works the same way: hold XRP, track its price 1:1. That’s true for six of the seven funds, but not for XRPI. Volatility Shares’ product, which launched earliest of the group on May 22, 2025, doesn’t hold spot XRP at all — instead, it invests principally in XRP futures contracts traded on the CME (Chicago Mercantile Exchange) through a wholly-owned Cayman Islands subsidiary, a structure commonly used by futures-based crypto ETFs to manage tax treatment. It targets 1x daily XRP performance, not a leveraged or amplified return, but the futures-based mechanics mean its returns can still diverge from spot XRP over time due to factors like futures roll costs — a nuance that doesn’t apply to the six spot-holding funds on this list. Volatility Shares separately offers a genuinely leveraged 2x product under a different ticker (XRPT), which is a distinct fund from XRPI and worth not confusing with it. If you’re looking for the most direct XRP price exposure, one of the six spot funds tracks the underlying asset more cleanly; XRPI is a futures-based alternative for investors who prefer that structure specifically.
Grayscale’s GXRP: Trust-to-ETF Conversion Explained Grayscale’s XRP product has a different history than the others. It originated as a privately-traded trust — the kind of structure Grayscale has long used to offer crypto exposure to investors before spot ETFs existed for a given asset — and later converted into a standard ETF. That conversion matters practically: trust shares often trade at a premium or discount to the underlying asset’s actual value, while properly functioning ETFs use a creation/redemption mechanism that keeps share price closely tied to net asset value. Now that GXRP trades as a converted ETF, that discount/premium dynamic has largely resolved, giving holders cleaner price tracking than the legacy trust structure offered.
How to Buy an XRP ETF Every fund on this list trades on standard US exchanges (NYSE, Nasdaq, or Cboe BZX) and can be purchased the same way you’d buy any stock or ETF:
Open or log into a brokerage account — Fidelity, Schwab, Vanguard, and Robinhood all support these tickers Search the specific ticker symbol (XRP, XRPC, XRPZ, GXRP, TOXR, XRPR, or XRPI) Place a standard buy order, same as purchasing any equity ETF No crypto wallet, exchange account, or private key management is required — the fund’s custodian (Bitwise uses Coinbase Prime; Canary Capital splits custody between Gemini Trust and BitGo Trust; other issuers use their own arrangements) holds the underlying XRP, and your brokerage account holds shares representing your claim on it.
Frequently Asked Questions What is XRPI? XRPI is Volatility Shares' XRP ETF, and the earliest-launched fund on this list (May 2025). Unlike the other six funds, it doesn't hold spot XRP — it invests in CME XRP futures contracts and targets 1x daily XRP performance. It's a different structure than a leveraged product, but futures-based mechanics mean returns can still diverge from spot XRP over time.
What is XRPC? XRPC is Canary Capital's spot XRP ETF, one of the first XRP ETFs to launch in the US in late 2025. It holds XRP directly in institutional custody and trades on Nasdaq.
When were XRP ETFs approved? The SEC approved the first spot XRP ETFs in late 2025 after resolving prior legal uncertainty around XRP's regulatory status. Bitwise's fund launched first on November 20, 2025, with Canary Capital, 21Shares, Franklin Templeton, Grayscale, and REX-Osprey following within the subsequent months.
What is Grayscale's XRP ETF called? Grayscale's XRP product trades under the ticker GXRP. It originated as a private trust before converting to a standard ETF structure, which is why some searches reference it as the "Grayscale XRP Trust."
How many XRP ETFs are there? As of mid-2026, seven XRP ETFs trade in the US: Bitwise (XRP), Canary Capital (XRPC), Franklin Templeton (XRPZ), Grayscale (GXRP), REX-Osprey (XRPR), 21Shares (TOXR), and Volatility Shares (XRPI). The five primary spot funds held a combined $927.78 million in net assets as of early June 2026, with cumulative net inflows across the complex reaching roughly $1.47 billion since November 2025. Contentgoogle_us_solana-wallet-tracker_serp-overview_2026-07-08_14-01-09.csvcsvgoogle_us_usd1-stablecoin_serp-overview_2026-07-08_14-01-17.csvcsvgoogle_us_usd1-stablecoin_matching-terms_2026-07-08_14-13-16.csvcsvgoogle_us_usd1-stablecoin_matching-terms_2026-07-08_14-13-53.csvcsvgoogle_us_usd1-stablecoin_related-terms_2026-07-08_14-13-23.csvcsvgoogle_us_usd1-stablecoin_related-terms_2026-07-08_14-14-13.csvcsvgoogle_us_usd1-stablecoin_related-terms_2026-07-08_14-14-22.csvcsvgoogle_us_usd1-stablecoin_serp-overview_2026-07-08_14-12-12.csvcsvblockchainreporter.net-dogecoin-price-conten_2026-07-08_14-23-12.csvcsv-content-gap-us_2026-07-08_14-43-13.csvcsvblockchainreporter.net-organic-keywords-sub_2026-07-08_15-14-10.csvcsvblockchainreporter.net-top-pages-subdomains_2026-07-08_15-14-01.csvcsvblockchainreporter.net-organic-keywords-sub_2026-07-08_23-25-57.csvcsvblockchainreporter.net-top-pages-subdomains_2026-07-08_23-25-52.csvcsvblockchainreporter.net-organic-keywords-histo_2026-07-09_02-58-12.csvcsvblockchainreporter.net-organic-keywords-sub_2026-07-09_19-02-46.csvcsvblockchainreporter.net-top-pages-subdomains_2026-07-09_19-02-42.csvcsvblockchainreporter.net-content-gap-domain-us_2026-07-09_19-08-38.csvcsvgoogle_us_societe-generale-euro_serp-overview_2026-07-09_19-12-42.csvcsvgoogle_us_xrp-etf-news_matching-terms_2026-07-09_19-33-14.csvcsvgoogle_us_xrp-etf-news_related-terms_2026-07-09_19-33-21.csvcsvgoogle_us_xrp-etf-news_serp-overview_2026-07-09_19-32-05.csvcsvgoogle_us_xrpc_serp-overview_2026-07-09_19-35-29.csvcsvgoogle_us_xrpi_serp-overview_2026-07-09_19-35-13.csvcsvgoogle_us_xrp-etf-inflows-2026_serp-overview_2026-07-09_19-45-33.csvcsv
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
XRP dnes, 9. července, vzrostl o 1,6 % na 1,09 USD poté, co SWIFT oznámil pilotní projekt s 17 bankami pro blockchainové přeshraniční platby. Některé z nich jsou napojené na Ripple, ale podle analytika SWIFT token XRP nepoužije.
XRP price is up by 1.6% today, July 9, to trade at $1.09 at the time of writing. These gains come as SWIFT announces that it will be working with 17 banks, some of which are affiliated with Ripple, for a pilot phase for its blockchain-based ledger.
SWIFT Partners With Banks For Tokenized Cross-Border Payments SWIFT has announced that it will be working with 17 banks to check whether its blockchain can be used to facilitate payments made between countries.
Some of the banks named in this project, like Standard Chartered and UBS, use Ripple to custody crypto assets or to enable payments across countries using the XRP Ledger.
This initiative comes after Ripple Treasury joined the SWIFT Certified Partner Program in April 2026.
However, an analyst on X notes that Ripple’s partnership with SWIFT might not be bullish for the price of XRP because SWIFT will not use the XRP token on its blockchain-based ledger.
“Sorry $XRP holders, but the “bridge currency” and “liquidity” is tokenized deposits; not a L1 gas token,” the analyst said.
Still, XRP price made a slight gain of 1.5% on the news of SWIFT working with banks affiliated with Ripple.
