Track market-moving stories before they get noisy

TLDR

Firelight, a DeFi cover protocol on Flare, went live on Oct. 6 and automatically moved existing staked FXRP into active cover.
Staked funds can now be used to pay losses at covered vaults, starting with Sentora’s USD Protected and Protected RWA Vaults.
Withdrawals now take 30 to 60 days, and new vault rewards stop as soon as a holder asks to unstake.
The first three cover orders allocated $38 million in cover and charged about $56,913.70 in premiums.
XRP fell to an intraday low of $1.32 on Oct. 14 after inflation data came in above expectations.

Firelight, a decentralized finance (DeFi) cover protocol built on the Flare network, went live on Oct. 6. The launch automatically moved existing staked FXRP into the protocol’s active coverage phase.

FXRP is an XRP-backed token used on Flare. Holders who had already staked it did not need to take any action for their funds to start backing cover.

Firelight lets crypto holders stake assets that help protect DeFi vaults against defined failures. In return, stakers earn rewards funded by fees that vault operators pay for cover.

The first live integrations are Sentora’s USD Protected Vault and Protected RWA Vaults. Firelight is also partnered with Veda, a vault infrastructure provider.

How Cover and Claims Work
Firelight covers events such as smart contract exploits, oracle failures, governance exploits, bad debt, depegs and redemption failures. Each event must be reviewed before any payout is made.

A five-firm Risk Consortium made up of Hypernative, Native, Credora, Cyfrin and GFX Labs validates each claim. Security partner ZeroShadow publishes an exploit report first.

When a claim is confirmed, losses are first paid from a protocol-owned stablecoin reserve called the First-Loss Buffer. Any remaining loss is spread across stakers based on the size of their positions.

The wallet Firelight lists as its buffer held about 1,000,002.59 USDT0 on Oct. 14, according to CryptoSlate. Rewards that have compounded into a staker’s position face the same loss risk as the original deposit.

Longer Wait to Withdraw
Under Firelight’s current rules, exits take 30 to 60 days. New vault rewards stop as soon as a holder requests to unstake.

The funds keep backing cover for the rest of the current 30-day period. During the next period, claims tied to the earlier backing time can still reduce what the holder gets back.

Firelight’s launch post said stakers keep earning until they fully exit. Its more detailed withdrawal rules and vault code end new rewards when the unstake request is made.

The first three cover orders settled on Oct. 6. They allocated a combined $38 million in cover and charged about $56,913.70 in premiums.

Two of those orders were for Sentora’s vaults, with $2.5 million for the USD Protected Vault and $5 million for the RWA Vault. Premiums paid in stablecoins are converted to FXRP and added to stakers’ positions.

Records show 9,245.46 FXRP sent to the vault from premium sales on Oct. 6, 8 and 12. Another 14,045.40 FXRP was recorded as incentive transfers on those dates.

Separately, Firelight set aside a fixed 230,000 FXRP for early contributors, shared based on Firelight Points. This is a one-time budget, not a recurring source of income.

Firelight is incubated by Sentora and maintained by Sentinel Labs. It raised $8 million in seed funding led by Gumi Cryptos Capital, and its contracts were audited by OpenZeppelin, Coinspect and 0xMacro.

DefiLlama showed about $69.7 million in total value locked in Firelight as of Oct. 14. A blockchain explorer recorded about 51.13 million FXRP in the vault, including assets waiting to be withdrawn.

On the same day, XRP fell to an intraday low of $1.32 after inflation data came in above expectations. A lower XRP price reduces the dollar value of the capital backing Firelight’s cover.

XRPL Commons has announced early access to the XRP Ledger’s proposed native lending tools at its Oct. 24–25 New York hackathon, with more than 400 builders registered for the 36-hour event while validator voting continues.

Summary

More than 400 builders have registered for the New York event, according to XRPL Commons.
Developers will test lending and vault tools before the proposed amendments reach mainnet.
Four development tracks offer more than $40,000 in prizes and access to incubation.
Activation requires sustained validator support, with no fixed launch date for the lending proposals.

XRPL Commons, the Paris-based nonprofit supporting XRP Ledger development, said participants in its AI & Fintech XRPL Hackathon will build lending applications using test versions of XLS-65 and XLS-66. The organization named Ripple, the XRPL Foundation, Mastercard, Amazon Web Services, Ledger and QuickNode as partners backing the event.

With the amendments still awaiting approval, the organizer said teams will work in a test environment rather than launch native lending products on the main network. Ripple has already made the proposed protocol available for developers to test.

XRP Ledger lending still depends on validator approval
Under the proposed framework, XLS-65 would introduce Single Asset Vaults, allowing several depositors to pool one asset, such as XRP or Ripple’s dollar stablecoin RLUSD. The design gives each depositor shares representing their portion of the pool, according to XRPL Commons.

XLS-66 would use those pooled assets to fund fixed-term loans. As described in the lending proposal, borrowers and designated loan managers would agree on interest, repayment schedules, and other terms, while the ledger would record and manage the resulting credit arrangements.

Rather than require borrowers to lock up assets worth more than their loans, the proposed system relies on credit assessments outside the blockchain. According to the protocol’s design, a first-loss capital buffer can absorb an initial portion of losses when a borrower defaults.

For applications using the proposed features, XRPL Commons said lending could operate directly on the ledger without a bridge to another blockchain or a separately deployed smart contract.

“Developers have an opportunity to bring proven DeFi models to the XRP Ledger—and build financial applications that have yet to move on-chain,” said Odelia Torteman, head of digital assets at XRPL Commons.

Torteman said the proposed vault and lending functions would add a credit layer, creating ways to use XRPL-based assets “without bridges or custom smart contracts.”

As crypto.news reported on Aug. 10, Ripple’s validator backed both lending amendments. Under the network’s amendment rules, however, proposals must maintain support from more than 80% of trusted validators for two consecutive weeks before activation.

XRPL documentation describes that voting process as the mechanism for introducing changes to the core protocol. The hackathon announcement sets no activation date, leaving participating teams to develop against test versions while validators make their decisions.

Lending software changes add defined vault periods
The lending proposals have also undergone changes beyond the original vault and loan framework.

In coverage published on Sep. 18, XRPL developers’ version 3.4.0 lending changes included a separate amendment called LendingProtocolV1_1. According to the release documentation cited in that report, the amendment introduces closed-ended vaults with defined periods for deposits, investment, and redemption.

Under Ripple’s technical documentation, deposits and withdrawals stop during the investment period while pooled assets can fund loans. Redemption begins after that period ends, allowing depositors to recover their share once loans mature.

The documentation also sets out cash-basis accounting, under which new vaults would recognize interest when borrowers pay it rather than count all scheduled interest when a loan begins. The additional amendment remains dependent on the underlying lending architecture and its own approval process.

Commercial developers have announced preparations alongside that work. On Sep. 11, Clearpool outlined its planned XRPL credit expansion, proposing lending products built around the native vault and lending standards.

According to Clearpool’s proposal, Ripple committed capital toward products offering yield opportunities using XRP and RLUSD. An associated arrangement with Cicada Partners would provide RLUSD-denominated working-capital loans to fintech and payment companies, with Cicada handling borrower selection, loan terms, and credit risk.

For U.S. institutions considering RLUSD-based products, Ripple says Standard Custody & Trust Company issues the stablecoin under a limited-purpose trust charter supervised by the New York State Department of Financial Services. The state regulator separately lists Standard Custody as a chartered trust company.

New York teams will compete across four tracks
Alongside Lending & Borrowing, XRPL Commons said the hackathon will offer Protocol Innovation, Agentic Finance and an open category called Why Not.

For the protocol track, the organizer is seeking C++ and systems engineers to work on amendments, client software, and developer tools. A three-day Core Dev Bootcamp will run in New York on Oct. 20–22 before the weekend competition.

The Agentic Finance track will cover infrastructure that allows AI agents to make payments and manage funds on the XRP Ledger, according to the event description. XRPL Commons said developers can use existing ledger functions, including escrow and Credentials, in their applications.

The organizer has opened participation to developers new to XRPL as well as established teams. Its event materials list more than $40,000 in prizes, including dedicated bounties from Mastercard, Ledger, QuickNode and AWS.

Mastercard’s involvement was previously announced on Aug. 26, as reported in Aug. 27 coverage of its New York hackathon sponsorship. Separately, Mastercard announced plans in June to support regulated stablecoin settlement, naming RLUSD and the XRP Ledger among the assets and networks in its expansion.

For the competition, XRPL Commons said mentors and judges will include representatives from the sponsoring companies, Ripple and the XRPL Foundation. Its list also includes t54.ai, Evernorth, Soil, XRPScan, Common Prefix, Sum, Blockvault and the European Business School.

Winning teams can enter XRPL Commons incubation
Beyond the prize competition, XRPL Commons said top teams will receive fast-track access to grants and incubation. The hackathon is scheduled ahead of Ripple’s Swell conference, which runs Oct. 27–29 at The Shed in New York.

“We’re inviting developers and innovators to New York to turn these building blocks into working products over one weekend,” said David Bchiri, president of XRPL Commons.

Bchiri said the organization would support selected projects after the event through incubation and introductions to partners and investors.

Founded in 2023, XRPL Commons says it has incubated more than 70 projects and works with over 5,000 active builders. The nonprofit named ReGolda, Blockvault and MobileWallet among its alumni.

According to the organization, its three-month Make Waves buildathon involved 171 builders and produced 56 mainnet launches. Four participating teams are entering the ninth cohort of its Aquarium incubator, alongside Megawatt, the Paris Blockchain Week hackathon winner that began incubation this month.

On October 14, 2026, DriveWealth and Ripple announced an integration covering stablecoin settlement, cross-border payments, custody and equity financing. DriveWealth will begin the settlement work in Europe with $RLUSD on the $XRP Ledger, using Ripple’s mint and burn capabilities. The companies plan to extend that settlement setup to the United States.

