Track market-moving stories before they get noisy

On September 30, XRP appreciated with the shareholder vote approval of the proposed merger of Evernorth with Armada Acquisition Corp. II. The feat takes a massive obstacle away from the Ripple-backed XRP treasury company, which is now eyeing a Nasdaq debut.

XRP Recovers After Sharp Intraday Drop The vote has caught the eye of the XRP community, with Evernorth’s plans to launch a public XRP treasury under the XRPN ticker on Nasdaq. This move also coincided with a dramatic intraday selloff, putting the latest rebound in check as traders digested the impact of the merger result.

At press time, Ripple’s XRP rose by roughly 1.89% to $1.51 following a dip to below $1.47 ahead of the vote. The chart depicts a choppy trading session.

XRP price chart today. Source: TradingView Earlier in the day, XRP price started to rise to $1.55, but it soon turned around. The Ripple’s native token subsequently drifted around primarily between $1.48 and $1.50 for several hours. The price of XRP regained interest as the buys resumed later, pushing the coin back to $1.51.

This rally came around midday and XRP was soon touching $1.54. The rally was short-lived and the token soon returned to around $1.50. XRP was then able to find support below that level, before making a recovery.

The latest candles indicate that XRP is bouncing towards $1.51, implying that buyers have entered the market after the prior weakness.

XRPL Collaborator Reports Evernorth Vote Passed The Armada shareholders’ vote on the Evernorth merger was a major catalyst for the XRP price rebound today. Bear Champ, who is a collaborator of XRPL, reported this result on X.

“Listened in on the Armada/Evernorth merger vote, it passed,” Bear Champ wrote.

The reported result is an important step for Evernorth. The company hopes to create a big corporate XRP treasury in a publicly traded structure.

There will be over 473 million XRP sold in the proposed transaction. Once the remaining closing conditions are met, the merged company will continue to be traded on the Nasdaq under the “XRPN” ticker.

For XRP, the vote does not directly change individual corporate holders’ balances, for XRP. Rather, it pushes for the formation and development of a giant corporation that has a high stake in the token.

The next focus will be official confirmation of the vote and the remainder of the steps to complete the merger.

Financial analyst Levi described the US Securities and Exchange Commission’s latest crypto guidance as a major milestone for the industry, stating that the recent update is “massively bullish for crypto and $XRP.” Levi made his remarks after the SEC published new guidance and FAQs on September 25, 2026, covering several aspects of the digital asset sector.

SEC guidance expands on previous XRP classificationThe latest document builds directly on the March Interpretive Release that the SEC issued jointly with the Commodity Futures Trading Commission. That earlier release explicitly classified XRP as a digital commodity, marking a pivotal moment in the asset’s regulatory history.

Levi responded to the new guidance on X, writing, “BIG WIN FOR CRYPTO!!” He suggested that the SEC’s clarifications on how securities laws apply to digital assets could create industry-wide benefits and strengthen the position of XRP. The remarks highlighted positive sentiment among segments of the crypto community.

Levi declared, “BIG WIN FOR CRYPTO!! SEC issues new guidance clarifying securities laws on crypto. This is massively bullish for crypto and $XRP.”

The SEC’s Division of Corporation Finance released the updated material to offer deeper insight into digital asset transactions. However, the agency stated that the document only provides staff interpretation, not new binding rules.

Functional networks, token buybacks, and liquid staking addressedThe SEC guidance clarifies the regulatory status of crypto networks that have achieved full functionality. According to the document, routine operations related to the security, maintenance, or improvement of a network do not automatically meet the “essential managerial efforts” required for a securities law analysis under the Howey test.

In addition, staff addressed the issue of token buybacks in fully functional and decentralized networks, stating that such buybacks do not inherently constitute investment contracts. The characterization, the SEC explained, depends on transaction structure and profit expectations related to managerial actions.

The guidance also provided details on liquid staking receipt tokens. The SEC outlined situations where these tokens may represent interests tied to underlying digital commodities, but do not automatically result in an investment contract.

These points are intended to give developers and market participants greater clarity regarding several digital asset activities that previously faced regulatory uncertainty.

Mini dictionary: Howey test – A US legal standard from a 1946 Supreme Court case, used to determine whether a transaction qualifies as an investment contract and therefore falls under securities regulation.

Guidance offers clarity but does not change securities lawWhile Levi viewed the guidance as a “BIG WIN,” the SEC clarified that the material reflects staff views and does not carry the force of law. The Division of Corporation Finance emphasized that the FAQs do not amend US securities regulations or supersede existing legal precedent.

The agency indicated that each case involving digital assets continues to be reviewed individually based on specific facts and circumstances. The update aims to provide market participants with additional regulatory insight but does not grant blanket exemptions for cryptocurrencies or related businesses.

The Division of Corporation Finance emphasized, “Staff guidance does not have the force or effect of law and does not alter the application of federal securities laws.”

XRP’s legal position and prior court decisionsAlthough the new SEC guidance addresses several crypto activities in general terms, it does not create new rules specifically for XRP. The current regulatory treatment of XRP remains influenced by previous court cases. On July 13, 2023, Judge Analisa Torres ruled that Ripple’s programmatic sales of XRP on digital exchanges did not meet the conditions of the Howey test. However, the court reached a different conclusion for some institutional sales.

This legal distinction is important in evaluating the significance of the SEC’s guidance for XRP holders and investors. Levi’s remarks place the latest update within an overall positive regulatory climate for both the crypto market and XRP, but do not signal a new legal determination for the asset itself.

The recent SEC release adds to the available regulatory information for the crypto industry while maintaining individualized assessments for each asset according to its unique circumstances.

XRP ETFs have recorded 11 consecutive weeks of inflows, with Bitwise's fund accounting for $677 million cumulatively.