XRP Technical Outlook as Price Remains Below Key EMA Levels The price of XRP has closed below the 20-day EMA of $1.11 for three straight days. This move suggests that the short-term trend is favoring bears.
If XRP fails to recover above this 20-day EMA, the price could drop to the psychological support of $1.
A drop to $1 could increase selling pressure that could pull the price down to the November 2024 low of $0.87.
However, buyers might come back because geopolitical tensions are easing after Trump said that Iran wants to make a deal for peace to end the conflict that began in February 2026.
This buying pressure could push the XRP price to the 50-day EMA level of $1.17.
XRP Price Chart However, the RSI reading of 43 suggests that the momentum is favoring bears and XRP could drop tp $0.87.
XRP ETFs Record Highest Outflows in Three Months Data from SoSoValue shows that spot XRP ETFs saw $7.29 million in outflows on July 8. This is the highest outflow that these ETFs have seen since March, 2026.
XRP ETF Inflows The outflows suggest that there is low demand for XRP by institutions, and this could make the price to drop to the psychological support of $1.
Data from Coinglass also suggests that the sentiment around XRP is bearish because of the declining long/short ratio. This ratio has dropped to 0.96, suggesting that there are more short positions than long positions.
XRP’s open interest has also dropped from $2.58 billion on July 5 to $2.33 billion today, July 9, suggesting that there is also weak demand coming from speculative traders, and the price could keep dropping.
Ripple získal plnou autorizaci CASP v Lucembursku, což mu umožní nabízet regulovanou platební platformu v celém EHP. Spot XRP ETF mezitím od spuštění přilákaly téměř 1,5 miliardy USD čistých přílivů.
A breakdown of the latest and most significant updates around Ripple and XRP.
Ripple announced several deals and key partnerships over the past few days, further boosting the buzz surrounding the company.
However, the positive news has failed to trigger a major resurgence for XRP, yet certain analysts believe a big breakout could be on the horizon.
The Recent Developments On July 4, the USA celebrated its 250th Independence Day, a historic milestone filled with nationwide special events. Ripple joined the festivities by partnering with a nonprofit that helps unemployed veterans find high-quality jobs after service. The ultimate goal is to secure jobs for 200,000 affected people by 2030, with Ripple matching donations up to $10,000.
Two days later, the company disclosed breaking news from the other side of the globe. It received full authorization as a Crypto Asset Service Provider (CASP) from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), allowing the firm to offer its regulated payments platform throughout the European Economic Area (EEA).
Shortly after, Ripple shook hands with the Kansas Jayhawks, also known as KU (the athletic teams representing the University of Kansas). Per the partnership’s conditions, XRP’s logo will appear on all of their uniforms. Speaking on the matter was Ripple’s CEO, Brad Garlinghouse, who said:
“Rare moment where my professional and personal worlds collide: XRP is now the first crypto on the jersey of a major college athletics program, at my alma mater.”
Just recently, the X account BSCN revealed that the US supply chain firm Made in USA has selected the XRP Ledger to power its verification and product certification system. According to the entity, blockchain will provide immutable records that help verify the origin and authenticity of local products.
The ETF Front Spot XRP ETFs saw significant capital inflows over the past few months, highlighting growing institutional appetite for the asset. The first company to issue such a fund (with 100% exposure to the token) is Canary Capital, followed by Bitwise, Franklin Templeton, 21Shares, and Grayscale. Since day 1, these investment vehicles have generated a cumulative total net inflow of almost $1.5 billion.
You may also like: Ripple Rolls Out New XRPL Upgrade, but Less Than Half of Nodes Have Upgraded Ripple Lands Major XRP Partnership as Garlinghouse Shares Rare Personal Moment Japanese Firms Are Boosting BTC and XRP Holdings – SBI VC Trade Reveals Why Spot XRP ETFs have had only four red days since April, with July 8 being one of them. This stands in sharp contrast to spot BTC ETFs, which have been bleeding heavily over the past few months.
Spot XRP ETFs, Source: SoSoValue XRP Price Outlook As of press time, Ripple’s cross-border token trades at around $1.09, a minor 1.3% increase on a weekly scale. According to X user MikybullCrypto, the current price level represents a “lifetime opportunity entry,” as the analyst set a target of $5 and potentially even higher.
For their part, Crypto Coral spotted that XRP is compressing inside a triangle, with the valuation currently reacting from a key support zone. “Structures this large often lead to significant moves once resistance gives way,” they added.
Sedm amerických spotových XRP ETF drží zhruba 1 miliardu USD v aktivech a asi 970,9 milionu XRP po osmém týdnu čistých přílivů v řadě. XRP přitom zůstává slabý a téměř se nepohnul.
Updated July 9, 2026. The seven US spot XRP ETFs now hold roughly $1 billion in assets and about 970 million XRP after an eighth straight week of net inflows — even as the XRP token price has barely moved. Here is the latest on flows, AUM, and which funds are leading.
Key facts
Seven US spot XRP ETFs are trading; combined AUM sits near $1 billion (~$988M) with roughly 970.9 million XRP locked as of July 8, 2026. Cumulative net inflows have held near $1.4 billion since the November 2025 launch. The funds logged their eighth consecutive week of net inflows, including +$6.55 million on July 2 (after a small -$1.86M outflow on July 1). Leaders: Bitwise XRP ETF (1XRP) ~$245.3M AUM; Canary XRP ETF (2XRPC) ~$225.9M; Franklin XRP ETF (3XRPZ) ~$167.9M. Seven spot XRP ETFs now hold about $1 billion The US spot XRP ETF complex has grown to seven funds since the first products launched in November 2025, and their combined assets under management now sit near the $1 billion mark — about $988 million as of July 8, 2026, according to fund-flow trackers. Together the funds have pulled roughly 970.9 million XRP off the open market and into regulated custody, a figure that has kept climbing even through XRP’s price weakness.
That growth answers a question a lot of traders are still searching: yes, spot XRP ETFs are live and trading in the US, and the line-up has expanded from the original five funds to seven, with additional issuers filed. The wrappers give institutions a compliant way to hold XRP without managing keys or custody themselves — the same structural shift that reshaped Bitcoin and Ether demand a cycle earlier.
Eight straight weeks of net inflows The headline for flows is consistency. US spot XRP ETFs have now recorded their eighth consecutive week of net inflows, with a +$6.55 million day on July 2 following a minor -$1.86 million outflow on July 1. Cumulatively, the funds have absorbed close to $1.4 billion since launch, peaking above $1.5 billion earlier in the spring before settling into a steadier accumulation pace.
The pattern matters because it is spot demand, not leverage: an ETF creation removes real XRP from circulation into a custodial wrapper, so a sustained inflow streak shrinks the effective float regardless of short-term price action.
The divergence: institutions keep buying while the price stalls The most striking part of the story is the gap between flows and price. XRP ETFs have logged eight straight weeks of inflows and nearly a billion dollars in assets, yet the XRP token has stayed weak, drifting rather than rallying on the institutional bid. Analysts frame it as a coiled-spring setup — accumulation building under a flat price — but it is equally a caution: inflows alone have not been enough to move spot while the broader crypto market trades cautiously into the Federal Reserve’s July 28–29 meeting.
For a fuller view of the bull and bear scenarios behind the token itself, see our XRP price prediction.
Which XRP ETF is the biggest? Fund Ticker Approx. AUM Bitwise XRP ETF 1XRP ~$245.3M Canary XRP ETF 2XRPC ~$225.9M Franklin XRP ETF 3XRPZ ~$167.9M AUM figures as of early July 2026; the remaining funds make up the balance of the ~$1B complex. Source: XRP ETF flow trackers.