The partnership puts stablecoin funding behind DriveWealth’s brokerage infrastructure rather than launching a separate retail product. DriveWealth supplies brokerage systems to more than 100 partners worldwide, including fintechs, digital wallets and financial institutions that offer access to American markets. Ripple says its regulatory footprint spans more than 85 licenses.

The immediate mismatch is between trading and funding hours. American equities settle on T+1, while international dollar transfers can take longer. DriveWealth already supports trading 24 hours a day on five weekdays. Its chief executive, Naureen Hassan, said, “We’ve already enabled 24/5 trading; now we need the funding to match, so clients can move with the markets instead of waiting for them.”

How the integration is divided
Stablecoin settlement starts in Europe. DriveWealth will use Ripple’s stablecoin infrastructure, $RLUSD and the $XRP Ledger. Ripple’s mint and burn functions will connect token issuance and redemption to the settlement flow. The announcement gives no production date for this European integration and describes American expansion as a later plan.

DriveWealth is taking the same regional order with custody. The companies say the first custody work is in Europe and that additional markets will follow. The release does not tie custody expansion to the American settlement plan, so partners cannot assume both products reach each market together. Each product has its own stated scope: settlement uses $RLUSD and XRPL, payments receive cross-border funds, and custody covers DriveWealth’s digital asset needs.

A separate Ripple Payments integration will accept cross-border funding from DriveWealth’s global partners. This is the inbound route into the brokerage platform. The companies present it as a way to reduce dependence on transfer windows and bank cutoff times when a partner needs to fund activity in another market.

Custody is also starting in Europe. DriveWealth is working with Ripple on digital asset custody there, with more markets planned over time. DriveWealth will move treasury and custody infrastructure onto Ripple’s rails. The stated goal is one real-time view across dollars, stablecoins and crypto, with transfers between those balances.

The equity-financing component is less settled. DriveWealth and Ripple Prime are exploring opportunities through Ripple Prime’s Delta One business, which covers American equities and equity derivatives. The announcement does not describe a product, customer, collateral schedule or start date for that work. Operators should distinguish this exploratory component from the announced settlement, payments and custody integrations.

What changes for brokerage funding
DriveWealth clients will be able to fund and manage collateral accounts with stablecoins that convert to cash in near real time. The operational benefit is narrower than continuous equity settlement. A client can move funding without waiting for a bank wire, but the release does not say that the underlying securities settlement cycle changes from T+1.

That distinction matters for treasury teams. The integration targets the cash leg before and around a trade. It can shorten the time between a partner sending value and DriveWealth recognizing usable cash. It also gives DriveWealth a common system for viewing treasury and custody balances in dollars, stablecoins and crypto. The announcement does not identify supported partner jurisdictions, conversion spreads, transaction fees or service-level commitments.

The integration also separates the funding asset from the cash balance used inside the brokerage account. The release says clients can send stablecoins and convert them to cash in near real time. It does not say that equities will settle in $RLUSD or that customers will hold tokenized shares on XRPL. For a partner integrating the system, the relevant handoff is therefore stablecoin to cash, followed by the existing brokerage process.

DriveWealth’s role is broader than a single trading front end. Its infrastructure lets fintechs, wallets and financial institutions provide access to American markets. A successful deployment could put the same Ripple funding route behind several partner products. The release does not name which of DriveWealth’s more than 100 partners will adopt it first, so the initial distribution cannot yet be measured.

International partners are the clearest initial users. They currently plan funding around cross-border transfer windows and cutoff times. Ripple’s system is meant to let them send stablecoins into DriveWealth and convert those balances to cash near the time the funds are needed. The later American settlement expansion would add a domestic endpoint, although the companies have not provided its timing.

Hassan said the aim is for capital to keep working overnight and on weekends rather than remain idle. The release also says DriveWealth will extend the funding and custody experience its clients already use to stablecoins and digital assets. That framing leaves DriveWealth as the brokerage layer while Ripple provides the stablecoin, payment and custody infrastructure underneath it.

What remains open
The announcement identifies Europe as the first settlement and custody market but does not name a launch date or the European entities and partners that will use the integrations first. It also leaves the American expansion schedule, fees, conversion terms and eligible currencies unspecified. Those details will determine whether partners use $RLUSD for routine brokerage funding or only for transfers that do not fit bank operating hours.

The next dated milestone is October 28, 2026, when the companies are scheduled to discuss the partnership in a fireside chat at Ripple Swell in New York City. The unresolved issue is whether that session will add deployment dates and commercial terms for the European launch and planned American expansion.

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.

XRP holders are looking ahead to two important dates in October as Ripple prepares for its annual Swell conference and the XRP Ledger approaches another round of protocol fixes.

The developments could put the XRP ecosystem in focus this month, with one event centered on institutional adoption and industry discussions, while the other concerns the network's technical infrastructure.

From October 27 to 29, 2026, leaders from finance, crypto, and the XRP community will come together for talks, panels, and discussions at the Swell event in New York. For the first time, Ripple combines Swell with Apex, the summit for developers, institutions, and investors building on the XRP Ledger, and UBRI Connect, the academic conference for Ripple's University Blockchain Research Initiative, which brings together researchers and students from its global university network.

HOT Stories

Across three stages, the Swell event will explore where finance is heading: liquidity and settlement, tokenization of real-world assets, stablecoins in bank-grade production, the first year of the spot XRP ETFs, AI agents that move money, and post-quantum security, while Ripple CTO Emeritus David Schwartz and Ayo Akinyele, Senior Director of Engineering at RippleX, will discuss what's next for the XRP Ledger.

You Might Also Like

Ripple CEO Brad Garlinghouse will participate in a fireside chat on the evolution of digital assets and where the industry is headed. He will also moderate two conversations: one with Tom Farley, Chairman and CEO of Bullish, on digital asset markets and the future of global finance, and one with actor and co-founder of Water.org Matt Damon and Gary White on how technology and partnerships expand access to financial opportunity.

XRP fix upgrade to go live in OctoberThe fixCleanup3_4_0 amendment, a collection of fixes for Single Asset Vaults, the Lending Protocol, Automated Market Makers, the permissioned DEX, trust lines, NFTs, MPTs, Escrow, Sponsorship, transaction signing, and permission delegation, is set to launch on the XRPL mainnet on October 23, 2026.

You Might Also Like

The fixCleanup3_4_0 amendment is essential for Permission Delegation, as until it is enabled, users would not be able to delegate the PaymentBurn granular permission.

October 23, 2026, represents the earliest activation date, as validator support must remain above 80% throughout. 

EvernorthXRP is set to ring the closing bell at Nasdaq, marking the debut of its XRPN shares. The event is scheduled for a live broadcast featuring interviews and a countdown starting at 2:30 p.m. ET. Evernorth Holdings, a publicly traded XRP treasury company, offers its Nasdaq Class A shares under the ticker XRPN, which provides investors with equity exposure to an XRP-focused corporate treasury. This event comes amid a recent downturn for XRPN, which saw a 3.55% decrease to $16.31.

Key Takeaways The debut of EvernorthXRP’s XRPN shares at Nasdaq appears to draw attention to XRP, consistent with supportive pricing for a potential increase. Market activity suggests participants are considering the bell-ringing event as a potential catalyst for increased interest in XRP-related equities. The impact of the event on XRP’s market perception may be modest due to the source’s Tier 3 classification. What to Watch Market observers should keep an eye on any significant changes in XRPN share pricing following the Nasdaq event. Watch for statements from key actors such as Ripple’s CEO Brad Garlinghouse or any regulatory updates from the U.S. SEC, which could further influence market sentiment. Additionally, developments in the broader crypto market, including Bitcoin price movements and interest rate policies, may also impact XRP’s trajectory toward a new all-time high by the end of 2026.

Ripple's first partnership with a Korean securities firm extends its institutional footprint across Korea's banking, insurance and capital markets

Seoul, October, 14, 2026 - Ripple, the leading provider of blockchain solutions across traditional and digital finance, today announced a strategic partnership with Meritz Securities, one of Korea's leading securities firms. Together, the two companies will explore how to bring Ripple Custody and Ripple's tokenisation infrastructure into Korea's capital markets. Ripple Custody is a bank-grade digital asset custody platform built for regulated financial institutions. It supports the secure storage, transfer and settlement of digital assets.

For any financial institution dealing with digital assets, institutional-grade custody is essential. Building it from scratch is costly, complex and slow. Ripple's infrastructure gives institutions a proven route to market instead, with the security and control that regulated firms need. The two companies will start within the scope of Meritz's existing securities business and current regulation. They will then widen their cooperation in stages as Korea's digital asset framework develops.

Meritz Securities is currently exploring a range of digital asset-related business opportunities in preparation for the integration of digital assets into the regulated financial system, including spot ETFs, fractional investment and security tokens, trading platforms, and KRW-denominated stablecoins. The partnership with Ripple was formed as part of these broader efforts.

“Korea is one of the most dynamic digital asset markets in the world and its institutions are preparing to move from exploration to real-world utility,” said Fiona Murray, Managing Director, Asia Pacific at Ripple. “Ripple brings the full infrastructure stack across payments, custody and tokenization, backed by more than 85 licenses and a network spanning more than 60 markets globally. We’re excited to work with Meritz Securities, and we look forward to supporting more Korean institutions as the market grows.”

Byungha Kang, Managing Director of the Strategic Planning Unit, Meritz Securities said, "This partnership lays the foundation for combining Ripple's global digital asset infrastructure with our capital markets capabilities. As Korea's regulatory framework evolves, we will prepare safe and trusted digital asset financial services in stages."

Meritz is Ripple's fourth institutional partnership in Korea this year and its first with a securities firm. Kyobo Life Insurance is using Ripple Custody to pioneer Korea's first tokenized government bond settlement on blockchain. Kbank, Korea's first internet-only bank, is deploying digital asset wallet infrastructure through Ripple Custody. Jeonbuk Bank became the first Korean regional bank to adopt Ripple Payments for cross-border remittance. With Meritz, Ripple now works with Korean institutions across banking, insurance and capital markets, which reflects its long-term commitment to the country's institutional digital asset market.