Bitwise Chief Investment Officer Matt Hougan has laid out why financial advisors are buying Ripple’s native token, and the reasons have little to do with it price.

His remarks follow an 80% rise in XRP ETF net assets during the third quarter, to a record $1.77 billion on September 25.

XRP Will Always Be Around Hougan called XRP “one of the Mount Rushmore assets in crypto” and gave two reasons it appeals to investors. The first is that they are confident it won’t go away.

“A lot of financial advisors look at crypto and wonder, ‘Are these things for real? Will they persist? Will they be here in the future?’ And XRP has this enormous track record and this enormous background that gives people confidence it will be there in the future,” Hougan explained.

The second reason is practical. XRP “fits into real-world applications that they can understand,” according to the CIO. Advisors follow the stablecoin space and the cross-currency and liquidity space, and pay attention to news such as Ripple getting a bank charter.

XRPL community figure Hussein Zangana, who goes by Vet on X, made a related case, calling the network “real” and adding that it “has persisted the most amount of scrutiny any crypto has received.” As CryptoPotato reported earlier, XRP ETFs took in about $76 million last week, their best week in a month, extending the run to 11 straight weeks of inflows.

Bitwise’s fund leads with $677 million in cumulative inflows, followed by Franklin’s at $501 million, while the one from 21Shares has so far bled $21.15 million. On Monday, SoSoValue data shows, Canary’s XRPC added $3.96 million, taking cumulative inflows across all XRP ETFs to $1.79 billion. Total net assets were $1.68 billion, below Friday’s record level.

In related news, Bitwise filed an updated prospectus on September 28 for its XRP fund, which charges a 0.34% fee and holds its coins with Coinbase Custody. This is because, as analyst Xaif Crypto noted, the ETF keeps issuing new shares, so the prospectus has to stay current.

You may also like: XRP Eyes $1.80 to $1.90 If It Clears 50-Week EMA: Analyst XRP ETFs Attract $75M in a Week as SOL Funds Hit New 2026 High A Huge Week Is Coming for XRP as Evernorth Nears Crucial Nasdaq Vote XRP Price Watch At the time of writing, XRP was trading around $1.50, up about 2% in 24 hours, almost 7% in the last 14 days, and nearly 8% across the past month. However, it’s still 47% lower than where it was a year ago and 59% below its all-time high of $3.65.

The Ripple token is on track for a third straight green month, having gained about 30% in August and a more modest 2.10% in July, something Xaif Crypto reminded has rarely happened in bear markets.

The last time XRP had a longer run of consecutive monthly gains was in 2023, when it went on a run from September to December that year, which was broken by an 18% drop in January 2024.

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Ripple says asset managers are preparing to use XRP Ledger Batch. The transaction type can make several ledger actions succeed or fail together, but an emergency software release has moved attention from a September 29 activation expectation to an October 9 security amendment. The capability is specific. So is the evidence that institutional adoption remains prospective.

Summary

Batch can contain between 2 and 8 inner transactions under its published specification. Four modes determine whether all, one, a prefix or any qualifying inner transactions execute. XRP Ledger version 3.4.1 introduced a security-sensitive Batch fix on September 25. The foundation expects fixBatchV1_2 to enable October 9 if validator support persists. A successful outer Batch can mask failed inner transactions unless the application checks their results. The central promise is simple: make related steps settle in one ledger close. An asset manager that needs to deliver a token and receive payment may prefer an all-or-nothing exchange to sending the asset first and hoping the money arrives. RippleX has described asset managers and commercial projects preparing for the feature, as covered in the earlier institutional interest report. It did not publicly name a production asset manager with a live mainnet Batch transaction in that account.

JUST IN: Brad Garlinghouse highlights why Ripple cannot control the XRP Ledger

Ripple operates only a small share of XRPL validators, and the $150M+ hack involving co-founder Chris Larsen showed that the company cannot reverse transactions or recover lost $XRP. pic.twitter.com/Pt4czYNSf1

— crypto.news (@cryptodotnews) September 27, 2026 The status changed before the original late-September expectation. The XRPL Foundation release notice calls version 3.4.1 an emergency update for security-sensitive issues. It adds fixBatchV1_2, asks servers to upgrade promptly and says the amendment was expected to enable on October 9 if supermajority support persists. That is a conditional expectation, not a fixed launch promise.

Batch coordinates actions inside one ledger close The XLS-0056 specification describes an outer transaction holding between two and eight inner transactions. Accounts involved approve the collection. A selected mode controls what happens when an inner action fails. The ledger processes the collection in one close, avoiding the gap between unrelated submissions that could leave one participant with only half a bargain.

Suppose a fund transfers a tokenized bond claim and receives a dollar token. Two ordinary transactions could be submitted separately. If the first succeeds and the second fails, the counterparties have an operational dispute and potential loss. With the all-or-nothing mode, both inner actions must succeed for the intended exchange to complete. That is the compelling institutional use case, assuming the token, payment instrument, counterparties and permissions are already in place.

Batch does not create a bond, verify its off-chain ownership or force a bank to redeem the payment token. It coordinates ledger actions. Legal settlement finality, transfer restrictions, custody and redemption still depend on the relevant instruments and institutions. The distinction matters because a technically atomic transfer is only one part of delivery versus payment.

JUST IN: XRP Ledger’s Batch feature passes, set for activation on September 29

The upgrade, which has secured 29 Yes votes, will allow up to 8 XRPL transactions to be bundled into one, enabling atomic asset swaps, bundled DEX trades, NFT-for-NFT exchanges and single-transaction… pic.twitter.com/7CH34N1Yat

— crypto.news (@cryptodotnews) September 15, 2026 The single-account tutorial shows the more straightforward case. Multiple actions from one account can be packaged in a specified mode. Multi-account transactions add signatures from the accounts whose balances or permissions are affected. The multi-account tutorial describes that coordinated signing process.