What to watch next Three things decide whether the flows finally translate into price. First, whether the inflow streak extends into a ninth and tenth week — the longer institutions accumulate through weakness, the more constrained the float becomes. Second, the July 28–29 FOMC meeting, the nearest macro catalyst for all of crypto. Third, seasonality: July has historically been XRP’s strongest month, with an average return near +10%, so a break in the current stall would fit the calendar. Watch the daily flow prints and the custody-token count — those are the leading indicators of demand between now and the next catalyst.
FAQ Are there spot XRP ETFs trading in the US in 2026?
Yes. Seven US spot XRP ETFs are live, up from the original five, holding roughly $1 billion in combined assets as of July 2026.
How much have XRP ETFs pulled in?
Cumulative net inflows are near $1.4 billion since the November 2025 launch, with an eighth consecutive week of net inflows through early July 2026.
How much XRP is locked in ETF custody?
About 970.9 million XRP across the seven funds as of July 8, 2026 — a figure that has kept rising even as the token price stayed weak.
Which XRP ETF is the largest?
The Bitwise XRP ETF (1XRP) leads with roughly $245 million in AUM, followed by Canary (2XRPC) and Franklin (3XRPZ).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. ETF AUM and flow figures are third-party estimates and change daily. Cryptocurrency investments carry risk, including the possible loss of principal. Always do your own research and consult a licensed adviser. Sources: XRP ETF flow trackers, U.Today, TradingNews (July 2026).
Made In USA Inc. vybrala XRP Ledger jako základ nové platformy pro ověřování a certifikaci produktů. Platforma má kombinovat veřejnou i soukromou síť XRPL pro ochranu citlivých dat a ověřování původu zboží.
Blockchain Comes to American Product CertificationU.S. supply chain firm Made In USA Inc. has selected the $XRP Ledger as the foundation for a new product verification and certification platform, marking one of the more concrete enterprise applications to emerge on the network in recent months.
The company disclosed the transaction in a Form 8-K filing dated June 26, 2026, stating that it acquired the technology assets from its affiliate, Made in USA One LLC, in exchange for 5 million restricted shares of common stock. The transferred assets include blockchain infrastructure, artificial intelligence-based verification technology, intellectual property, digital authentication tools, proprietary domains, and supply chain software that will form the foundation of the new platform.
By combining artificial intelligence with XRPL's blockchain infrastructure, the platform will create tamper-resistant digital records that verify the origin and authenticity of American-made products, offering greater trust for manufacturers, retailers, regulators, and consumers.
Hybrid Architecture Balances Privacy and TransparencyA key feature of the platform is its hybrid blockchain architecture, which combines both public and private XRP Ledger networks. Sensitive commercial information will remain on private XRPL infrastructure, while cryptographic proof of product authenticity will be anchored to the public XRP Ledger. This approach is intended to preserve enterprise privacy while enabling independent verification of product records through a public blockchain.
The initiative reflects a broader trend in which blockchain networks are increasingly being deployed for enterprise applications extending beyond digital payments. Businesses are adopting distributed ledger technology for supply chain management, digital identity, asset tokenization, and product authentication as demand grows for transparent and secure record-keeping systems.
The acquisition also highlights the expanding role of the XRP Ledger within enterprise infrastructure. Recent industry developments have demonstrated growing adoption of XRPL for business-focused applications, including artificial intelligence integrations, digital identity solutions, tokenized assets, and commercial supply chain management.
Sources
Coinpaper: Made in USA Inc. Acquires XRP Ledger Tech Stack for Supply Chain
CoinTrust: Made in USA Inc. Expands XRPL Supply Chain Platform
XRP spot ETF zaznamenaly čistý odliv 7,29 milionu USD, což představuje největší jednodenní pokles od března. Veškerý odliv připadl na Bitwise XRP ETF. Navzdory tomu se kumulativní čisté přílivy napříč všemi schválenými XRP spot ETF stále pohybují kolem 1,40 miliardy USD.
XRP spot exchange-traded funds have recorded a substantial $7.29 million net outflow.
This is the most significant single-day loss that these funds have recorded since March.
The Bitwise factor
HOT Stories
Notably, a single fund for the unfortunate outflows. The Bitwise XRP ETF fully absorbed the $7.29 million net redemption.
However, despite bleeding capital during the mid-week trading session, the broader outlook for the Bitwise product remains rather positive.
The fund's cumulative historical net inflow still sits at an impressive $494 million.
However, it has lost only a fraction of the total capital it has attracted since its inception.
Reen volatility The July 8 outflow snapped a period of relative calm and positive momentum for XRP investment ETFs. As reported by U.Today, these products had shown impressive resilience despite all the bleeding that Bitcoin and Ethereum vehicles had suffered.
You Might Also Like
The preceding two trading days, July 6 and July 7, saw completely flat flows with zero net movement. Before the weekend, the funds actually logged a solid $6.55 million net inflow on July 2, which itself followed a minor $1.86 million outflow on July 1.
On June 29, the funds pulled in a massive $15.34 million, building on an equally impressive $15.63 million net inflow recorded just days prior on June 26.
A drop in the bucket The recent $7.29 million dip pales in comparison to the massive capitulation event witnessed on January 29, when XRP spot ETFs lost a staggering $93 million in a single brutal trading session.
Despite the recent bumps in the road, cumulative net inflows across all approved XRP spot ETFs continue to hover around a healthy $1.40 billion mark.
XRP klesl o 4,32 % na zhruba 1,07 USD po oznámení Donalda Trumpa o ukončení příměří mezi USA a Íránem. Trh zaznamenal likvidace za více než 400 milionů USD, z toho XRP longy za 8,61 milionu USD.
Key Takeaways XRP declined 4.32% to approximately $1.07 on July 8 following Trump’s announcement ending the US-Iran ceasefire The geopolitical escalation sparked over $400 million in cryptocurrency liquidations across the market XRP experienced $8.61 million in long position liquidations — the largest since June 25 XRP spot ETFs registered no capital inflows on both July 6 and July 7 Critical support zone exists at $1.00–$1.05; breaking below could send XRP down to $0.90 XRP experienced a significant downturn on July 8 after President Donald Trump announced the termination of the ceasefire agreement between the United States and Iran. During remarks at the NATO Summit in Ankara, Trump referred to Iranian leadership as “scum” and stated his unwillingness to continue diplomatic negotiations.
[[EMBED_0]]
The United States had conducted strikes against 80 Iranian targets on July 7, in retaliation for Iranian assaults on commercial vessels navigating the Strait of Hormuz. Trump simultaneously reinstated oil sanctions against Iran, which had been suspended when a 60-day ceasefire was established on June 17.
Oil markets responded with prices rebounding to the June 24 peak of $74 per barrel. Cryptocurrency markets moved inversely as investors liquidated risk-sensitive assets.
XRP descended 4.32% during the trading session, hovering around $1.07 at press time. The selloff resulted in $8.61 million worth of long position liquidations in XRP — marking the highest liquidation volume since June 25. The broader cryptocurrency ecosystem witnessed more than $400 million in total liquidations.
XRP Price Crypto analyst ChartNerd (@ChartNerdTA) highlighted that $XRP has developed a hidden bearish divergence pattern on the daily chart, cautioning that XRP must recapture the $1.15 level promptly or face a probable retreat toward $1.00. This forecast has proven accurate thus far.
[[EMBED_1]]
Technical Indicators Signal Bearish Momentum XRP has dropped beneath its 20-day exponential moving average of $1.11, indicating bearish short-term momentum. The Awesome Oscillator has shifted to red bars, confirming that sellers currently dominate market sentiment.
Immediate support is located at the June 30 low of $1.03. Below that threshold lies the psychologically important $1.00 mark. For bulls to regain control, XRP would need to close above $1.11 for three straight days. Such a move could potentially enable a recovery toward the July 4 peak of $1.18.