Blockchain

13 October 2026
|
19:16

Privy’s developer documentation now lists XRP Ledger support, giving apps a way to create and use XRPL wallets without sending every new customer to separate wallet software first.

Key Takeaways

Privy lists XRP Ledger among the networks supported by its wallet infrastructure.
Apps can connect XRPL wallet creation to their existing login and user-account flow.
XRPL support covers transaction-aware signing and policy controls.
Recovery, approvals and external transfers remain decisions for the app and its wallet setup.
The next evidence will come from consumer apps that use the integration in production.

A user can enter XRPL without starting with a wallet app
Privy’s chain-support documentation lists XRP Ledger as a supported network for wallet creation and transaction signing. Its frontend tools allow developers to connect authentication, user accounts and embedded wallets in the same application flow.

For the user, that can remove several early steps. Someone joining a payment, trading or rewards app may sign in with an email address or another familiar method, then receive an XRPL address within the product itself. Their balance and transaction approvals can stay in the app interface instead of requiring a separate download before the service becomes usable.

That is the practical value of embedded wallets: the blockchain account becomes part of the product experience. Privy, which describes itself as a Stripe company, supplies infrastructure that developers can use to build that experience. The documentation confirms the technical capability, though it does not describe a separate consumer launch or a formal Ripple–Privy commercial agreement.

An embedded wallet turns product design into a control decision
Creating a wallet is only the first part of the relationship between a user and an app. The more consequential decisions concern how the wallet is recovered, how a transaction is approved and whether the user can move funds to another XRPL address without depending on the original service.

Those details vary by implementation. One product may provide a clear path to export credentials or migrate the wallet. Another may centre access on the app’s login and recovery system. A balance can appear in both products, while the user’s practical control over that balance differs substantially.

The user

Approves the action

The customer needs to understand when a transfer requires approval and how access can be recovered after a lost device or login.

The app

Defines the wallet journey

Its developer chooses the login, recovery, transaction-review and support processes surrounding the wallet.

The ledger

Records the signed transaction

XRPL receives a valid transaction, while the product design determines how the user reached the point of signing it.

The same issue appears whenever an account balance is presented through an intermediary. A customer needs to know what rights sit behind the interface, just as buyers of Bitcoin exposure through a listed product and Bitcoin in a wallet receive very different transfer and custody rights despite following the same market.

Privy’s XRPL support has a defined role
Privy categorises XRPL as a Tier 2 network. According to its documentation, that means the infrastructure can decode and sign XRP Ledger transactions. Tier 2 is also the minimum level required for transaction policies because the system needs to read the transaction contents before assessing a rule.

XRPL is not listed in Privy’s Tier 3 group, where Privy constructs, broadcasts and tracks transactions on the developer’s behalf. An app using the XRPL integration can therefore use Privy for wallet creation and transaction-aware signing while retaining responsibility for the surrounding submission, confirmation and support flow.

That division helps explain what the integration changes for developers. It can reduce the work involved in putting an XRPL wallet behind a familiar sign-in experience, but it does not remove the need to design a clear route from a user’s payment request to a completed ledger transaction.

Wallet policy and XRPL account permissions serve different jobs
Wallet software can guide how an app asks for approval or reviews a transaction. XRPL itself can also divide authority between accounts. The two layers can work together, although they solve separate parts of the security problem.

For example, XRPL’s PermissionDelegationV1_1 feature allows a business to assign limited actions to separate accounts while keeping its primary credentials under tighter control. That structure can separate compliance and operational duties, but it does not decide how a customer recovers a wallet or whether an app presents a transfer clearly before it is signed.

Developers therefore need to make the boundary visible. A policy may help prevent an unwanted transaction from moving forward, while the ledger’s permissions decide which account can carry out an allowed action. Neither substitute replaces a user understanding who has authority over the funds.

The real test is whether users stay after the first wallet appears
Embedded-wallet support can make XRPL more accessible to product teams building payments, rewards, trading or issued-asset services. It does not establish that those products already have users, that users will keep balances on the network or that the integration creates direct demand for XRP.

More meaningful evidence would come from named apps deploying the feature, repeat active wallets, successful payment flows and clear support for users who need to recover or transfer their accounts. Those results would show whether the integration has become part of a working consumer product rather than remaining a developer option.

Five questions before funding an in-app XRPL wallet

How is access recovered?

Check what happens if the phone, login method or authentication device is lost.
Who participates in signing?

The app should explain the approval process and any provider or policy role around a transaction.
Can assets leave the app?

Confirm that XRP and other supported XRPL assets can be sent to an external address under clear conditions.
Can wallet credentials be exported or migrated?

A user should know whether they can continue using the wallet outside the original application.
Who provides support when something goes wrong?

Review which party handles failed transfers, account recovery and transaction disputes before funding the wallet.

Convenience only works when control remains clear
Privy’s XRPL support can make wallet setup less visible and less intimidating for first-time users. That matters for apps whose customers want to make a payment or use a service before they want to learn the mechanics of blockchain accounts.

The feature’s lasting value will depend on the controls built around it. A well-designed embedded wallet should make it easy to enter XRPL while leaving users with clear recovery options, understandable signing rules and a practical way to move their funds when they choose.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice. Wallet features, signing methods and custody arrangements vary by application.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

XRP ETF demand is holding up, but on-chain activity tells a less encouraging story. By October 12, XRP ETFs had reached $1.55 billion in total net assets, with cumulative net inflows of $1.80 billion, according to SoSoValue. That’s a solid amount of capital sticking around. Yet the blockchain figures isn’t that satisfying, number of active users has plunged from an August peak of 500,000 to fewer than 100,000.

The disconnect raises an awkward question: are investors staying interested while everyday network activity fades?

XRP ETF Inflows Hold Up Despite Cooling ActivityThe ETF data suggest interest in XRP-related investment products remains substantial. Cumulative net inflows have reached $1.80 billion, while total net assets stand at $1.55 billion.

The data from dashboard also suggest that withdrawals haven’t been as severe as those seen in BTC ETFs. Still, ETF capital and network participation measure different things. Strong inflows don’t automatically mean more people are using the network.

XRP Price Faces a Crucial $1.30 Support TestXRP rallied from $1.00 to $1.70 in August before hitting resistance and retreating toward $1.30. Since then, the $1.30 area has been tested repeatedly.

That level now matters. If it continues to hold, the recent price action could be a retest rather than a breakdown. But repeated tests aren’t risk-free; support can weaken when buyers fail to deliver fresh demand.

Can XRP Reclaim $1.50 and $1.70?A recovery depends on more than ETF headlines. Rising demand could show up through improving active-user numbers, stronger XRP ETF inflows, and a firmer token price.

If $1.30 holds and momentum returns, XRP could revisit $1.50 and $1.70, potentially moving higher. Lose that support, however, and $1.00 becomes the next downside level to watch.

For now, XRP ETF inflows remain encouraging, but falling activity is the warning sign. The $1.30 support zone is the key battleground: hold it, and recovery remains possible; lose it, and the market may have to rethink the bullish case.

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.

Read the Next News

Stellar, a blockchain network focused on facilitating cross-border payments and asset tokenization, has become a leading platform for tokenized real-world assets. The total reported value of tokenized assets on Stellar has reached approximately $3.5 billion. Despite this growth, XRP maintains a market capitalization almost 13 times greater than Stellar’s native XLM token, underlining a persistent imbalance between tokenization adoption and crypto valuations.

Stellar’s rising tokenization volumesAs of October 13, market data from CoinCodex showed XRP’s market capitalization at around $84.65 billion, while XLM trailed significantly at about $6.67 billion. This 12.7-fold difference persists even as Stellar’s institutional tokenization offerings continue to expand.

Recent estimates place the value of tokenized assets on Stellar near $3.5 billion, and, depending on the reporting methodology, this figure can be even higher—up to $4 billion according to Stellar’s own records in early September. Comparatively, the XRP Ledger (XRPL) is estimated to host approximately $2.5 billion in tokenized real-world and financial assets under one broad reporting standard. However, specific rankings may vary based on whether they include certain stablecoins or financial products.

Stellar’s asset tokenization growth is largely supported by institutional products such as Franklin Templeton’s BENJI fund and other financial instruments. The BENJI fund, tokenized and issued on Stellar, held about $605 million as of October 6. Another project, Spiko, accounts for $1.7 billion through tokenized money-market products.

These assets are structured as investment products, granting investors digital shares backed by underlying securities such as government bonds or money-market funds. Blockchain technology powers the issuance, recordkeeping, and settlement of these tokenized shares, delivering efficiency gains for institutional investors and fund managers.

Mini dictionary: Franklin Templeton is a global asset management firm that has issued tokenized money-market funds on blockchain platforms such as Stellar, allowing for digital shares in regulated investment products.

Tokenization versus native token valuationThe growth of tokenized assets does not necessarily translate into increased demand for a blockchain’s native cryptocurrency. When institutions invest in tokenized Treasury funds on Stellar, their money is allocated directly into underlying traditional assets, such as US Treasury securities. While the process requires a minimal amount of XLM for transaction fees and account reserves, these costs are relatively low and do not result in major demand for XLM itself.

A similar dynamic is present on the XRP Ledger. Even as institutional usage and tokenization of securities or stablecoins has increased, these activities do not automatically require counterparties to accumulate large holdings of XRP. Most institutional flows are directed toward the underlying assets, bypassing the need for substantial native coin exposure.

During the past year, Treasury tokenization volumes on the XRP Ledger grew significantly, rising from $50 million to approximately $418.5 million. However, this notable growth in tokenized assets has only a limited direct impact on XRP’s price, since institutional demand is insulated from speculative or retail-driven trading of the token.

XRP’s unique demand sourcesUnlike Stellar’s tokenized products, some institutional vehicles specifically aim to give investors direct exposure to XRP as an asset. For example, Evernorth recently secured a Nasdaq listing for a public treasury product holding 473 million XRP. Furthermore, U.S.-listed spot XRP ETFs increasingly provide additional channels for institutional or retail investors to gain direct exposure to the cryptocurrency.