Four modes produce four different bargains ALLORNOTHING is the clean two-sided trade. Every required inner action must succeed or the intended group does not settle. ONLYONE tries alternatives and stops after the first success, such as orders at different tolerances. UNTILFAILURE processes a sequence up to a failure. INDEPENDENT allows actions in the same wrapper to succeed or fail independently. Calling all four modes atomic in the everyday sense would hide the possibility of partial completion.

The modes alter product design. A fund moving two assets against one payment needs to decide whether a single failed transfer should cancel the full package. A market maker submitting fallback offers might prefer ONLYONE. An issuer distributing multiple payouts might tolerate independent outcomes, but then its operations team has to reconcile which recipients were paid. The mode is a risk decision, not a formatting choice.

The eight-action cap is another real limit. A manager attempting to settle 1,000 investor transfers cannot wrap all 1,000 into one Batch under the current proposal. At the theoretical minimum of 125 eight-action packages, those groups would not themselves be atomic with each other. Fees, signatures, account sequence management and service capacity become practical constraints even before the off-chain business process is considered.

The earlier technical report noted the upgrade’s long development and audit history. That background is relevant to timing but should not be confused with a claim that every application built on top has been audited.

The outer success code is an accounting trap The specification says an outer Batch transaction can report tesSUCCESS even when inner transactions fail. Its outer result covers sequence and fee processing. To know whether a payment or delivery occurred, software must inspect inner transaction metadata and individual result codes. This is an unusually concrete integration hazard for any institution whose back office translates a generic success status into a booked asset movement.

Imagine a trade feed that reads only the outer result and credits a customer with a tokenized security. If the relevant inner transfer did not succeed, the feed and ledger diverge. The system needs to associate every inner action with its parent and its own result. The spec recommends using the ParentBatchID relationship in explorers and indexers. A desk should test failures in every mode, not only the happy path.

The mistake can survive ordinary controls because the outer transaction is real and has a transaction ID. A reconciliation system built for one transaction equaling one business action may pass its first check. The proper control links the business instruction to the mode, the complete signed package, every inner result and the eventual asset balances. That is work an asset manager must perform even if the network layer is correct.

JUST IN: Asset managers are preparing for XRP Ledger’s next payments upgrade

Batch V1.1 can bundle up to eight transactions into one operation, with RippleX saying commercial projects are already being built around the feature ahead of activation. pic.twitter.com/DmleX4GBiA

— crypto.news (@cryptodotnews) September 20, 2026 The arithmetic is modest but revealing. A maximum Batch containing eight inner transactions is one outer submission, yet it can require at least eight outcome checks, plus the outer fee and sequencing check. For 125 full packages representing 1,000 inner actions, the back office needs 1,000 action-level outcomes, not 125 green status lights.

The security fix changes the activation story The foundation’s September 25 notice says fixBatchV1_2 rejects inner transactions with the wrong wrapper and includes additional security and stability fixes. It withholds source code temporarily because of the security-sensitive nature of the change, promising publication and a retrospective later. That limits outsiders’ ability to inspect the exact patch before disclosure. It is a reason for precise attribution, not a reason to speculate about undisclosed exploitability.

The notice says servers below 3.4.1 would become amendment blocked if the fix enables while they have not upgraded. Validator votes and node upgrades therefore matter to production access. A quorum signaling support is not the same thing as every wallet, custodian, API provider and accounting tool being ready for Batch. The earlier XRPL node upgrade coverage illustrates the operational effect of an amendment block in a previous release.

There is also a history a reporter cannot omit. A February vulnerability disclosure describes a flaw in an earlier Batch design that could have skipped authorization checks for other signers when an unfunded signer appeared first. The amendment had not gone live. The security audit account examined how independent review caught problems before production use. The September patch concerns a separately described wrapper issue; neither incident proves the current design is unsafe, but both explain why deployment timing deserves scrutiny.

What institutions could gain, and what they still need Atomic delivery against payment is the strongest case. A manager could coordinate a token transfer with payment on the same ledger, limiting the temporary exposure created by sequential transfers. An issuer could bundle account setup, authorization and issuance steps where the protocol permits those transaction types. Trading firms could use alternative execution paths. These are capabilities, not evidence of live assets and trades.

Tokenized assets require issuers, transfer agents or other responsible entities, rules on eligible holders, custody procedures, and a payment instrument with acceptable redemption terms. A Batch can make the on-chain legs execute under a chosen rule. It cannot make a security legally valid in another jurisdiction, obtain customer consent for an unrelated action or guarantee an external cash leg at a commercial bank.

Ripple’s case deserves its strongest version. A ledger-level mechanism can reduce coordination work for developers and remove a real class of partial settlement failures. The XRPL feature overview described Batch alongside other institutional functionality, though each amendment follows its own process. If named managers later show live, repeated settlement of real tokenized assets with correctly reconciled inner results, the adoption claim will have hard evidence behind it.

The limit is equally clear. A company preparing a pilot is not an asset manager using Batch in production. No public preparation claim tells us volumes, fees saved, settlement disputes prevented or which institution assumes off-chain obligations. An announcement can be true and still be too early to support those larger conclusions.

The ledger’s vote is only the first readiness test The expected October 9 activation of fixBatchV1_2 depends on sustained validator support. Operators need to run compatible software. Wallets must show users all inner actions and the selected mode before collecting a signature, as the specification recommends. Indexers must expose parent and child results. Custodians need policy checks for multi-account signatures. Asset managers need reconciliation and legal documentation.

There is no single percentage showing all that readiness. Validator voting measures agreement to a protocol change. The production test is whether real users can prepare, sign, submit, inspect and recover from a failed Batch without mismatched records. The unanswered commercial question is which named institution will show a repeatable use case once the amendment and tooling are live.