As of early July 9, XRP is changing hands around $1.09, consolidating within a narrow trading band. Declining peaks at $1.1133, $1.0993, and $1.0932 demonstrate that sellers continue to suppress upward momentum.
Institutional Interest Remains Subdued Ripple secured regulatory approval in Luxembourg on July 5, achieving full compliance with Europe’s MiCA framework. However, this regulatory milestone has failed to stimulate institutional interest.
Spot XRP ETFs recorded zero net inflows on both July 6 and July 7. CME XRP futures activity totaled merely 635 contracts on July 7 — representing the weakest trading volume since June 12.
Source: SoSoValue The XRPBTC trading pair is also testing support around 1,700 satoshis, indicating persistent underperformance relative to Bitcoin.
Ripple-backed t54.ai has announced the launch of the XRP Ledger (XRPL) in a bid to build an agentic economy on the network. This comes as the network surpasses 1 million agentic payments.
XRP Ledger AI Hub Goes Live As Network Records New Milestone In an X post, the Ripple-backed firm announced the launch of the XRPL AI Hub, providing a single destination for agents, AI projects, tools, and payment services building on the network. The firm noted that the goal is to make the XRPL AI ecosystem easier to discover, navigate, and build on.
“As more agents, merchants, and services come to XRPL, builders need one place to see what is live, what is possible, and where to contribute,” t54.ai said. The firm added that the hub starts with three core areas, including index, which involves live X402 payment activity on the XRP Ledger.
Furthermore, the hub includes docs, SDKs, repos, and developer resources. The third area is the directory, which includes AI projects, agents, services, and merchants building on the XRPL. t54.ai also revealed that they launched this initiative with support from Ripple developers and the XRPL Foundation.
This move comes just weeks after Ripple launched the XRP Ledger AI starter kit, enabling AI agents to pay with XRP and RLUSD on the network. The rollout back then notably enabled X402 payments, with XRPL now a supported chain in the X402 protocol.
XRPL Foundation Announces New Milestone In an X post, the XRP Ledger Foundation announced that the network has surpassed 1 million agentic payments via the x402 protocol. “Time to double down,” the Foundation added.
We just surpassed 1,000,000 agentic payments via x402 on the $XRP Ledger. Time to double down.
XRPL AI Hub is a comprehensive new ecosystem platform for builders, users, and enthusiasts.
Welcome to the agentic economy on the XRP Ledger.https://t.co/VeEwNmEPyp https://t.co/IfXDi2XOno pic.twitter.com/FGcEjj0BkB
— XRP Ledger Foundation (@XRPLF) July 8, 2026
The Foundation also welcomed the launch of the XRPL AI Hub, noting that it is a comprehensive new ecosystem platform for builders, users, and enthusiasts. XRPL validator Vet said that he wasn’t surprised at the milestone.
He opined that the XRPL Ledger is uniquely positioned with its protocol design that fits very well with what AI needs. “Low cost infra, predictable fees, a native asset XRP that’s listed everywhere and is liquid. and of course a native Decentralized Exchange that lets you swap between assets 24/7 with no censorship,” Vet added.
For more information about AI agents, please check out the Top Web3 AI Agents Directory
Upgrade XRP Ledgeru se zasekl: mezi validátory vede nová verze, ale širší síť uzlů stále drží starší klient v čele. Bez 80% podpory na seznamu důvěryhodných validátorů se bezpečnostní amendment neaktivuje.
The XRP Ledger is living through a familiar kind of protocol standoff: the people running the network’s most influential nodes say yes, but the broader server base has not followed. A new software release has taken the lead among the ledger’s validators, yet the raw node count still puts the older v3.1.3 client ahead, and the security amendment packed into the upgrade is on a separate, slower ballot. The update needs to cross an 80% threshold on the trusted validator list before it can activate, according to the original report.
The split matters because validator support alone does not guarantee that the network’s transaction relay and full history layers move in unison. Nodes that run the older code still see the chain as valid, but they won’t enforce the new amendment’s rules. That can lead to a schizophrenic network state where the official protocol advances but the infrastructure running it treats the changes as optional. For exchanges, market makers, and custodians watching on-chain settlement, that kind of uncertainty tends to sharpen focus on confirmation logic and reorg risk, however remote.
The security amendment is the real prize. While the broader release ships feature work, the amendment patch is what most node operators will judge on its technical merits. It gets its own vote, and it is running slower. The 80% supermajority mechanism inside the XRP Ledger’s amendment process is designed to prevent rushed changes, but it also means a minority of trusted validators can hold the network back indefinitely if they refuse to upgrade. That is not a bug; it is a deliberate governance choice. But when the software release that bundles the fix already leads among validators, the image of a network half-upgraded can unsettle traders who price the token based on expected protocol hardening.
Why node count still matters more than validator count Validators order the ledger, but regular nodes serve the data. If most full nodes remain on an older client, query responses, transaction submissions, and historical lookups all flow through a version of the code that does not understand the new amendment. This creates a gulf between what the protocol says is the valid chain state and what the surrounding infrastructure reports. It is precisely the kind of operational inconsistency that major integrations try to avoid. The XRP Ledger’s design keeps the amendment process inside the validator set, so non-voting nodes cannot block progress, but a large gap in node adoption still corrodes the practical effect of the upgrade.
The market is unlikely to react strongly to node statistics alone, but the setup is worth watching because it mirrors previous upgrade cycles where validator voting stretched on for weeks while nodes lagged. In those instances, the eventual resolution — whether the amendment activated or was abandoned — gave XRP a brief directional pulse. With no exchange-facing timeline, the waiting itself becomes the story.
The governance test that echoes far beyond one chain Protocol governance fights are not unique to the XRP Ledger. Networks like Ethereum have spent years managing client diversity and upgrade coordination, and even smaller chains have seen validator splits force hard choices. The difference here is that the amendment process does not require a chain halt; it is meant to be seamless, activating once the supermajority clicks into place. But the gap between validator sentiment and node sentiment visible today shows that seamless activation is never automatic. It needs active cajoling, upgrade documentation, and often a bit of pressure from the ecosystem’s economic anchors.
Meanwhile, the wider regulatory climate adds another layer of attention. As major U.S. crypto legislation faces last-minute banking pushback, the operational choices of validators on a network tied to Ripple can feel politically charged even when they are purely technical. That does not mean the node count split has a policy cause; it means the stakes around network reliability look different when the regulatory lens is already focused on the asset.
What traders and watchers should track next The next meaningful signal is not the node count — it is whether the security amendment’s support on the trusted validator list begins to accelerate. If it stalls short of 80%, the market will likely treat the broader software release as cosmetic rather than structural. If it climbs, the narrative could swing from “divided network” to “final countdown” in a single day. The trusted validator list is visible, so on-chain analysts and community dashboards will be the first to know.
In the background, the XRP Ledger’s development activity continues to hold a place among the more actively maintained chains, as seen in recent developer activity rankings. That underlying work matters because amendments rarely land in a vacuum. The network that ships code regularly tends to accumulate the operational experience that makes upgrades less contentious over time. For XRP Ledger, this vote will test whether that muscle memory has taken hold or whether the old pattern of drawn-out validator dances is still the default.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Ripple získal v Lucembursku plnou autorizaci jako CASP a splnil tak požadavky MiCA. Jeho regulované kryptoplatby jsou nyní dostupné ve všech 30 zemích Evropského hospodářského prostoru.