These investment products differ fundamentally from tokenized Treasury funds or money-market products because their value proposition centers on XRP itself, rather than stablecoins or external securities. As a result, they contribute to market demand for XRP more directly than the tokenization models adopted by Stellar partners.

MetricStellar (XLM)XRP Ledger (XRP)Market capitalization$6.67 billion$84.65 billionTokenized assets value$3.5–$4 billion~$2.5 billionMain tokenization productsMoney market, Treasury fundsTreasury, ETFs, public treasury XRP holdingsXRP’s valuation remains significantly higher than Stellar’s XLM, despite the fact that Stellar now leads in total value of tokenized real-world assets. The disconnect between native token prices and blockchain adoption continues as both networks pursue different strategies to attract institutional flows.

Autonomous artificial intelligence systems are now driving the bulk of settlement activity on the XRP Ledger (XRPL), signaling a shift away from traditional retail transactions. According to on-chain data from t54.ai, machine-driven transaction flow has become central to XRPL’s commercial usage, with AI agents handling increasingly complex microtransactions.

AI agents reshape XRPL commercial landscapeTransaction activity on XRPL has surged, with daily settlements surpassing 600,000 and occasionally touching 700,000 at the turn of September and October. This uptick aligns with the growing presence of AI-infused agents and services on the network.

The infrastructure supporting automated operations has expanded rapidly, with 169 different merchants now active. The total transaction volume across these entities has exceeded 13.94 million, as developers pivot to using XRP tokens and the RLUSD stablecoin for real-time, high-frequency microtransactions, which traditional banking channels are ill-suited to handle.

Data from the t54 on-chain dashboard places the distributed inference network Heurist Inference Router at the top, having processed 9,973,942 transactions. Other major contributors include the AI search engine AskSurf (863,012 transactions), computing network Heurist Mesh (512,623), operating system LucyOS (400,663), and fintech platform ClawBank (137,836).

PlatformTransactionsHeurist Inference Router9,973,942AskSurf863,012Heurist Mesh512,623LucyOS400,663ClawBank137,836AI developers have increasingly adopted these settlement options, reflecting the network’s ability to meet requirements for automated, rapid, and small-value payments.

Mini dictionary: RLUSD, a stablecoin on the XRP Ledger, is designed to facilitate fast, cost-effective, and programmable settlements between AI agents and human users, allowing efficient microtransaction processing on-chain.

Institutional investment and the trust challengeThe widespread adoption of autonomous AI-driven software remains tied to overcoming a lack of corporate trust. Developers attribute this skepticism as a primary obstacle to scaling automated transactions. In response, the startup has introduced a “Trust Layer” leveraging the X402 standard. This system verifies digital mandates and transaction limits for AI agents in real time before settlement, and it extends Claw Credit credit lines based on established on-chain reputations.

Recently, the deployment of machine-based payment rails has attracted institutional attention. t54 Labs completed a $5 million seed funding round, counting Ripple and leading asset manager Franklin Templeton among its direct investors.

Additionally, the company has joined the Mastercard Start Path accelerator program. This initiative aims to integrate autonomous AI agents into Mastercard’s global payment infrastructure, facilitating cross-network settlements involving both digital and fiat assets.

AI agents are now generating the XRP Ledger’s main transaction flow, overtaking human-originated retail transfers and establishing themselves as the network’s dominant commercial force.

AI agents transition from expense to transaction driversOn-chain activity now shows a fundamental transformation: AI-powered agents have shifted from being categorized as operational overhead to serving as key initiators of settlement traffic. Their ability to conduct rapid, multi-party transactions is outpacing traditional human activity on the XRPL network.

The momentum created by AI-driven commerce is seen as a harbinger of broader adoption of autonomous transaction systems, particularly as institutional capital continues to enter the sector.

The XRP Ledger has resolved a critical security vulnerability that posed a threat to its entire token supply, reassuring its community after concerns surfaced about the network’s stability. The flaw could have enabled attackers to generate vast amounts of unauthorized XRP, raising questions about the security mechanisms protecting the cryptocurrency’s fixed supply.

Technical details and scale of the vulnerabilityLevi, a financial expert and commentator, explained in a recent video that the vulnerability represented a significant risk to the integrity of the XRP Ledger. The issue stemmed from an integer overflow in the payment engine, which processes multiple trading offers via the network’s built-in decentralized exchange.

This flaw allowed for the possibility that, if exploited, an attacker could have created up to 18.45 trillion XRP in a single transaction. For context, the total capped supply of XRP stands at 100 billion tokens, meaning the exploit could have exceeded the maximum issuance more than 184 times over.

The vulnerability also affected a security mechanism designed to validate legitimate creation of XRP during transactions. Levi drew a parallel to the Federal Reserve printing trillions of dollars without checks or balance, illustrating the potential damage such an exploit could cause to user trust and market stability.

Mini dictionary: Integer overflow, a condition in computer science where an arithmetic operation attempts to create a numeric value outside the range that can be represented with a given number of digits, potentially leading to unpredictable behavior or vulnerabilities.

MetricMaximum IntendedPossible via ExploitXRP supply100 billion18.45 trillionHow the vulnerability was discovered and patchedAccording to Levi, developers responded quickly to the threat. The security issue was detected by Veria AI, a system developed by Veria Labs, on September 21, 2026. Researchers reported the finding through the XRP Ledger bug bounty program. An emergency update, xrpld version 3.4.1, was released on September 25 to address the flaw. The development team bypassed the usual amendment process to prevent potential exploits, as revealing details could have increased the risk of misuse.

The update also fixed a separate bug related to the ledger’s batch-processing system. Security engineers from RippleX verified that the exploit could create unauthorized XRP and confirmed that the fraudulent coins could be spent, further underscoring the seriousness of the vulnerability.

The XRPL Ripple team implemented a patch for the vulnerability and confirmed that there was no evidence the issue was ever exploited on public networks.

An official vulnerability disclosure report was published on October 9, offering a detailed account of the issue and the remediation process undertaken by the development team.

Community response and security outlookLevi addressed concerns from XRP holders regarding the safety of their investments. He stressed that discovering and promptly fixing such flaws does not indicate a failure of the system, but rather demonstrates the ongoing commitment of the developer community to maintaining and improving network security.

Levi noted that developers continually review the XRP Ledger code, identify weaknesses, and release improvements, reflecting how technology should evolve over time.

He emphasized that no evidence was found of any unauthorized XRP creation or exploitation of the identified vulnerability on any public ledger, reinforcing user confidence following the patch.

The episode highlights the importance of active security research, transparent disclosure, and rapid response within blockchain development teams.

For users and investors, the main takeaway remains that although the vulnerability could have been catastrophic if exploited, timely intervention preserved the integrity of the $XRP network and its token supply.

XRP treasury company Evernorth has tapped former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as its investment chief Monday ahead of its Nasdaq debut.

The announcement follows Friday's completion of Evernorth's SPAC merger with Armada Acquisition Corp. II. At closing, Evernorth reported holding 473 million XRP (XRP) worth roughly $672 million alongside $300 million in cash before transaction expenses.

The value of its XRP holdings places it just outside the 20 largest publicly traded corporate crypto holders, based on Bitcoin Treasuries data.

Dollar value of crypto holdings of publicly traded firms. Source: Bitcoin Treasuries. Jeandesboz will lead treasury allocation, liquidity management and actively manage Evernorth's XRP holdings, under founder and CEO Asheesh Birla. During his time at Coinbase, Jeandesboz led investment strategies for the exchange's institutional clients and was Coinbase's lead derivatives trader before that.

Evernorth wants to move beyond the buy-and-hold model of many traditional crypto treasury companies. It plans to deploy XRP through lending, providing liquidity and other yield strategies to boost its XRP-per-share metric. 

"Capturing them takes someone who has priced risk on institutional desks in both traditional and digital asset markets," Birla said of opportunities he sees emerging in XRP lending and DeFi.

"We would rather be a participant in this transformation than a spectator of it," he wrote.

The listing follows whipsaw trading action in Armada II shares in the lead-up to the closing of the merger. The stock rose from around $10.68 over the past two weeks to as high as $53 on Oct. 2, before closing Friday at $17.09. Shares then climbed to $18.57 in after-hours trading.

Armada Acquisition Corp. II (XRPN) stock price chart. Source: TradingView.

Share

Blockchain

12 October 2026 | 07:41 XRP Ledger sits sixth in a major tokenized-asset ranking, where its RWA total exceeds $5 billion and raises a closer question about distribution.

The RWA.xyz network table lists XRP Ledger at number six, with $5.046 billion under RWA Total Value (Excl. Stablecoins), $4.550 billion in represented value, and 9.8% marked as distributed.

XRP Ledger is listed sixth on RWA.xyz, with $5.05 billion in tokenized assets excluding stablecoins. Read the whole XRPL row, not only the ranking The dashboard displayed three figures for XRP Ledger: $5.046 billion in “RWA Total Value (Excl. Stablecoins),” $4.550 billion in “RWA Value (Represented),” and 9.8% under “% Distributed.” Each label describes a different part of the tracker’s view of the network.

The key detail is the 9.8% distributed figure.

RWA.xyz separates the network’s total and represented values from the portion it labels as distributed. The table does not identify the holders, the relevant investor restrictions or the terms for transferring and redeeming every asset.

That leaves an important distinction between the size of financial products associated with a blockchain and the portion measured as distributed through it. A high placement in the ranking can show that major tokenized products have reached the network. It cannot, by itself, show how widely their units are held, how often they move or how easily they can be redeemed.

#6

XRPL’s listed position
The position shown in RWA.xyz’s network table at the time of checking.

$5.046B

RWA total value excluding stablecoins
The headline value displayed for the network in the ranking.

$4.550B

Represented RWA value
A separate field displayed by the tracker alongside the total.