What to watch Amendment status: Whether fixBatchV1_2 retains support and enables on the expected October 9 date. Server upgrades: The share of operators running 3.4.1 before the security amendment becomes mandatory. Disclosure: Publication of the withheld patch source and the promised retrospective. Inner outcomes: Wallet and indexer support for mode display, parent links and action-level results. Production evidence: A named asset manager reporting live Batch volume and its settlement controls. FAQ Is XRPL Batch live on mainnet now? The relevant amendments and their live status must be checked at publication. The September 25 release described a security fix expected to enable October 9 if validator support persisted.

How many transactions can a Batch contain? The published XLS-0056 specification sets a minimum of two and maximum of eight inner transactions in the current design.

Does Batch guarantee every inner action succeeds? Only the all-or-nothing mode is designed around the full group succeeding together. Other modes deliberately allow a different pattern of partial execution.

Can one asset manager sign for every counterparty? No. In a multi-account Batch, affected accounts must approve the signed collection according to the protocol’s signing rules.

Does tesSUCCESS mean the trade settled? Not by itself. The outer result can succeed while an inner action fails, so systems must inspect each inner result and balances.

Will Batch make tokenized securities legally settled? It can coordinate on-chain steps. Legal rights, redemption and any external payment leg still depend on the asset’s terms and applicable infrastructure.

What changed in version 3.4.1? The foundation described an emergency security release adding fixBatchV1_2, including rejection of inner transactions with the wrong wrapper.

Have asset managers demonstrated live use? Ripple has reported preparation, but the cited public account did not name a production manager with repeatable live Batch settlement. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of September 29, 2026.

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 Ledger (XRPL) is preparing to launch major upgrades that will open up new commercial uses for the network. According to Vet, the community lead at the XRPL Foundation, two fundamental amendments — Batch and Permission Delegation — have reached the final stage of validator voting.

About 11 days remain before both are fully activated on mainnet.

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The upgrades are aimed directly at the corporate sector. They address key barriers that have prevented large financial institutions from safely using XRPL to automate payments and complex, structured transactions.

The XLS-56 feature eliminates the risk of funds becoming stuck in a commercial settlement if one party fails to meet its obligations. XLS-75, in turn, addresses strict banking security requirements by allowing organizations to distribute operational roles flexibly.

XRP Ledger's Vet highlights the 11-day countdown to major XRPL protocol amendments via XRPScan data. Source: @Vet_X0 / X.comThe upcoming upgrade centers on two automation tools:

Atomic batches (BatchV1_1 and fixBatchV1_2 amendments): Validator support currently stands at 85–94%, with activation expected on October 9, 2026. The feature allows multiple operations to be combined into a single, indivisible batch that executes on an "all or nothing" basis.Permission delegation (PermissionDelegationV1_1): The amendment has secured 82% support and entered its waiting period. Activation is scheduled for October 5, 2026. It allows organizations to delegate account permissions to third-party services or departments without revealing the primary private key.Both features are expected to support institutional-grade account management. Meanwhile, validators are also gathering votes for the related fixCleanup3_4_0 amendment, which is needed to stabilize AMM pools in the recent xrpld v3.4.0 software release.

A parallel development: Why one of XRPL's principal creators has returnedThe ecosystem's push into the corporate market is also accompanied by a return of technical expertise. Nik Bougalis, a key cryptographer and Ripple pioneer who left the project in 2022, has officially returned to work on the XRPL core.

In his high-level plan, he has already proposed a substantial overhaul of the ledger's low-level architecture. Moving the network to 64-bit components and eliminating raw pointers are intended to significantly improve the ledger's security ahead of potential institutional demand.

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Activating these features in the code creates a foundation; it does not bring an immediate influx of liquidity. The speed at which major fintech companies incorporate the tools into real products will determine whether this technological upgrade becomes a driver of long-term demand for the native coin, XRP.

Ripple’s stablecoin RLUSD has reached a new market capitalization high, with growth exceeding 86% since the beginning of the year. According to current data, the circulating supply of RLUSD has risen to approximately $2.49 billion. The stablecoin’s market capitalization was around $1.33 billion at the beginning of 2026. Thus, RLUSD has recorded growth of over 86% since the start of the year.

The market capitalization gap between RLUSD and PYUSD, issued by PayPal, is also rapidly closing. PYUSD currently has a market capitalization of approximately $2.73 billion, reducing the difference between RLUSD and PYUSD to around $248 million.

Data from the past week has revealed differing trends between the two stablecoins. While the supply of RLUSD increased by approximately $112 million, the supply of PYUSD decreased by approximately $61 million. PYUSD started 2026 with a supply of approximately $3.531 billion and peaked at $4.214 billion on March 5th. The stablecoin’s supply has declined by approximately 35 percent since that peak.

In terms of RLUSD distribution across networks, both XRP Ledger and Ethereum saw growth. Between September 21-28, the RLUSD supply on XRP Ledger increased from $1.036 billion to $1.099 billion, an increase of approximately $63 million. Similarly, the RLUSD supply on Ethereum rose from $1.343 billion to $1.39 billion during the same period, an increase of approximately $49 million.

Currently, approximately 44% of the total RLUSD supply is held on the XRP Ledger, while 56% is held on Ethereum.

While the total size of the global stablecoin market is approximately $306 billion, RLUSD’s market share remains relatively low. However, Ripple has recently accelerated its efforts to increase the use of RLUSD, particularly on the XRP Ledger.

*This is not investment advice.

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A viral clip from crypto influencer @strivex_ is making rounds again. It claims Ripple is targeting a $155 trillion global payments market.