Crypto Asset Service Provider (CASP) license approval in Luxembourg completes Ripple’s Markets in Crypto-Assets Regulation (MiCA) requirements, making it fully compliant for cryptoasset services across the European Economic Area
Luxembourg — 6 July 2026 – Ripple, the leading provider of blockchain-based enterprise solutions across traditional and digital finance, today announced it has received authorisation of its Crypto Asset Service Provider (CASP) license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF). The authorisation follows the preliminary approval announced in June 2026 and confirms Ripple as fully MiCA-compliant, with its end-to-end regulated crypto payments product now available to financial institutions, corporates and businesses across all 30 countries of the European Economic Area.
“This CASP authorisation means Ripple enters the post-transitional MiCA era fully compliant and ready to scale,” said Cassie Craddock, Managing Director, UK & Europe at Ripple. “The institutions we work with across Europe are looking to build their digital assets services alongside regulated partners, and Ripple is licensed and ready to meet that demand.”
Alongside its EU EMI license, Ripple’s CASP approval makes it one of a small number of digital asset firms to have full authorisation under MiCA, adding to a global portfolio of more than 75 regulatory licenses.
About Ripple
Founded in 2012, Ripple is the leading provider of blockchain-based enterprise solutions across traditional and digital finance. Its solutions span global payments, custody, liquidity, and treasury management, serving as a one-stop shop for moving, storing, exchanging, and managing value. Ripple's stablecoin, RLUSD, and the cryptocurrency XRP underpinning these solutions allow Ripple and its customers to shape the modern financial system.
The rollout of version 3.2.0 server software is gaining traction on the XRP Ledger network, a move aimed at reducing operational costs and boosting stability for enterprise use cases. Yet, despite the increased adoption of the new version, most nodes across the network are still running the older v3.1.3 release. The real deciding factor for network upgrades remains the choices made by validators, rather than the sheer number of upgraded nodes.
Threshold crossed among validatorsAccording to XRPSCAN data, there are approximately 833 active nodes on the XRP Ledger network. While about 43 percent of these nodes have migrated to v3.2.0, 51 percent still operate on v3.1.3. Nevertheless, an impressive 31 out of 35 validators on the default Unique Node List (UNL) have already upgraded to v3.2.0, representing a substantial 89 percent adoption rate among this crucial group.
The Unique Node List, often abbreviated as UNL, designates the trusted set of validators the XRP Ledger relies on for consensus. For any new software version or protocol amendment to go live, over 80 percent of these validators must continuously support the change for two straight weeks.
Whether or not an upgrade is completed on the XRP Ledger is determined not by the total node count, but by support among validators on the default UNL.
This situation indicates that even if the broader network is slower to adopt the new update, the entities with decision-making authority are largely on board. Thus, while the required technical threshold has been surpassed, sustained support over the designated period is still necessary to finalize the upgrade process.
Metricv3.2.0v3.1.3Active network nodes43%51%Default UNL validators31/35, approx. 89%4/35Activation threshold80%Below thresholdSecurity amendment gets a separate voteA related change known as fixCleanup3_2_0, which comes with the v3.2.0 package, is currently being voted on separately via on-chain governance. This proposal brings a collection of security improvements and bug fixes focused on newer features like single-asset escrows, permissioned decentralized exchanges, multipurpose tokens, and the network’s lending protocol.
Mini glossary: The UNL is the trusted list of validators that serve as the reference for transaction approval on the XRP Ledger. MPT refers to a token standard developed on the XRP Ledger that supports multiple use cases.
The lending protocol stands out by enabling users to secure loans against pooled funds directly on-chain. The fixCleanup3_2_0 update also introduces internal controls to prevent deleted accounts from leaving behind residual data.
Upgrading a validator to the new software is not the same as approving the fixCleanup3_2_0 amendment—the adoption rate for the software is higher than that for the amendment itself.
Ripple votes in support of the amendmentRipple, the payments firm founded by the creators of the XRP Ledger, cast its vote in favor of the fixCleanup3_2_0 amendment. Despite this high-profile backing, support for the amendment still trails behind the level of adoption seen for the v3.2.0 software upgrade.
Once the amendment is activated, any validators that fail to upgrade could find themselves classified as amendment blocked by the network. In this scenario, these validators risk losing access to the distributed ledger entirely.
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.
Na XRP Ledger vzniklo v letech 2024 a 2025 téměř 40 % všech peněženek, což ukazuje na silný růst adopce sítě. Růst podporuje i rostoucí institucionální zájem.
Growth in the number of users on the XRP Ledger network has become increasingly apparent thanks to on-chain data. James Rule XRP, a creator of crypto education content, revealed that wallets created in 2024 and 2025 now account for nearly 40% of all wallets on the network. This highlights a period of strong and steady growth for the XRP Ledger over the last two years.
Wallet statistics highlight user adoptionUnlike price volatility, the number of new wallets provides a more robust indicator of long-term network adoption. Each new wallet represents either a new user or institution joining the XRP ecosystem. This participation ranges from holding the asset and processing payments to issuing tokens, developing decentralized applications, or engaging in tokenization activities.
With around 40% of XRP wallets established in just 2024 and 2025, it is clear that network growth is driven by more than short-lived price movements, reflecting deeper adoption.
While multiple wallets can belong to the same user and therefore wallet numbers may not exactly mirror unique users, the sheer magnitude of the increase points to broadening interest across the network. Notably, this expansion comes after a protracted period of regulatory uncertainty for Ripple and XRP in the United States.
Corporate engagement supports network expansionThis period of rapid growth has coincided with higher institutional interest. Made in USA Inc., a US-based technology firm, recently made a significant investment by acquiring a complete technology stack for the XRP Ledger, affirming its commitment to the network. The move underscores the XRP Ledger’s emerging role as a platform for enterprise blockchain solutions. Made in USA Inc. is recognized for its focus on technology-driven initiatives in the US market.
Mini glossary: XRPL, or XRP Ledger, is an open-source blockchain network tailored for payments and asset transfers. Tokenization refers to representing physical or digital assets on a blockchain.
This investment suggests that companies are pivoting from short-term trading to real-world use cases. The fact that activity on the network is being driven by infrastructure investment, not just market speculation, signals the foundation for a new phase of growth for the XRP Ledger.
Rising demand in Japan stands outA similar upward trend is being observed internationally. Japan’s SBI VC Trade, operating under the SBI Holdings umbrella, has announced that its customer accounts have surpassed 2 million. As a digital asset trading platform, SBI VC Trade’s customer milestone and its XRP and Bitcoin reward programs signal sustained interest in digital assets.
SBI VC Trade’s milestone of more than 2 million customer accounts—alongside growing institutional investment in the XRP Ledger—shows that the network’s use is expanding beyond speculative trading.
With the Japanese yen under pressure, investors’ pivot toward alternative assets is supporting demand for digital currencies. The combination of rising wallet numbers, increased institutional investment, and broader participation raises expectations that on-chain volume, liquidity, and developer activity in the XRP Ledger network may continue to strengthen over time.
For years, discussion around XRP centered largely on regulatory matters and price movements. Now, the latest data show a growing focus on measurable user adoption. The surge in new wallets over the past two years suggests that the XRP Ledger could be entering a fresh phase of expansion.
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.
Ripple oznámil partnerství XRP s Kansas Athletics, první kryptoměnový sponzoring na dresu v hlavním univerzitním sportu. Tím dál roste propojení krypta s NCAA.
Ripple has announced a partnership between its cryptocurrency, XRP, and Kansas Athletics, marking the first instance of a crypto brand sponsorship on a major college athletics uniform. This strategic move underscores the increasing integration of crypto brands into NCAA athletics, a trend that began with FTX’s crypto-based sponsorships in 2021. While XRP is currently near $1.12, reflecting a 20% decline from June levels, analysts have projected a potential price range of $1.15 to $1.32 by August 2026. The partnership may suggest increased visibility and adoption for XRP, potentially impacting its market performance.