9.8%

Share labelled “% Distributed”
The part of the row that prevents the total-value figure from being read as a simple measure of broad investor distribution.

Why Treasury and money-market products matter here XRPL’s tokenization story has grown around familiar institutional products: short-term U.S. Treasuries and money-market funds. These instruments give eligible investors a way to hold a regulated claim on cash-like assets while using blockchain infrastructure for recordkeeping, settlement or transfer processes.

Ondo Finance deployed OUSG on XRPL, bringing its tokenized short-term U.S. Treasury fund to the network for institutional investors. The product uses eligibility and compliance controls, so its availability depends on the investor and the applicable terms rather than the existence of a wallet alone.

The next part of the model is distribution through regulated market infrastructure. Archax provided access to abrdn’s U.S. dollar liquidity fund in tokenized form on XRPL. Its product page identifies the fund as available to professional and institutional investors, with investment minimums and specified dealing arrangements.

OpenEden’s partnership with Doppler Finance points to a third use: connecting Treasury-backed assets with XRPL-native liquidity. Together, these examples show how a network can carry tokenized products for cash management, fund access and settlement without turning every asset into an unrestricted retail token.

The ranking leaves out the terms that decide usefulness A tokenized fund unit can be valuable while still carrying important limits. The issuer may restrict who can subscribe, require investor verification, control transfers, set redemption windows or use an external legal register as the authoritative ownership record. Those conditions are part of the product, even when its representation appears on a public blockchain.

This is why a tokenized-asset total should be read beside the offering terms. A large represented value can signal institutional interest and a meaningful distribution partnership. It says less about secondary-market liquidity, holder concentration or how quickly a participant can enter and exit the product.

The same distinction applies across the wider onchain-finance market. Digital dollars can connect payments, treasury management and tokenized investments, but each layer has its own issuer, access rules and redemption process.

Stablecoins are deliberately outside this comparison RWA.xyz’s total shown in the XRPL row excludes stablecoins. That choice helps keep two separate financial functions visible. A stablecoin generally serves as a settlement balance, while a tokenized Treasury or money-market fund gives its holder an investment claim that may generate yield from underlying assets.

Both products can work together. An institution may use a stablecoin to settle a payment or subscribe to a fund, then hold the fund token as part of its cash-management strategy. Treating them as one measure of adoption would hide the difference between payment liquidity and investment exposure.

The ranking does not establish a fixed XRP-demand effect More tokenized assets can broaden XRPL’s role in fund distribution, asset administration and settlement. The ranking offers no fixed equation between that activity and XRP demand.

Each product has its own mechanics. Some flows may use XRP, RLUSD or another digital asset. Other arrangements may centre on issuer permissions, custodians and tokenized fund records. The $5.046 billion figure therefore provides evidence of financial products associated with XRPL; it does not provide a price target or a direct demand forecast for XRP.

The number to watch next Sixth place shows that XRPL has become a meaningful venue in the tokenized-asset landscape. The data point the headline misses is the distance between the network’s large total and the 9.8% share RWA.xyz labels as distributed.

That gap makes the next evidence easy to identify: a larger distributed share, more eligible holders, recurring subscriptions and redemptions, and tokenized assets being used repeatedly in settlement or collateral workflows. Those developments would show whether XRPL’s tokenized value is turning into a deeper and more active financial market.

This article is provided for informational purposes only and does not constitute financial or investment advice. RWA.xyz rankings and asset values may change as products are issued, redeemed, revalued or reclassified.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

XRP price hovered near $1.40 on Sunday, with a potential bullish move in focus before Evernorth’s expected Nasdaq debut. 

Bitcoin traded above $83,000, while Ethereum price held near $2,500 and cryptocurrency market capitalization totaled $2.81 trillion. Evernorth expects its shares to start trading Monday under XRPN, following an earlier administrative delay.

XRPN Set to Bring Evernorth’s XRP Treasury to Public Markets The XRP treasury company Evernorth expects to begin Nasdaq trading Monday, October 12, under the ticker XRPN. The company confirmed its merger with Armada Acquisition Corp. II closed on October 9.

Evernorth reported holdings of approximately 473 million XRP and roughly $300 million in gross cash proceeds before transaction expenses. The listing offers investors exposure to XRP through company shares available in brokerage accounts.

🚨 TOMORROW IS A HUGE DAY FOR AS $XRP HITS THE NASDAQ!

Evernorth will officially begin trading on the Nasdaq under $XRPN, bringing a massive treasury of 473 MILLION $XRP and $300 MILLION in cash to public markets!

The largest publicly traded XRP treasury is arriving on Wall Street. Institutional adoption is accelerating! 🔥

— ALLINCRYPTO (@RealAllinCrypto) October 11, 2026

Chief executive Asheesh Birla said Evernorth plans to fund infrastructure and applications supporting wider XRP use. The company also aims to increase XRP holdings per share through its treasury strategies.

Its investors include Ripple, SBI Group, Pantera Capital, Kraken and GSR, which participated in the financing. Evernorth expects to ring Nasdaq’s closing bell on October 14.

XRP Price Eyes $1.50 as MACD Signals Early Momentum Recovery The XRP price traded at $1.4160 on October 11, with its latest four-hour candle down 0.66%. The XRP price remained above the $1.40 support after recovering from the sharp decline recorded earlier this week.

The price of XRP faced initial resistance at $1.45, where a sustained four-hour close above that level could support further gains. A successful breakout would bring $1.50 into focus, matching another resistance level marked in the source

If XRP price reclaimed $1.50 and maintained momentum, the next potential target would be the previous trading region near $1.60. 

Source: XRP/USDT 4-hour chart: TradingView The MACD line stood at -0.0089, above its -0.0146 signal line, while the histogram remained positive at 0.0057.  The Chaikin Money Flow measured 0.03, slightly above zero, suggesting modest accumulation during the indicator’s 20-period window.

On the downside, a sustained move below $1.40 would weaken the recovery and expose the recent lows. 

XRP ETFs See No Net Inflows as Trading Hits $26.33 Million The five XRP spot ETFs reported zero net flows on October 9, according to SoSoValue data. Total net assets stood at $1.57 billion, equivalent to 1.80% of XRP’s market capitalization.

Source: Sosovalue data Trading volume totaled $26.33 million, while net inflows since launch stood at $1.80 billion. Bitwise led with $581.33 million in assets, followed by Franklin’s $413.96 million and Canary’s $339.78 million.

XRP Options Volume Surges as Derivatives Activity Picks Up The XRP derivatives market experienced more trading, with a volume of 3.71% to $1.51 billion. There was a 0.37% decline in open interest to $3.08 billion with only a little less exposure in open positions of the derivatives.

Source: Coinglass data There was a significant rise in options trading, with options volume up 302.85% to $6.90 million. The available interest increased 2.35%. to 66.04 million, and this is on top of the substantial growth in volume of options.

Justin Bons, the founder and chief investment officer of Dutch blockchain fund Cyber Capital, has sharply criticized $XRP and its governance model, raising questions about the cryptocurrency’s decentralization and the transparency of its validator software.

XRP validator software under scrutinyBons alleged that $XRP has been running on closed-source validator code for the past two weeks. He claimed that this code would soon become mandatory for all validators, meaning those who do not adopt it could be excluded from participating in the network.

He attributed this situation to a permissioned node list, maintained by entities responsible for the $XRP network. Validators, he argued, must comply with the software and requirements dictated by those who control these lists.

Bons asserted that the use of closed-source binaries could expose validators and the network to significant risks, suggesting that malicious code has the potential to steal funds or disrupt the system. He maintained that “selling $XRP to retail as ‘decentralized’ is straight-up fraud,” and described the mandatory implementation of closed-source code as a clear threat to the principles of open networks.

Bons also dismissed the justification that closed-source code might be necessary for critical security updates. He compared $XRP’s approach to that of Bitcoin, Ethereum, and Solana, stating that other major networks have historically implemented fixes and upgrades by inviting validators to run new, open-source code—even when security vulnerability details have not been widely disclosed.

He argued that this ongoing transparency allows validators to inspect the underlying code for themselves, achieving a balance between user security and decentralized integrity.

Criticism of Ripple’s consensus structureBons directed further criticism at the consensus system underlying the $XRP network. He labeled it as operating on a Proof of Authority (PoA) basis—a consensus mechanism where authority is established by designated entities. Ripple, a US-based enterprise blockchain company, and the XRP Ledger Foundation reportedly maintain the two critical permissioned validator lists governing network participation.

Bons argued that this system means XRP is reliant on permissioned entities rather than an open, permissionless network. He drew a comparison to Canton’s blockchain network, noting that while both platforms control validators through permissions, Canton is more transparent about its governance model.

Mini dictionary: Proof of Authority (PoA) is a blockchain consensus mechanism where a set of approved accounts, rather than anonymous or permissionless participants, are responsible for validating transactions and creating blocks. Authority is usually granted to entities selected by a central organization, often leading to greater speed and efficiency but with decreased decentralization compared to Proof of Work or Proof of Stake models.

Allegations of misrepresentation and centralizationThe Cyber Capital founder took issue with what he described as Ripple’s portrayal of $XRP as a decentralized network. He contended that externally, crypto researchers do not recognize $XRP as decentralized, viewing it as one of the most centralized blockchain projects.

He emphasized that “crypto researchers outside the $XRP ecosystem generally consider the token’s decentralization narrative a ‘bad joke’,” arguing that convincing retail investors otherwise misleads the market in a way akin to investment fraud.

Bons pointed to the token’s supply distribution as further evidence of his claims. He said Ripple originally allocated the entire $XRP supply to itself and has gradually sold tokens to the public—a process raising further concerns over centralization and the potential for manipulation.

Calls for greater decentralizationSumming up his position, Bons warned that concentrated authority within blockchains, such as he sees in $XRP’s design, could be exploited. He encouraged users to migrate to alternative blockchains that prioritize genuine decentralization, scalability, and sound governance.

XRP smart money sentiment on Binance and Bybit has turned bearish, while the market attempts to recover from recent lows. 