It also suggests XRP could theoretically hit $15,000 if it replaces SWIFT. The post traces back to an earlier claim by @BANXRPLNEWS, which has been recirculating since at least June 2026. That $155T figure is real. But what it actually means for investors is a different story.

The $155T Claim Is Real, But It Is Not the Remittance Market Investors need to separate two very different numbers. Consumer remittances are roughly $685 billion a year. That is the market Ripple’s RLUSD stablecoin is targeting for retail cross-border transfers.

The $155 trillion figure, however, refers to global cross-border payments, the much larger SWIFT-linked corporate flow. These two markets are being mixed in the viral post.

🚨 RIPPLE IS TARGETING THE $155T REMITTANCE MARKET!

With ambitions to reshape global payments, $XRP could play a major role in the evolving financial system.

Follow @BANXRPLNEWS – they're giving away 100 XRP for every 2,000 followers. https://t.co/n0oKPKN2qR pic.twitter.com/2QrUkHGhps

— Ledger Man 🎩 (@strivex_) September 28, 2026

Ripple has been building quietly toward this vision. Last week, South Korea’s Jeonbuk Bank officially replaced multi-day SWIFT transfers with Ripple Payments for business customers. That is a live rail, not a projection.

Ripple CEO Brad Garlinghouse has pegged the official company opportunity at $120 trillion in corporate treasury payments, anchored by the GTreasury acquisition.

Meanwhile, Ripple Treasury’s client base already touches roughly $13 trillion in annual payment flows. That gap between the viral headline and the live business is where investors should focus.

The bigger tension is between XRP and RLUSD. As RLUSD’s market cap nears $2.5 billion, more settlement flows on the XRP Ledger are denominated in stablecoins, not XRP itself.

Ripple has already confirmed RLUSD targets a $13 trillion corporate treasury market.

That creates a demand question XRP investors cannot ignore: does volume growth translate into XRP demand, or does RLUSD absorb the flows?

What Is Actually Moving XRP Right Now Today’s buzz has a real calendar hook. Sibos 2026, the global banking conference where Ripple Treasury is presenting, opened in Miami this morning.

The timing is not coincidental. XRP advocates are using the conference narrative to revive the SWIFT-replacement story heading into a historically active week.

On the ground, there are legitimate proof points. JPMorgan, Ripple, and Ondo completed the first cross-border tokenized treasury settlement on the XRP Ledger.

Ripple also added XRP and RLUSD to Stripe and Tempo’s agentic payment rails. XRPL new-account creation spiked 320% above its average as XRP tagged $1.60 last week.

Derivatives traders are already leaning in. XRP futures open interest topped $4.1 billion, outpacing Hyperliquid and Zcash.

Call skew has turned crowded bullish. Still, 21Shares has flagged a utility-vs-holder-value gap, institutions can settle on the XRP Ledger without holding XRP. That risk is worth pricing in before chasing the $15,000 thumbnail.

The TAM is real. The rails are being built. But the question for XRP holders is whether they sit on the settlement asset or the plumbing no one sees.

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 is eyeing a busy October with key events and upgrades in store. At the earliest in October, specifically in the first week, the XRP Seoul event is scheduled for October 3, 2026, at the Grand Hyatt Seoul during Korea Blockchain Week.

Ripple executives, including its president Monica Long, RippleX SVP Markus Infanger, and major Korean financial institutions are set to take part in discussions around the future of digital finance.

According to Hussein Zangana (Vet), XRP Ledger Foundation director of community, the upcoming XRP Seoul event will feature sessions with Kyobo Securities, a major Korean securities broker, Woori Bank, one of Korea's top four banks, and Kakao Bank, the country's leading internet bank associated with the popular Kakao platform, with a focus on tokenization, payments on crypto rails, and DeFi.

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"Looking forward to XRP Seoul next week and the sessions with Korean securities broker Kyobo Securities, Woori Bank (top 4 bank in Korea), Kakao Bank (largest internet bank of the famous app Kakao here) and many others. All forward leaning in tokenization, payments on crypto rails and DeFi," Vet wrote.

Looking forward to XRP Seoul next week and the sessions with Korean security broker Kyobo Securities, Woori Bank (top 4 bank in Korea), Kakao Bank (largest internet bank of the famous app Kakao here) and many others.

All forward leaning in tokenization, payments on crypto rails… pic.twitter.com/fOopZp4OJ5

— Vet (@Vet_X0) September 27, 2026 Aside from Ripple President Monica Long and SVP Markus Infanger, the participant lineup for the event is extensive. This includes J.A. Akinyele, RippleX Head of Engineering; Christina Chan, Senior Director of Ecosystem Growth at Ripple; Tatsuya Kohrogi, Senior Ecosystem Growth Manager at Ripple; Wenny Cai, CEO of Anchored Finance; Nicholas Motz, co-founder of Soil; Nathaniel T. Bradley, Datavault AI CEO; Aniket Jindal, Founder of Biconomy; Jinnie Lee, APAC Sales Director at Ripple; Mansik Yoon, Team Leader at Jeonbuk Bank; John Lilic, CSO of Tria; Sunghwan Kim, Founder and CEO of Wellbianlabs; Asheesh Birla, Evernorth CEO; Min Lin, Managing Director of Ondo Finance; Heejin Shin, Executive Director of Kyobo Securities; Hugo Philion, Co-Founder of FlareNetworks; Jaehyuk Choi, TF Lead of Kbank; Bo Kim, CEO of Creder; Leo Lee, Manager of Kakao Bank; Seunghoon Han, Senior Manager of Woori Bank, among others.

XRP community eyes busy OctoberXRP Ledger is set for a busy October, with the Batch, fixBatchV1_2, and permissions delegation amendments set to launch in the coming month.

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Batch and its fix eye mainnet activation on October 9, while permissions delegation is expected to launch on October 8, 2026, provided they sustain above 80% support for the two-week activation window.