Advertisement
Key Takeaways Ripple’s new partnership with Kansas Athletics appears to indicate further integration of cryptocurrency brands into collegiate sports. Market pricing suggests participants view this development as potentially supportive of increased XRP adoption and visibility. Current XRP pricing reflects a decline, yet future projections suggest a possible recovery influenced by strategic partnerships like this one. What to Watch Markets will likely monitor how this partnership influences XRP’s adoption and market performance. Key indicators include movements in XRP prices and any correlating changes in projected price levels for August. Observers should also watch for potential regulatory developments, such as the CLARITY Act, which could impact broader market conditions and XRP’s price trajectory.
Get prediction market intelligence as a structured API feed. Early access waitlist.
Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 0.4% — — View market → August 1 2026 2.6% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.4% — — View market → August 1 2026 8% — — View market →
Rezervy XRP na burzách spadly na sedmileté minimum, asi 1,6 miliardy tokenů, zatímco sedm amerických spotových ETF drží už přes 970 milionů XRP. Ripple má v escrow zhruba 36 miliard XRP.
Exchange reserves have fallen to a seven-year low of about 1.6 billion XRP, half what they were at the October 2025 peak. ETFs have absorbed nearly a billion tokens. Ripple still holds roughly 36 billion in escrow. This is the full map of where XRP’s supply actually sits in mid-2026, what moved, what it means, and why a shrinking float has so far failed to move the price.
Summary
XRP exchange reserves have fallen to a seven year low while spot ETFs have accumulated nearly one billion tokens and long term holders continue moving coins into private wallets. Ripple still controls about 36 billion XRP in escrow, but steady monthly releases and relocks have not stopped exchange balances from shrinking to multi year lows. The report says tighter supply alone has not lifted XRP’s price, with weak market demand continuing to outweigh the effects of a declining tradable float. Something unusual is happening to XRP’s supply, and it is happening quietly, underneath a price chart that has spent 2026 telling a story of decline. Exchange reserves, the pool of tokens sitting on trading venues ready to be sold, have fallen to roughly 1.6 billion XRP, the lowest level in seven years and down about 50% from the October 2025 peak of 3.76 billion. On Binance alone, the largest venue for the asset, reserves have dropped 20% since November 2024 to about 2.6 billion tokens across its wallets, pushing a metric called the Scarcity Index to its highest reading in more than two years. Meanwhile the seven US spot ETFs have quietly accumulated more than 970 million XRP, locked in custody on behalf of fund holders, after nine consecutive weeks of net inflows.
Tokens are leaving the places where they can be sold and accumulating in the places where they tend to sit still. In most assets, that migration is the textbook setup for a supply squeeze. In XRP, the price has fallen anyway, trading near $1.13, down roughly 70% from its July 2025 peak of $3.65, through the entire period in which the float was tightening.
That contradiction is the story. This piece maps the full distribution of XRP’s supply as of mid-2026: what sits on exchanges, what the ETFs hold, what Ripple controls in escrow and operational wallets, and what the remaining tens of billions in private hands are doing. It then works through why a halving of exchange reserves has not produced the price response the squeeze thesis predicts, the competing explanations for the gap, and the specific conditions under which a tight float starts to matter. The supply side of XRP has rarely been this interesting; the demand side is the reason nobody has noticed.
The map: 100 billion tokens, five buckets XRP’s supply structure is unlike any other major asset, and the map has to start from its founding fact: all 100 billion tokens were created at launch in 2012. There is no mining, no issuance schedule, no future supply beyond what already exists. About 14 million XRP have been permanently destroyed as transaction fees since then, a rounding error, leaving total supply just below 100 billion. Everything else is a question of where the existing tokens sit, and in mid-2026 they sit in five buckets.
The first bucket is Ripple’s escrow, the largest single concentration of XRP in existence at roughly 36 billion tokens, about 36% of total supply. These are time-locked on-chain contracts releasing one billion XRP on the first of each month, of which Ripple typically relocks 600 to 800 million and keeps a net 200 to 300 million for operations, a mechanism this publication has explained in full. In July, Ripple relocked about 70% of the monthly billion, releasing 300 million into circulation. The escrow is the structural overhang critics cite and the transparency mechanism defenders praise, and either way it is the slowest-moving bucket: at current net-release rates, depletion is roughly nine years out.
The second bucket is circulating supply proper, about 62 billion tokens, and the remaining buckets are subdivisions of it. Exchange reserves, the third bucket, are the sellable edge of the market: roughly 1.6 billion tokens across venues, the seven-year low. The fourth bucket is the ETF complex: seven US spot funds holding a combined 970 million or so tokens, a bit over $1 billion in assets, tokens held by custodians and effectively removed from trading circulation for as long as fund investors stay put. The fifth bucket, by far the largest slice of circulating supply, is everything else: private wallets, corporate treasuries, whale cold storage, and long-term holders, somewhere near 59 billion tokens whose owners have, on the evidence of on-chain data, been net withdrawers from exchanges for over a year.
Two things stand out from the map. First, the actively tradable float, the exchange reserves, is now under 3% of circulating supply and under 2% of total supply, remarkably thin for a top-six asset by market value. Second, the two fastest-growing buckets, ETF custody and private cold storage, are both one-way doors in the short term: tokens flow in easily and come back out only when holders make an affirmative decision to sell.
What moved, and why The reshaping of the map over the past eighteen months has three drivers, each visible on-chain.
The first driver is the ETF complex, which did not exist before November 2025. Since the first spot XRP fund launched, the products have absorbed roughly $1.5 billion in cumulative inflows, and because they hold the underlying token, every dollar of inflow is a market purchase moved into custody. The funds have now recorded nine consecutive weeks of net inflows, adding $17 million in the latest week even as Bitcoin and Ethereum funds bled, a rotation this publication has tracked. Nearly a billion tokens now sit in ETF custody, and the mechanism only reverses if fund investors redeem at scale, which, so far, they have done on exactly one notable day, the quarter-end outflow of June 30.
The second driver is whale and institutional withdrawal. CryptoQuant data shows the Binance drawdown accelerating recently, from about 2.8 billion tokens in May to 2.6 billion in early July, exactly the window in which the Scarcity Index broke out to 0.77. Large-holder activity has strengthened while retail stays cautious, new-wallet creation hit a three-month high, and Korean venues have recorded repeated multi-million-token outflows. The pattern, tokens moving from hot exchange wallets to cold private ones, is the classic signature of accumulation by holders with no near-term intention to sell.
Notably, this is the reverse of December 2024, when the Scarcity Index collapsed because holders were depositing XRP onto Binance in bulk to sell the rally to $3; today’s flows run the other way, out of the venues, into storage, at prices two-thirds lower.
The third driver is the escrow’s steady arithmetic. Ripple’s net release of 200 to 300 million tokens a month adds roughly 4-6% to circulating supply annually, a bounded, scheduled inflation the market can model years ahead. In 2026 the company has if anything leaned conservative, relocking 70% in recent months, and part of what it does release goes to institutional counterparties off-exchange, never touching the tradable float at all. The escrow is a source of supply, but it is a metered one, and its pace has not changed while the exchange drawdown accelerated, which means the drawdown is demand-side behavior, not a supply-side trick.
The puzzle: a tightening float and a falling price Here is where the story stops being simple. Every element above, reserves halved, ETFs absorbing, whales withdrawing, metered issuance, belongs to the standard playbook of a supply squeeze, the setup in which shrinking availability meets steady demand and the price ratchets upward because sellers become scarce. XRP has instead spent 2026 falling, from $2.41 in January to near $1 in late June, before the modest recovery to $1.13. The float tightened; the price halved. Any honest supply analysis has to explain that, and there are three serious explanations, not mutually exclusive.