Coinglass data shows that smart money sentiment on both derivatives exchanges has fallen to extremely bearish levels, which has raised concerns about whether XRP can maintain its latest recovery.

The bearish outlook comes as XRP regains the $1.40 price level after losing approximately 14% of its value in just 48 hours. Although buyers have started pushing prices higher, smart money traders are doubtful that the recovery will last.

OKX is the only exception among the three major derivatives exchanges, as its smart money sentiment remains neutral. This presents some relief, but the overall picture remains negative.

XRP Smart Money Sentiment flips Extremely Bearish on Binance and OKX XRP Retail and Whale Traders Remain Bullish Retail traders and whale accounts across Binance, OKX, and Bybit show a different outlook, with several groups maintaining bullish positions despite the negative XRP smart money standing.

On Binance, retail traders have a long/short ratio of 2.41, which Coinglass classifies as bullish. Whale accounts are even more optimistic, with a 2.82 ratio, indicating extremely bullish sentiment. Binance whale position holders also maintain a bullish outlook, with a long/short ratio of 1.82.

OKX has a more mixed trend. Retail traders record a long/short ratio of 3.06, which translates to extreme bullishness. 

However, whale accounts have a ratio of 0.92, suggesting a nearly neutral outlook. Whale positions are even more bearish, with the ratio falling to 0.37, a level Coinglass classifies as extremely bearish.

Bybit records strong bullish sentiment among both retail traders and whale accounts. Retail traders have a long/short ratio of 3.80, while whale accounts post a reading of 3.78. Coinglass rates both figures as extremely bullish. 

However, Bybit whale positions show a more balanced outlook, with a ratio of 0.97, which falls within the neutral range.

XRP Futures Short Volume Moves Ahead of Long Volume XRP futures trading data also shows continued selling pressure. Over the past 24 hours, short taker volume reached $1.18 billion, accounting for 52.23% of total taker activity. Long taker volume stood at $1.08 billion, representing the remaining 47.77%.

Although the difference between the two sides is relatively small, short sellers currently hold the advantage. This trend also aligns with the bearish signals from smart money traders on Binance and Bybit.

XRP Recovers to $1.41 After Sudden Correction This comes despite the recent recovery attempt. For context, XRP fell from $1.52 on Oct. 6 to a local low of $1.31 on Oct. 8, losing about 14% of its value within 48 hours. The decline put pressure on the token before buyers stepped in and helped it recover.

XRP has since climbed to $1.4075. It has recorded four consecutive green four-hour candlesticks over the last 16 hours, which shows that buying activity has picked up, allowing the token to regain the $1.40 level.

XRP breaks above descending channel on 4hr chart The recovery has also pushed XRP above the upper trendline of the descending channel that formed during the Oct. 6-8 correction. This move could support further gains if buyers maintain their momentum.

However, the recovery remains at risk if buying pressure weakens. XRP could fall toward $1.37, a level near the upper trendline of the former descending channel. A break below $1.37 would push the token back inside the channel and could lead to further losses.

DMI Shows Bears Still Have the Advantage The Directional Movement Index (DMI) also shows continued bearish pressure on XRP, although the latest readings suggest that selling momentum is starting to ease.

The positive directional indicator (+DI) stands at 15.13 and is moving higher, suggesting that buyers are beginning to gain some control over price action. However, the negative directional indicator (-DI) remains much higher at 31.46.

Meanwhile, the Average Directional Index (ADX) stands at 41.11, which indicates that the prevailing trend remains strong. However, both the -DI and ADX are declining, suggesting that bearish pressure is gradually weakening.

For XRP bulls to strengthen the recovery and challenge the bearish smart money outlook, the token must hold above the $1.37 support level. Buyers would also need to push the +DI decisively above the -DI to confirm a change in momentum.

Updated Published

2 min read

XRP Ledger patched decade-old bug that could create billions of dollars in XRP from nothing. (Unsplash)Summary

A flaw dating to 2015 could have allowed attackers to create and spend new XRP, violating the cryptocurrency’s fixed supply of 100 billion tokens.The vulnerability exploited a counting error in the XRP Ledger’s built-in exchange, allowing hundreds of accounts to receive large amounts of XRP while the buyer paid almost nothing.RippleX said it found no evidence of exploitation on public networks and fixed the flaw in the xrpld 3.4.1 software release on Sept. 25.A flaw in the XRP Ledger’s payment system could have let an attacker create large amounts of new XRP without paying for it, breaking the token’s fixed-supply rule, according to a security report published Friday.

The bug, believed to date to 2015, was found by researcher Cayden Liao and Veria AI and internally reported on Sept. 22. Engineers at RippleX, Ripple’s developer arm, reproduced the attack on a standalone server and confirmed the newly created XRP could be spent in a later transaction.

RippleX said it found no evidence the flaw was exploited on any public network.

All 100 billion XRP were created when the ledger launched in 2012, and its software is built so no more can ever be added. But the security vulnerability could have allowed an attacker to create XRP from nothing and sell it on exchanges, undercutting a supply cap that institutions using the network rely on.

The attack worked through the ledger’s built-in exchange, where accounts post offers to swap one token for another.

An attacker could have, theoretically, open hundreds of accounts, have each one offer a tiny amount of a token in exchange for an unusually large amount of XRP, then send a single payment that bought every offer at once.

The total XRP owed would be too large for the software to count correctly, so the attacker’s selling accounts would be paid in full while the buying account was charged almost nothing — leaving the attacker with XRP that hadn’t existed before.

How one payment could have printed XRP from nothing. (Shaurya Malwa/CoinDesk)The XRP Ledger runs a check after every transaction to make sure no new XRP has appeared, but that would have relied on the miscounted total and missed it. A separate limit on how much XRP a single account can receive wouldn’t have triggered either, because the attack spread the XRP across hundreds of accounts.

The researchers’ method needed only a few hundred XRP to open those accounts, most of which could be recovered, plus transaction fees.

Developers shipped the fix in xrpld 3.4.1, the ledger’s server software, on Sept. 25 without disclosing what it repaired.

The incident joins a run of long-hidden crypto security flaws surfaced with AI help since July, including the Coldcard wallet bug behind the theft of at least 1,367 BTC and the vulnerabilities that forced Core Lightning to tell bitcoin node operators to disconnect.

Read More: XRP Ledger adds new controls for banks, stablecoins and tokenized funds

12345678910

XRP price has slipped below its 50-day moving average near $1.43, leaving its rebound toward $1.39 facing resistance as Evernorth prepares for its delayed Nasdaq debut.

Summary

XRP price traded near $1.39 after falling 7.6% over seven days, according to CoinGecko. The daily chart places the 50-day moving average at $1.4336 and the 200-day at $1.2805. CoinGlass shows overhead liquidation concentrations around $1.43–$1.44 and $1.53–$1.54. Evernorth expects XRPN trading to begin Oct. 12, subject to closing conditions and Nasdaq requirements. CoinGecko recorded XRP at about $1.39 on Oct. 9, with a seven-day trading range of $1.32–$1.53. The token remained down 7.6% over that period despite a 4.5% recovery over 24 hours, while its market capitalization stood near $87.6 billion.

The Binance XRP/USDT weekly chart on TradingView showed a separate calendar-week decline of 8.56%, with price retreating from an opening level of $1.5205 to $1.3905. Its weekly high reached $1.5310, while the low stood at $1.3189.

XRP falls below $1.43 as daily momentum turns negative TradingView’s daily chart places XRP at $1.3903, below the 50-day moving average of $1.4336. The gap leaves the token roughly 3% beneath that average following its retreat from the late-September trading area around $1.50–$1.60.

XRP price daily chart — Oct. 9 | Source: TradingView The daily chart shows the 50-day average rising above the 200-day average in late September. However, the latest sell-off has taken price back below the shorter average while leaving it above the longer one, which stands at $1.2805.

Based on those chart levels, a recovery first needs to regain approximately $1.43 before the recent $1.50–$1.53 trading area comes back into reach. Failure to recover that average would leave the bounce beneath the first major daily trend reference.

The daily Bull Bear Power indicator also reads negative at minus 0.1331. Its recent red bars accompany the drop below the 50-day average, giving the rebound a weaker momentum backdrop than the August surge shown on the same chart.

On the downside, the weekly low near $1.32 is the closest clear price reference from the latest sell-off. A renewed break beneath that low would put the daily 200-day average around $1.28 in focus, approximately 8% below the current price.

Weekly resistance keeps $1.56 above the rebound TradingView’s weekly Murrey Math indicator places a major support-and-resistance pivot at $1.5625. XRP remains below that level after its recent attempt to extend the recovery from the August lows.

XRP price weekly chart — Oct. 9 | Source: TradingView The same indicator marks the bottom of its trading range at $1.1719. That level sits below both the latest weekly low and the daily 200-day average, making it a more distant downside reference if the current recovery loses further ground.

The weekly Average Directional Index reads 27.46 and has declined from earlier readings above 30. The indicator measures trend strength rather than direction; the bearish direction comes from the falling price structure visible on the weekly chart.

A chart-based upside scenario would require XRP to recover $1.43, then clear the recent weekly high near $1.53 and the $1.5625 pivot. That sequence would bring the late-September highs around $1.60–$1.65 back into view.

Until those levels are reclaimed, the weekly chart shows XRP trading beneath the area where its latest recovery stalled. A move above $1.56 would weaken that bearish setup, while a break below $1.32 would strengthen the downside case.

Liquidation bands cluster above XRP’s current price CoinGlass’s one-week liquidation heatmap shows XRP falling from above $1.50 to approximately $1.32 before recovering toward $1.39. The sharpest downward move appears late on Oct. 8, followed by a rebound that remained below $1.41.

XRP liquidation heatmap | Source: CoinGlass Near the right edge of the heatmap, overhead liquidation bands appear around $1.43–$1.44, with additional concentrations near $1.46–$1.48. The brightest persistent cluster sits higher, around $1.53–$1.54.