The Swell event is expected to be held October 27–29, 2026, a major event for the XRP and the Ripple ecosystem. 

Ripple [XRP] has been getting a lot of love from ETF investors lately. However, there’s two sides to every story, and traders are on the other end of the tale.

What gives?

Six months in the green for XRP ETFs Monthly net inflows have stayed green for half a year now, per SoSoValue. August was the biggest of the lot at $159.18 million.

September has added another $117.44 million so far. That brings total net assets to $1.77 billion.

Source: SoSoValue Now here’s the catch.

Source: CryptoQuant Over on the futures side, CryptoQuant’s 90-day taker CVD showed sell-dominance earlier in the month.

It’s been bleeding red ever since.

Source: CryptoQuant Funding rates have, for the most part, been positive. However, they fell massively into the deep red for a few times since late August. A look at the numbers will show dips as low as -0.018 in mid September.

While most traders still lean long, short bets keep popping up like weeds.

XRP active addresses rise, and so do reserves Traders might be split, but the XRP ledger itself has been bustling.

Active addresses rose to 29.9K, per CryptoQuant. That’s the highest in half a year, and a king’s leap from the 10.7K of mid-September. For most of June to August, the number moved between 12.5K and 17.5K.

Source: CryptoQuant But here’s the other POV.

Reserves on Binance have also been going up, now at 2.695 billion XRP. But what does that have to do with anything?

Source: CryptoQuant More XRP on exchanges means more coins to be sold. The network is awake, and there’s more supply on the sell side.

If you add the red CVD to that, holders are maybe ready to cash in on the bounce.

Where do we go from here? First things first, a key data point to watch, is whether ETFs stay green in the following months. If that sustains, that’s steady demand.

Next, the CVD. A change back to neutral or buy-dominant would mean futures traders are finally on board.

Finally, if Binance reserves keep rising while active addresses slow, sell pressure could win out.

Final Summary XRP ETFs have been in the green for half a year now. Futures CVD has turned sell-dominant and XRP ledger activity has increased.

The recently enacted GENIUS Act could drive new growth in RLUSD adoption and enhance usage of the XRP Ledger, according to cryptocurrency researcher SMQKE. The claim centers on legislative changes to stablecoin regulation in the United States and the resulting impact on both RLUSD and XRP transaction activity.

SMQKE connects GENIUS Act to RLUSD adoptionSMQKE released a document on social platform X outlining how the GENIUS Act may affect the position of RLUSD and XRP in the stablecoin market. The legislation establishes standards for stablecoin reserves, licensing, and interoperability, aiming to increase oversight for payment-focused stablecoins used in financial markets.

President Donald Trump signed the GENIUS Act into law on July 18, 2025. The US Treasury Department stated that the act creates a federal regulatory structure for stablecoin issuers operating within the country.

The researcher’s analysis suggests the act’s compliance requirements could bolster financial institutions’ trust in RLUSD, a stablecoin issued by Ripple. The document claims that with improved transparency, RLUSD could attract more adoption from banks and payment companies seeking regulated stablecoin options.

Ripple, a US-based blockchain company known for cross-border payments technology, currently issues RLUSD on both the XRP Ledger and Ethereum. Ripple has emphasized that each RLUSD token is fully backed by a reserve comprised of cash, cash equivalents, and other approved assets.

Mini dictionary: RLUSD, a stablecoin developed and issued by Ripple, maintains a fixed value of one US dollar and is supported by various reserves. RLUSD is available on the XRP Ledger, Ethereum, and potentially other networks, targeting use cases in payments and settlements.

“Yes, the GENIUS Act will amplify XRP’s use case. This is documented below.”

RLUSD transactions use XRP for feesThe document further links the expected growth in RLUSD adoption to demand for XRP within the XRP Ledger ecosystem. On XRPL, every transaction requires users to destroy a small amount of XRP as a network fee. The base transaction cost is currently set at 10 drops, but it can rise during periods of high congestion. Burned XRP is permanently removed from the overall supply, rather than distributed to validators or other parties.

Transaction TypeFee (in XRP)Fee RecipientStandard XRPL transaction10 drops minimumPermanently destroyedIncreased XRPL demandVariable, higher during congestionPermanently destroyedSMQKE argued that as more RLUSD transactions occur on the XRP Ledger, they could lead to additional XRP being burned as transaction fees. The researcher noted this effect would be most pronounced if RLUSD becomes widely used for cross-border payments or daily transactions.

However, a respondent identified as TipTopJester questioned the scale of this impact, pointing out that each RLUSD transaction only consumes a minor amount of XRP. The commenter acknowledged regulatory support from the GENIUS Act could foster RLUSD’s competitiveness but maintained that the magnitude of XRP burned relative to total circulating supply would be limited.

SMQKE’s analysis draws attention to regulatory clarity, stablecoin compliance, and the possible ripple effect on XRP transaction volumes, but the ultimate scale of these impacts remains uncertain.

The XRP and RLUSD distinctionIndustry observers continue to distinguish between XRP, the native asset of the XRP Ledger, and RLUSD, which is issued as a dollar-backed stablecoin for transactional use. Ripple documentation explains that while XRP enables decentralized value transfers and acts as the ledger’s core asset, RLUSD is designed for payments and settlements with one-to-one dollar parity.

SMQKE’s position highlights that any uptick in stablecoin adoption—particularly for RLUSD—resulting from regulatory reform could generate more XRP fee burns via transaction activity. While the researcher portrays potential technical and market synergies, they stop short of projecting any specific levels of increased XRP demand.

Current analyses reflect that additional regulatory clarity is generally viewed as supportive for both stablecoin adoption and related payment networks, but market participants await observable data to gauge the full scope of the GENIUS Act’s effects on the broader ecosystem.