The first is that scarcity on exchanges measures potential, not pressure. A thin order book amplifies whatever demand arrives; it does not create demand. Through 2026, demand has been the missing side: derivatives open interest collapsed from last year’s highs, retail participation stayed weak, funding rates flipped decisively negative as price approached $1, and ETF inflows, while persistent, ran at a pace of tens of millions per week, roughly the same order of magnitude as Ripple’s monthly net escrow release in dollar terms. Australian lawyer and longtime XRP commentator Bill Morgan has made the sharper version of this point: neither the supply-squeeze thesis nor the older escrow-dump fear explains XRP’s price well, because the dominant variable is simply Bitcoin, which fell through the same months and dragged the whole market with it. On this reading, the tight float is dry tinder, and 2026 has been a year without a spark.
The second explanation is that the headline reserve numbers may overstate the tightness. Skeptics of the squeeze thesis note that measured exchange reserves depend on which wallets analysts attribute to which venues, that internal transfers can masquerade as outflows, and that estimates of total platform-held XRP across all venues and custodians run far higher than the headline 1.6 billion, with some placing 14 to 16 billion tokens within fast reach of order books. The February-March episode in which roughly 350 million XRP dipped and rebounded on Binance, likely internal wallet reshuffling rather than organic flow, illustrates how noisy the data is. If the true sellable supply is several multiples of the visible reserve, the squeeze is further away than the dashboards suggest.
The third explanation is structural: the sellers who matter are not on exchanges yet. Millions of tokens were accumulated between $1.50 and $1.90 during the spring’s failed rallies, and holders underwater at those levels represent a standing wall of supply that will migrate back onto exchanges precisely when price approaches their break-even. Add Ripple’s monthly release and the possibility of ETF redemptions in a risk-off shock, and the tight float is best understood as tight at current prices, with reinforcements waiting at higher ones. Santiment’s MVRV data showing holders at their deepest unrealized losses in the token’s history cuts both ways: it signals capitulation-grade sentiment, and it also marks exactly where the exit orders cluster.
How to read the metrics without fooling yourself Because the supply story runs on a handful of dashboards, and because those dashboards are routinely misread in both directions, a short field guide to the metrics is worth the space.
Exchange reserves are an attribution exercise, not an audit. Analytics firms tag wallets they believe belong to venues and sum the balances, which means the headline number moves when tagging improves, when exchanges reorganize custody, and when internal transfers cross the tagged perimeter, none of which involves a single token changing owners. The 350 million XRP that appeared to leave and re-enter Binance across February and March was almost certainly internal wallet management, and any single week’s reserve print should be read with that episode in mind. The signal is in the trend across months and across independent data providers, and on that standard the 2026 drawdown is robust: the direction has been consistent since late 2024, it appears in CryptoQuant, exchange-published data, and third-party trackers alike, and it has accelerated instead of mean-reverting.
The Scarcity Index is a ratio, and ratios have two moving parts. The index compares available supply on Binance against demand conditions, so it can rise because tokens leave, because buying absorbs, or both, and it can whipsaw, as it did on the round trip from 0.80 in spring to 0.34 in June to 0.77 in July, without the underlying reserve base moving anywhere near as violently. Its historical extremes are more informative than its level: the deeply negative readings of December 2024 marked holders flooding coins onto the venue to sell a top, and the current two-year high marks the opposite regime, coins leaving into weakness. As a regime indicator it has value; as a timing tool it has embarrassed everyone who used it as one this year.
ETF holdings are the cleanest series in the entire picture, because fund custodians disclose and the products file, which is why the roughly 970 million tokens across the seven funds is the number this piece leans on hardest. Even here, one habit matters: distinguish flows from assets. Net assets fall when the price falls even while inflows continue, which is exactly what happened through the spring, deposits arriving as valuations shrank, and reading the AUM decline as investor exit inverted the truth. Flow data, positive for nine consecutive weeks, is the demand signal; asset data is mostly a price echo.
Escrow figures, finally, come with the strongest health warning of all, because the number that matters is not the billion that unlocks but the net that stays out, and the net is only knowable after the relock lands days later. Ripple’s own quarterly reports, the on-chain escrow contracts, and the monthly relock transactions are all public, and the discipline is to compute the net against the trailing 200-to-300-million average before drawing any conclusion. A month in which the net spikes above the band is a genuine signal about the company’s cash needs; a month of headlines about a billion-token unlock that ends in a 70% relock, like this July’s, is a signal about headlines. Every metric in this story is public, which is XRP’s genuine advantage as an object of analysis, and every one of them rewards the reader who checks the denominator before repeating the numerator.
What history says about tightening floats The squeeze thesis is not being invented for XRP in 2026; it has a track record in this asset and others, and the record is worth consulting because it cuts both ways.
The supportive precedent is 2024. Exchange outflows through that year preceded the powerful multi-month rally that carried XRP from under a dollar to its January 2025 highs above $3, with Korean regional demand and shrinking sell-side reserves amplifying the move once the SEC settlement and ETF approvals supplied the demand spark. The structure of that episode maps closely onto today’s: months of quiet withdrawal, a scarcity metric stretching to extremes, skeptics dismissing the data, and then a catalyst arriving into a market with far fewer sellers than buyers expected. Holders who lived through it read the current seven-year-low reserves as the same picture at an earlier frame.
The cautionary precedents are just as instructive. The Scarcity Index itself has whipsawed within 2026: it climbed to nearly 0.80 in the spring, sagged to 0.34 by late June amid heavy long liquidations, then broke out to 0.77 in the first week of July, and the price fell through the entire sequence. A metric that can round-trip that violently inside one quarter is measuring flow conditions, not destiny, and the June reading arrived alongside more than $13 million in single-day long liquidations, a reminder that leverage positioning can overwhelm spot scarcity on any given week. December 2024 offers the mirror lesson: reserves ballooned precisely at the top, as holders raced to deposit and sell the $3 rally, which is to say the metric is at its most bullish after prices have already fallen and its most bearish after they have already risen, a lagging emotional gauge as much as a leading structural one.
The broader crypto record adds a final nuance. Bitcoin’s great supply-squeeze narratives, the 2020-21 exchange exodus, the post-ETF custody absorption of 2024, each eventually mattered, and each mattered on the demand side’s schedule, not the supply side’s. Assets have sat at multi-year reserve lows for quarters while prices drifted, and then repriced in weeks once flows arrived, because a thin float does nothing until someone leans on it, at which point it does everything at once. That asymmetry, long stretches of irrelevance punctuated by sudden amplification, is the honest historical summary, and it is why the traders who take the supply map seriously express the view through patience and position sizing, the same execution discipline any thin market demands, rather than through timing calls the data cannot support.
There is one more structural actor worth watching that previous cycles lacked: the corporate and fund treasuries. Beyond the seven ETFs, a growing roster of listed companies has adopted XRP treasury strategies, and the ETF custodian wallets themselves have become the single most legible accumulation channel in the asset’s history, absorbing roughly 750 million tokens in their first two months alone. Treasury demand is slower and stickier than trader demand, it neither chases rallies nor panics in drawdowns on the same timescale, and its growth quietly raises the floor beneath the float. Whether it grows fast enough to matter against escrow issuance is, like everything in this story, a race whose lap times are published monthly.
What would make the float matter The supply map becomes decisive only when demand shows up, so the forward-looking question is what could supply the spark, and the candidates are concrete.
The nearest is legal. The CLARITY Act’s commodity classification for XRP, if enacted, is the gate behind which the large conditional forecasts sit: JPMorgan and Standard Chartered have each projected $4 to $8.4 billion in first-year ETF inflows under passage, an order of magnitude above the current run rate.