The lower portion shows concentrations near $1.36–$1.37 and around $1.35. Those bands place leveraged positions close to the rebound’s recent trading range, while the $1.53–$1.54 cluster overlaps the weekly high area.

Taken together, the daily chart and heatmap identify $1.43 as the first nearby recovery hurdle. The higher liquidation concentration becomes relevant to the bullish scenario only after XRP moves through the intervening price levels.

Oct. 12 listing remains a scheduled XRP catalyst Evernorth attributed its postponed Nasdaq debut to an administrative delay, moving expected XRPN trading from Oct. 8 to Oct. 12. According to the company’s update, the business combination was expected to close Oct. 9, subject to customary conditions.

crypto.news reported that Evernorth expected to hold approximately 473 million XRP at closing. The proposed Nasdaq listing would give U.S. stock-market investors access to shares in an XRP-focused treasury company.

Separately, the XRP Ledger’s official release notice described version 3.4.1 as an emergency security update and scheduled the associated amendment for Oct. 9, conditional on continued validator support. The notice warned that outdated servers would lose synchronization after activation and said publication of the security-sensitive source code would follow later.

Ripple also announced on Oct. 6 that Ripple Prime would provide brokerage, clearing and financing services to Brevan Howard funds. The announcement put the investment manager’s assets at about $35 billion.

Against those developments, XRP’s immediate chart-based test remains the $1.43 average. Reclaiming it would improve the route toward $1.53–$1.56; losing $1.32 would instead expose the $1.28 longer-term average.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Avalanche founder Emin Gün Sirer has cautioned that artificial intelligence could soon identify and exploit undiscovered security vulnerabilities within the XRP Ledger, raising fresh concerns over blockchain safety. Sirer, a respected computer scientist and entrepreneur known for his work in decentralized systems and consensus protocols, believes that the threat posed by AI-driven attacks on blockchain software may surpass worries about new breakthroughs in cryptography.

AI-driven vulnerabilities take center stageSirer suggested that the cryptocurrency industry’s current preoccupation with advances in cryptography overlooks a more immediate risk: the possibility that modern AI models could detect and exploit critical software bugs. These vulnerabilities, he argued, may be missed by human reviewers but discovered by increasingly sophisticated AI systems.

Expressing his view on social media platform X, Sirer said, “We will see AI exploiting system-level bugs long before ECDSA goes away.” He added that blockchain software, along with related libraries and crypto wallets, might harbor flaws that billions of dollars could be stolen from if found and leveraged by malicious actors using AI tools.

“If you believe, for instance, that Ripple’s (or put any other high-value, low-use chain here) under-scrutiny code has no 0-day bugs that are hard for humans to see but easy for AI to detect, you’re a deluded person,” Sirer stated.

A 0-day bug refers to a security vulnerability unknown to the software’s creators and not yet patched, providing a window in which attackers may compromise the system.

Despite his warnings, Sirer did not reveal any specific unaddressed vulnerabilities in the XRP Ledger or supply evidence of AI-enabled attacks. His remarks come as the XRP Ledger—an open-source blockchain launched by software engineers David Schwartz, Arthur Britto, and Jed McCaleb—faces increased scrutiny following an emergency software patch deployed on September 25.

Mini dictionary: XRP Ledger is a decentralized public blockchain focused on fast, low-cost payments, maintained by a global community of developers. Its codebase receives frequent updates to address performance or security concerns, and Ripple Labs is a key participant in its ecosystem.

XRP Ledger emergency update and industry responseThe latest XRP Ledger update was issued to address a critical security issue. While developers initially withheld the source code for these security fixes, they pledged to publish it later alongside a technical review outlining the vulnerability and the process for patching it.

Tensions between Ripple, the company behind the cross-border payment network, and Sirer have escalated publicly, particularly after Sirer’s pointed criticisms of Ripple’s engagement with banking institutions drew a response from Ripple CEO Brad Garlinghouse.

AI and cryptography: Debates among top blockchain leadersIndustry leaders have voiced differing opinions about the likelihood and impact of AI discovering vulnerabilities within cryptographic protocols. Vitalik Buterin, co-founder of Ethereum, recently warned that AI-assisted mathematical discovery could target assumptions underlying lattice-based cryptography within two years.

Charles Hoskinson, the founder of Cardano, rejected Buterin’s projections, describing them as speculative and unsupported by existing mathematical evidence. Meanwhile, Ethereum researcher Justin Drake expressed caution regarding AI’s eventual capability to break the Elliptic Curve Digital Signature Algorithm (ECDSA), an essential standard for signing cryptocurrency transactions.

Sirer concurred that such cryptography risks cannot be entirely dismissed but recommended the crypto community focus on addressing current software security threats, emphasizing that real-world vulnerabilities could prove more urgent than hypothetical cryptographic breakthroughs.

Sirer argued that overlooking the risk of AI-exposed software bugs could lead to financial losses well before cryptographic defenses become obsolete.

Blockchain

9 October 2026 | 12:33 Mastercard is among the partners for an XRP Ledger hackathon in New York, where developers will spend 36 hours building AI-payment, lending and protocol tools ahead of Ripple’s Swell conference.

Key Takeaways Mastercard is a partner in the October 24-25 XRPL hackathon. Teams will build AI-payment, lending and protocol tools. The event has not announced a new Mastercard product on XRPL. Public code, pilots and follow-up support will show the event’s real impact. Mastercard is joining a builder weekend in New York XRPL Commons lists Mastercard among the partners for its AI & Fintech XRPL Hackathon in Midtown Manhattan on October 24–25. Ripple, AWS, Ledger and Quicknode are also involved in the 36-hour event, which offers more than $40,000 in prizes and brings developers, product leads, designers and finance professionals together before Ripple’s Swell conference.

Confirmed

Mastercard is listed as an event partner. The event covers AI finance, lending and protocol work. Mastercard is named among the organizations on the final judging panel. Still unconfirmed

A Mastercard payment product on XRPL. Commercial deployment of a winning project. New card-network support for XRP through this event. AI payments create a control problem before they create a payment product The event’s agentic-finance track focuses on software that can pay, earn and transact on-chain. An AI agent could buy data, pay for computing capacity or settle a small invoice without a person approving every routine action.

Giving an agent the ability to pay also creates a control problem. A business needs to decide what it can spend, which recipients it can use and how an unsafe instruction can be stopped before money moves. XRPL’s developer tools already address part of that challenge by separating payment creation from the wallet authority needed to sign and submit a transaction.

Teams can use the weekend to turn those controls into working payment flows. A prototype may prove that an agent can pay for a service; a usable product must also show who approves the limits and how those limits are enforced.

Lending and protocol tools fill out the financial workflow AI payments are only one part of the program. The lending-and-borrowing category invites teams to build around the proposed XRP Ledger Lending Protocol and Single Asset Vaults, while the protocol-innovation track covers amendments, client implementations and developer tools. A fourth open track leaves room for projects that do not fit the other categories.

A company using an automated payment tool may also need working capital, limits on collateral use and a way to verify that a counterparty is approved. That is why the event combines payments with lending, vaults and core protocol work instead of treating an on-chain transfer as the whole financial product.

Mastercard’s stablecoin work gives the event a wider context Mastercard has a separate reason to follow this work closely. In June, it announced expanded settlement options involving regulated stablecoins, including RLUSD. That announcement did not create the hackathon or commit Mastercard to any project built there, but it places the company’s event role within a wider effort to explore programmable settlement.

The real test begins after the judging ends The hackathon can produce demos, prototypes and new developer connections. The first signs of lasting progress will come afterward: public code, teams that continue building, grants, pilots and follow-up support from Mastercard or the other partners.

That evidence will show whether the projects developed in New York can meet the security, compliance and user-control standards required beyond the crypto industry.

This article is for informational purposes only and does not constitute financial, investment or legal advice. Event partnerships and developer projects do not guarantee commercial deployment.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

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.

D-Day is finally here and in a few hours the Batch amendment and its fix fixBatchV1_2 will be live. The XRP ecosystem will see a triumph in the launch of the Batch feature, which has had its share of setbacks in the past.

On February 19, 2026, security researchers and Cantina AI identified a critical logic bug in the signature-validation process of the original Batch amendment. The amendment was in its voting phase and had not been activated on Mainnet.

XRPLD v3.3.0 shipped a replacement amendment, Batch V1.1, that introduced the corrected implementation. The main focus was bug-fixing and further hardening the implementation.

HOT Stories

Fast forward to September 2026, and Batch had secured a majority and was about to go live on Mainnet on September 29, 2026. This timing shifted after the amendment was temporarily rejected to restart the two-week activation window.

A minor issue was detected and the fix was included in the XRPLd 3.4.1 release; the XRP community flipped their votes to allow Batch to simultaneously launch with its fix update.

You Might Also Like

The Batch amendment remains significant as it is a prerequisite or accelerant for several high-value XRPL use cases already under contract or in active pipeline, including atomic multi-party settlements.

Batch is also expected to support ecosystem growth, being one of the most requested features by XRPL application developers and the community broadly.

In a separate development, Permission Delegation went live on the XRP Ledger on October 8, 2026, marking a major milestone for the network.

RippleX's Shota Natenadze noted that Permission Delegation, Dynamic MPTs, Atomic Batch, Confidential Transfers, and Sponsored Fees take XRPL from tokenizing to moving value the way institutions need.

XRP price awaits moveAt the time of writing, XRP was down 0.44% in the last 24 hours to $1.39, awaiting its next move following yesterday's sharp drop. Cryptocurrencies slid late Thursday after Fed minutes showed most officials expected another rate hike before year-end.

You Might Also Like

XRP fell sharply to $1.31 on Thursday, marking four days of decline from a high of $1.52 on October 5, 2026. The price drop saw XRP trade below the daily MA 50 for the first time since August 19.

A rebound will see XRP attempt to recover above the daily MA 50, currently at $1.43, while a further drop might see XRP price test support at the daily MA 200 at $1.28.