XRP surged 7.7% on September 18, rallying from about $1.30 to $1.40 and briefly touching $1.41 after Bitwise Asset Management submitted a fresh filing connected to its XRP ETF with the Securities and Exchange Commission.

Despite widespread attention, the new paperwork did not mark the regulatory approval of a brand new exchange-traded fund. Bitwise, a well-known digital asset manager, provided a Post-Effective Amendment No. 2 for its already active Bitwise XRP ETF. The SEC’s public filing described the update as a preliminary prospectus dated September 18 and made clear the product’s documents are still “subject to completion.”

A crucial detail noted by market observers is that Bitwise’s filing pertained to an existing product, rather than an application for the first XRP ETF by the company. Some sources emphasized that headlines announcing Bitwise was “filing for an XRP ETF” failed to accurately capture the true scope of the event.

XRP’s gain on September 18 followed Bitwise’s update to a current XRP ETF, not a completely new application, according to details from the official SEC documents and historical fund records.

Details about the Bitwise XRP ETFAccording to the filing, the Bitwise XRP ETF trades on the NYSE Arca under the ticker XRP. The fund’s stated goal is to provide investors with exposure to XRP held by the trust. Accounting consents within the document reference financial statements dating back to November 19, 2025, confirming that the fund was already operating before the recent amendment.

Bitwise Asset Management is a San Francisco-based firm specializing in crypto index funds and exchange-traded products, aiming to deliver digital asset exposure to institutional and retail investors.

Mini dictionary: NYSE Arca, a US-based electronic securities exchange known for listing stocks, options, and a wide range of exchange-traded funds (ETFs).

XRP price movement and ETF inflowsMarket history shows XRP opened the day near $1.30, hit an intraday high around $1.41, and closed at about $1.40, recording a 7.69% gain. This rally came in the middle of a volatile period for the asset. Three days prior, XRP had slipped to $1.28 after trading above $1.42, before mounting a recovery that gained speed on September 18. By September 21, XRP reached approximately $1.53.

Meanwhile, US XRP ETF products had already gathered about $1.7 billion in historical net inflows as of September 17, despite XRP trading well below its all-time peak. Research group Coinpaper recently highlighted this divergence between robust ETF demand and XRP’s subdued price levels.

DateXRP OpenXRP HighXRP CloseDaily ChangeSept. 17$1.28$1.41$1.30–Sept. 18$1.30$1.41$1.40+7.69%Sept. 21N/A$1.53$1.53N/A

Key Takeaways XRP climbed to a range between $1.54 and $1.58, registering approximately 10% gains across the week as Bitcoin maintained levels above $84,000 and Ethereum hovered around $2,680. Following the Senate’s failure to pass the CLARITY Act, SEC staff released non-binding guidance addressing token buybacks, staking mechanisms, and protocol upgrades. Spot XRP exchange-traded funds in the United States attracted $22.65 million in net capital on September 25, with Bitwise’s offering capturing $18.39 million. Total net inflows into XRP ETF products have accumulated to $1.79 billion, while aggregate net assets stand at $1.77 billion. Technical resistance is positioned at $1.60 for XRP, while downside support remains intact around the $1.50 level based on four-hour chart analysis. XRP maintained trading activity in the $1.56 to $1.58 zone throughout the week, marking an approximate 10% increase compared to levels observed seven days prior. This upward movement aligned with a wider cryptocurrency market rebound, as Bitcoin sustained positions above the $84,000 threshold and Ethereum exchanged hands near $2,680.

XRP Price The price advance materialized following developments on the regulatory front. Earlier this month, the Senate declined to move forward with the CLARITY Act, resulting in the postponement of proposed cryptocurrency market regulations.

SEC staff released informal guidance on September 25 addressing topics including token repurchase programs, staking derivatives, network maintenance operations, and marketing communications. This guidance represents staff opinion without formal legal authority and does not provide direct classification of XRP.

Breakdown of SEC Staff Position According to the staff statement, repurchase programs involving tokens that are not securities on operational networks do not inherently indicate promised managerial contributions. Additionally, certain staking derivatives may be categorized as digital commodities instead of securities, contingent upon their issuance structure.

Standard protocol improvements and promotion of current network functionality may not fall within investment contract frameworks under this new staff position. Market analyst Crypto Rover highlighted the development on social platforms, noting that liquid staking instruments are receiving treatment as digital commodities rather than securities, and that token buybacks on operational protocols are not being interpreted as management-driven activities.

Prediction platform Kalshi positioned its September price projection for XRP at $1.70, representing a $0.10 increase from its previous estimate. The platform maintains an additional contract monitoring whether XRP surpasses $1.70 before September 30.

Exchange-Traded Fund Capital Flows According to data from SoSoValue, United States spot XRP exchange-traded funds registered $22.65 million in net capital inflows on September 25. Bitwise’s product dominated with $18.39 million, comprising roughly 81% of the day’s aggregate inflows.

Franklin Templeton’s XRPZ product contributed an additional $4.26 million. The remaining three listed investment vehicles reported zero net activity for that trading session.

These capital additions elevated total cumulative net inflows to $1.79 billion. Aggregate net assets across all products reached $1.77 billion, representing approximately 1.80% of XRP’s overall market capitalization.

Transaction volume across the five investment products totaled $57.75 million, with Bitwise responsible for $37.07 million of that figure. The previous day, September 24, witnessed $14.89 million in combined inflows following $23.17 million recorded on September 23.

As of September 23, Bitwise’s product held 401.42 million XRP tokens, reflecting an increase of 14.18 million tokens over a two-day period. According to the fund’s official documentation, this position carried a value of approximately $613.89 million.

Market analyst Ali Charts highlighted accumulation patterns among major holders, observing that whale addresses acquired over 470 million XRP across five days—approximately $724 million in value—while a reverse head-and-shoulders formation continues developing on the daily price chart.