Flows of that size, arriving into a float of under two billion exchange-held tokens, are the scenario in which the scarcity math stops being academic; the Senate’s three-week window is therefore as much a supply-side story as a regulatory one. The second candidate is institutional adoption converting to token demand through collateral and settlement use, the slow path whose honest accounting runs through Ripple Prime, and the third is simply the market cycle: XRP has historically fallen harder than Bitcoin in downturns and snapped back harder in recoveries, and a thin float mechanically steepens the snapback.
Against these, the checkable risks: a CLARITY failure pushing institutional flows past 2027, ETF inflows decelerating or reversing for consecutive weeks, or reserves rebuilding as underwater holders redeposit into any rally. The dashboard for all of it is public. Exchange reserves, the Scarcity Index, weekly ETF flows, and the monthly escrow relock are each published within days, and together they will show the squeeze forming, or failing, in close to real time.
The conclusion the map supports is narrower than either camp’s slogan. XRP’s tradable supply has genuinely, measurably contracted to multi-year lows while long-horizon buckets absorbed the difference, and that contraction has been irrelevant to price for a year because demand collapsed faster than the float did. Scarcity is not a catalyst; it is a multiplier waiting for one. The honest position is that XRP enters the second half of 2026 with the most squeeze-prone supply structure it has had since at least 2019 and no evidence yet of the demand that would trigger it, which makes the supply map neither bullish nor bearish on its own, but the single best lens for judging how violently the price will move when the demand question, one way or the other, finally resolves.
One final frame is worth carrying away, because it reconciles everything above into a single sentence: XRP in mid-2026 is an asset whose company is accumulating credentials, whose long-horizon holders are accumulating tokens, and whose traders have spent a year accumulating losses, and the supply map is the ledger on which all three behaviors are legible at once. The reserves data records the holders’ conviction, the ETF flows record the institutions’ patient entry, the escrow relocks record the company’s restraint, and the price records the absence, so far, of anyone forced to compete for a shrinking float. Markets in this configuration tend to resolve abruptly rather than gracefully, because thin floats do not permit gradual repricing in either direction: the same scarcity that would turbocharge an inflow shock also means a demand collapse finds few bids on the way down, which is the double edge the squeeze narratives rarely mention. The map says the stage is set. It has never claimed to know the play.
For readers who want to run the numbers themselves, the recipe is short. Take the circulating supply of roughly 62 billion, subtract the ETF custody balance published in the funds’ daily disclosures, subtract the aggregated exchange reserves from at least two independent trackers, and treat the remainder as the private-holder bucket whose behavior the withdrawal trends describe. Cross-check the month’s escrow arithmetic against the on-chain relock, and note the week’s ETF flow direction. Fifteen minutes of public data, repeated monthly, reproduces every structural claim in this piece and will catch the turn, whichever way it breaks, well before the headlines do.
The last variable, as always with this asset, is the one no dashboard tracks: how much of the withdrawn supply belongs to hands that will actually hold through the next stress test. Cold-storage balances built at $1.10 by buyers who watched the token at $3.65 carry a different resolve than balances built chasing a rally, and the 2026 drawdown has, if nothing else, transferred an unusual share of the float to owners who bought weakness deliberately. That is not a prediction. It is the one qualitative fact the quantitative map quietly implies, and the one that will decide whether the next demand shock meets a wall of break-even sellers or an empty room.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Digital asset markets are volatile and you can lose your entire investment. On-chain and market figures are estimates current as of July 8, 2026, and may change. Always do your own research.
Charles Hoskinson říká, že upgrade Ouroboros Leios zvýší propustnost Cardana až 60× a přiblíží ho výkonem XRP Ledgeru. Veřejný testnet Musashi Dojo byl spuštěn 23. června 2026, mainnet je cílen před koncem roku 2026.
Hoskinson: Leios Puts Cardano on Par With XRP LedgerCardano founder Charles Hoskinson has made a bold claim about the network's next major protocol upgrade. Speaking in an interview with David Gokhshtein on The Breakdown podcast, Hoskinson said the Ouroboros Leios upgrade will increase Cardano's internal throughput by up to 60 times its current capacity. He argued the improvement would put Cardano on equal footing with the $XRP Ledger in terms of raw performance.
"Leios will be a 60x in terms of throughput inside the system, so we're good, we're as performant as XRP, and we still kept our principles," Hoskinson said.
The comparison carries real weight. The XRP Ledger is capable of processing up to 1,500 transactions per second with settlement times of 3 to 5 seconds, a benchmark that has made it a preferred network for payments and cross-border transfers. Cardano's current throughput sits well below that level, a gap that has drawn persistent criticism from developers and investors.
The Ouroboros Leios protocol introduces parallel transaction processing, aiming to reach speeds above 1,000 TPS while preserving decentralization and security. Hoskinson stressed that the gains come without the usual trade-offs associated with the blockchain trilemma, where scaling improvements often come at the cost of security or decentralization.
Testnet Live, Mainnet Targeted for Year-EndA public testnet called Musashi Dojo launched on June 23, 2026, marking the protocol's first operation in a live network environment. Mainnet deployment is scheduled before the end of 2026.
Hoskinson also said higher performance could attract more users, increase transaction activity, and lift DeFi TVL on the network. The comments follow an earlier warning from Hoskinson that Cardano's ecosystem could suffer if key governance votes fail to approve critical upgrades. He noted that the DeFi TVL on Cardano could collapse if governance members do not vote to approve the upgrades, remarks that came after notable Cardano ecosystem projects TapTools and JPG Store shut down.
The upgrade carries execution risk. Deployment on a live, decentralised mainnet introduces technical hurdles that a testnet environment does not fully replicate, and any delays could weigh on developer and market confidence heading into 2027.
Sources
BeInCrypto: Charles Hoskinson Bets Cardano Will Rival XRP Ledger's Speed After the Leios Upgrade
CryptoNews: Hoskinson Says Cardano Will Be as Performant as XRP With Leios Upgrade
CoinMarketCap: Latest Cardano (ADA) News and Updates
Clearstream, the major European post-trade services provider and subsidiary of the Deutsche Börse Group, is doubling down on its digital asset strategy by expanding its institutional cryptocurrency custody offering.
Clearstream, the major European post-trade services provider and subsidiary of the Deutsche Börse Group, has expanded its cryptocurrency custody footprint.
The firm has announced the addition of a roster of new cryptocurrencies, including the Ripple-linked XRP, Stellar (XLM), Cardano (ADA), Solana (SOL), Litecoin (LTC), and Avalanche (AVAX). These new digital assets join Bitcoin (BTC) and Ether (ETH).
According to the firm, this expansion caters to the growing demand for MiCA-compliant (Markets in Crypto-Assets) digital assets within institutional finance.
HOT Stories
Initial entry into crypto Clearstream is one of the world's largest settlement and custody firms. It provides infrastructure securities across 60 different markets.
In early 2025, the Deutsche Börse Group announced that Clearstream would begin offering crypto custody and settlement services to its institutional clients.
The launch, which officially went live in April 2025, was made possible via an internal partnership. Clearstream used Crypto Finance (another entity within the Deutsche Börse Group that had recently secured a highly coveted MiCAR license) as its sub-custodian.
You Might Also Like
This structure made it possible for Clearstream to rely on Crypto Finance's expertise while maintaining strict regulatory compliance across Europe.
As mentioned above, the original offering was strictly limited to the two largest cryptocurrencies by market capitalization: Bitcoin and Ethereum.
Clients of Clearstream’s International Central Securities Depository (ICSD) were able to use their existing accounts in Clearstream Banking S.A. (Luxembourg) to access cryptocurrency custody and settlement.
The most recent additions show that the firm is doubling down on crypto.