XRPL Emerges as a Leading Network for AI-Driven PaymentsThe XRP Ledger processed more than 8 million x402-based payments in a single 30-day period, according to @chandler_agi, co-founder of @t54ai and a former product lead at @Ripple. The figure places $XRP Ledger among the most active blockchains for autonomous, AI-driven transactions, surpassing nearly all other layer-1 networks on this measure.

The milestone is a product of rapidly accelerating momentum. The XRP Ledger crossed 10 million x402 payments in total by October 1, less than three months after recording its first million. More than 8 million payments in one month works out to an average of above 266,000 transactions per day. The live XRPL AI Hub now tracks more than 12.7 million transactions all-time alongside 164 registered merchants, with a latest seven-day average of around 350,460 payments per day.

What Is the x402 Protocol and Why Does It Matter? x402 is an HTTP-native payment protocol that revives the HTTP 402 "Payment Required" status code for instant blockchain payments. In practical terms, it lets software agents pay for digital services, such as API access or compute resources, without human involvement, account creation, or traditional API keys. On the XRP Ledger, the x402 protocol allows seamless, trust-minimized transfers in XRP and RLUSD for APIs and digital services.

The x402 facilitator, provided by Ripple partner t54, acts as a trust layer and mediator, enabling verification of agent payments and risk checks before settlement. Agent payments on the XRP Ledger also now support Mastercard's Verifiable Intent standard, which lets developers attach a cryptographic proof to each x402 payment confirming who authorized it, under what spending limits, and for which exact purchase, all screened before settlement.

The broader x402 ecosystem is growing quickly too. The Linux Foundation operationally launched the x402 Foundation on July 14, 2026, uniting Visa, Mastercard, Coinbase, Stripe, and 13 other premier members around one open standard for AI agents to pay for goods and services over HTTP.

For the XRP Ledger, the next test is expanding the merchant side. The XRPL AI Hub currently lists services spanning AI inference, crypto research, market intelligence, risk tools, and other paid APIs, with more than 160 addresses actively receiving x402 payments. As @chandler_agi noted, the focus is shifting from raw transaction counts toward bringing more merchants into XRPL's agentic economy.

Sources:
The Crypto Basic: XRP Handles 8M+ x402 Payments in 30 Days
Stablecoin Insider: XRP Ledger Adds Mastercard Verifiable Intent
Startup Fortune: XRP Ledger Agentic Payments Race Toward 10 Million

David Schwartz, the influential architect behind XRP Ledger and a founding figure at Ripple, is set to return to the main stage at this year’s Ripple Swell 2026 conference in New York. The event, beginning on October 27 at The Shed cultural center, will mark Schwartz’s first public appearance since transitioning from Ripple’s Chief Technology Officer to his new role as CTO Emeritus and board member.

Schwartz’s keynote and leadership shiftSchwartz’s transition to the board of directors represented a step away from daily executive responsibilities. Nonetheless, his forthcoming keynote is drawing attention from both the crypto community and institutional partners, many of whom had not anticipated such a swift return to public thought leadership.

His participation underscores the strategic importance Ripple places on technological innovation within the XRP ecosystem. Schwartz is expected to focus on a critical question: whether the XRP Ledger, originally designed as an efficient, decentralized payment protocol, can compete with current market alternatives in speed, scalability, and security.

Schwartz returns to center stage to address the pressing question of whether XRPL can stand out as a leading payments network in today’s competitive landscape, following his shift to board-level oversight.

The conference’s agenda will reflect both continuity and change within Ripple’s leadership. Key stakeholders will observe how Schwartz’s vision as CTO Emeritus could shape Ripple’s next phase of blockchain development.

Swell 2026 speaker lineup and new partnershipsThe Swell 2026 conference introduces a new format by merging Ripple’s investor-focused Swell forum with the engineering event Apex and the academic partnership platform UBRI Connect. This convergence aims to foster collaboration among financial professionals, blockchain engineers, and university researchers, with attendance expected to reach 1,500 participants.

Speakers will include former NYSE President Tom Farley, BNY’s Head of Global Markets Laide Majiyagbe, and Ripple CEO Brad Garlinghouse. Matt Damon, known for his philanthropic work with Water.org, will join to outline how his foundation plans to leverage RLUSD, Ripple’s new dollar-pegged stablecoin, for microfinance operations in Asia and Africa.

Another highlight is the October 28 fireside chat titled “Building What’s Next for XRPL,” featuring Schwartz and Ayo Akinyele, RippleX’s head of engineering. Akinyele brings expertise in applied cryptography, private zk-transfers, and AI infrastructure, setting the stage for deep technical discussion.

Mini dictionary: RLUSD, a stablecoin designed by Ripple and pegged to the US dollar, is intended to support seamless, low-volatility transactions for businesses and development projects requiring stable value transfer across borders.

XRP performance and investor expectationsThe conference arrives at a pivotal time for Ripple, as XRP closed the third quarter with a 46% gain, trading at approximately $1.53 and reaching a market capitalization near $97 billion. This robust rally has heightened market expectations for concrete advancements, especially regarding the integration of financial markets onto XRPL’s blockchain infrastructure.

MetricQ3 2026XRP Price$1.53Market Cap$97 billionQ3 Price Growth46%Developers and institutional users are seeking assurances from Schwartz that the XRP Ledger’s architecture can support fully operational financial markets and meet the demands of a changing digital economy.

Many investors now expect actionable updates and a clear roadmap from Ripple’s top technical minds as the company pushes for greater adoption of its blockchain platform.

With its expanded lineup and renewed engineering focus, Swell 2026 is positioning Ripple to further its ambitions in blockchain-powered finance while affirming its commitment to technological leadership in the crypto sector.

XRP’s growing market presence is now meeting broader access through regulated financial infrastructure. On the 7th of October, Paxos, a regulated blockchain infrastructure platform, announced that it would be adding Ripple [XRP] to their crypto brokerage platform.

XRP now spans over 8.1 million wallets utilizing XRP, while the total market value exceeds $95 billion. Moreover, all partners who utilize the platform can allow customers to buy, sell, hold, deposit, and withdraw XRP.

As a result, this eliminates the need for each partner to create their own unique custody and settlement platforms.

Source: X Paxos also runs the service through its regulated trust framework. That service provides an additional channel to the XRP ledger for institutions.

However, the success of this initiative is dependent upon the number of partners who choose to actively use XRP and facilitate customer engagement with the asset.

Ripple pushes into Wall Street That broader institutional push is now reaching deeper into traditional markets, where Ripple is targeting the financing layer behind leveraged ETFs. Through Ripple Prime, the firm finances swaps that ETF managers use to amplify daily stock returns.

As a result of the expansion of the size of this market, there are currently 593 leveraged ETFs listed in the United States, with over $256 billion in assets. Ripple’s ability to finance these swaps was acquired through their $1.25 billion purchase of Hidden Road, Inc.

Source: Wall Street Journal This added a comprehensive set of prime brokerage capabilities, including clearing, funding, and other financial services.

Moreover, it gives XRP an opening as banks face tighter capital constraints and newer ETF managers seek alternative financing. The revenue potential is also significant, with one fund paying roughly 8% annually.

On the other hand, there are risks related to extreme price movements that may lead to large losses for counterparties. In light of these risks, Ripple may be positioned to further enhance its footprint on Wall Street but simultaneously take on additional financial risk.

Can Paxos expand XRP adoption? That said, moving forward, the next test is whether the infrastructure will translate into reliable demand. This is simply because regulated access means little without measurable XRP activity. Paxos has only just enabled the asset, leaving no partner-level volume to assess yet.

Meanwhile, U.S. spot XRP ETFs hold about 1.18 billion XRP, worth roughly $1.7 billion. That provides an existing benchmark for regulated demand. Yet XRP Ledger activity remains concentrated, with daily transactions often exceeding two million while active addresses stay relatively low.

Source: SoSoValue Therefore, Paxos needs to expand participation rather than simply add another access route. Rising partner volumes, institutional holdings, and active addresses would show that easier access is creating broader XRP demand.

That would turn Paxos’ infrastructure upgrade into measurable adoption.

Final Summary Ripple gains regulated institutional access through Paxos, expanding its potential reach across financial platforms. XRP needs stronger partner adoption and on-chain activity to turn broader access into sustained demand.

Cover image via depositphotos.com 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.

The XRP payment volume spiked to an unprecedented 858 million in a single day, raising doubts about whether the XRP Ledger can maintain such high daily transaction volumes. A significant jump from recent baseline activity has occurred, reigniting discussions about the network's payment capacity and its future adoption path.

XRP volume picked upThe latest data indicates that XRP payment volume currently stands at 693.6 million, which is a 19.2% decrease from the recent peak of 858 million. The 30-day average for XRP payment volume is 674.5 million, suggesting that daily transfers in the 700 million range have set a new standard. 

Source: XRP LedgerThe network achieved a peak all-time high of 7 billion during its most active market period, indicating it has the technical capacity to support even higher throughput.

HOT Stories

Can it reach high? Achieving consistent billion daily volumes would mark a significant milestone in XRP's adoption journey. Although the network has reached 858 million, which shows it is getting close, sustaining this level of activity requires more than isolated spikes. Major volume surges typically follow regulatory clarity, exchange listings, or institutional adoption announcements, as historical patterns reveal. The distance to the billion mark is shrinking as current averages draw closer to that milestone.

You Might Also Like

Only 48% remains to reach the next major milestone, as the daily average currently stands at 674.5 million. The expansion of payment corridors and institutional partnerships are likely to be the catalysts that push volume over this barrier, according to industry observers.

The XRP Ledger dashboard displays 20,500 ledgers closed with an interval of 3.86 seconds, showing stable network performance at current volumes. With 17,900 active accounts, the network demonstrates a healthy level of user engagement.

Real-world payment adoption, rather than speculation, is what's really important for reaching sustainable billion daily volumes. The establishment of ongoing remittance corridors in key regions such as Southeast Asia and Latin America might provide the foundation for this jump. Volume spikes often accompany each new institutional partnership or regulatory approval.