XRP briefly reached $1.60 during the week before retreating to $1.5535 by 08:41 UTC on Saturday. Four-hour chart analysis reveals resistance positioned at $1.60, a threshold that has prevented additional upward movement across several recent attempts.

A confirmed close above the $1.60 level could establish momentum toward $1.65 initially, followed by $1.70. Support remains established near $1.50, a price point that provided stability following the September 23 trading session.

A break below $1.50 could potentially expose the $1.45 zone. The four-hour Relative Strength Index currently registers at 52, marginally above the neutral 50 threshold, while the MACD indicator remains below its signal line, suggesting diminishing near-term momentum.

PANews reported on September 26, citing CoinDesk, that the Bitget hacker has moved roughly $83 million worth of XRP from three stolen XRP-holding addresses. Of the approximately 103 million XRP originally stolen, about $75 million remains spread across five initial receiving addresses. On-chain data shows that two of the addresses, which each originally held 20 million XRP, have been nearly emptied, with only about 23 and 55 XRP respectively remaining as of 12:41 UTC on Saturday, while the third address's balance has dropped to roughly 5.8 million XRP.

Because XRP is the native asset of the XRP Ledger, Ripple cannot directly freeze the stolen XRP the way it can freeze issuer tokens such as USDC and USDT. Recovering the funds depends in part on where the hacker moves them next; if they enter an exchange, the exchange can restrict the relevant accounts and withdrawals, but it cannot directly freeze XRP held in the hacker's own wallets. Around 54 million XRP has now left the initial five addresses, and the funds are being further dispersed across more wallets, though it is not yet possible to determine how much of it has been sold.

Earlier, Circle and Tether froze roughly $320,000 worth of USDC and USDT linked to the attack. On Friday, Bitget raised its estimate of the attack's losses to about $387.5 million, saying the additional figure includes Zcash and TRON transfers that were previously omitted from its tally, rather than a second attack. Bitget also said its protection fund will cover the losses and that user balances will not be affected, with withdrawals of BTC, ETH, USDT and other tokens expected to resume on September 28, September 29, September 30 and October 2, respectively.

The five spot $XRP exchange-traded funds tracked by @BSCNews have posted multi-million dollar net inflows for three consecutive days, bringing the week's total gains to $53 million. Total assets under management across the funds have climbed to around $1.7 billion, representing approximately 1.8% of XRP's circulating supply.

A Rapid Build in Institutional Capital The milestone sits within a broader story of accelerating institutional interest in regulated XRP products.

The current week's $53 million in net inflows continues a pattern of steady institutional demand.

Persistence Through Volatility

The broader regulatory backdrop has helped.

With AUM already at $1.7 billion and weekly inflows continuing to build, the XRP ETF category is proving it has staying power well beyond its initial launch momentum.

Sources:
Ripple: XRP ETFs, The Institutional Era Has Begun
Phemex: XRP Spot ETFs See $18M Daily Inflows Led by Bitwise
Yahoo Finance: XRP ETFs Hit a New 2026 Record at $1.6 Billion

Ripple has introduced the XRPL AI Starter Kit, aiming to facilitate payments between autonomous software agents using x402 payment protocols. This solution allows transactions to be conducted in either XRP, Ripple’s digital asset, or RLUSD, its new stablecoin pegged to the US dollar. The move addresses growing demand for seamless, automated financial interactions as machine-to-machine payments evolve into practical tools beyond initial trials.

Stablecoin RLUSD offers fixed-price certainty for AI agentsAI agents are increasingly making frequent, small purchases, such as spending $0.10 per inference thousands of times each day. For these microtransactions, stable pricing is essential to both buyers and sellers. RLUSD, designed to maintain a one-to-one peg with the US dollar and backed by cash reserves, offers the predictability needed for invoicing, subscriptions, and API payments.

Ripple maintains that RLUSD’s backing by cash and equivalents ensures price stability, allowing AI agents and developers to transact without worrying about value fluctuations typically associated with cryptocurrencies like XRP.

The XRPL documentation demonstrates this distinction, highlighting XRP as the simplest native on-chain payment method, while RLUSD is used for transactions requiring a dollar-denominated value. Both assets settle over XRPL, but serve different transactional needs.

Recent documentation distinguishes XRP payments as the straightforward native method on XRPL, whereas RLUSD is labeled for dollar-based transactions. Both benefit from deterministic settlement on the same network.

Growth in machine-to-machine commerce through AI payments could drive increased XRPL activity. Ripple emphasizes that RLUSD enables these transactions without exposing users to the risk of XRP price volatility.

XRP’s role as XRPL’s native asset remains significantWhile RLUSD meets stable-value needs, XRP’s utility within XRPL is not diminished. XRP is the protocol’s native asset, streamlining direct value transfers across the ledger. RLUSD, in contrast, is an issued token representing a stable digital dollar.

One key feature of XRPL is its support for cross-currency transactions. This allows an agent to send value in XRP, with the recipient receiving RLUSD—or vice versa—utilizing the network’s built-in exchange functions.

This flexibility enables two autonomous agents to transact without having to agree on holding the same asset. For example, a service provider preferring RLUSD can still receive payments from clients holding only XRP. XRPL documentation highlights direct XRP payments as the quickest and most straightforward settlement path for such transactions.

The infrastructure supporting machine payments is expanding. The community-led XRPL AI Hub has indexed more than 7.25 million agent-payment transactions, and records average daily activity of roughly 181,000 payments. These figures reflect organic engagement with the emerging agent-payment ecosystem and signal increasing relevance for both assets in automated commerce.

Mini dictionary: XRPL AI Hub, a community-driven platform tracking and analyzing autonomous agent payments and activity on the XRP Ledger (XRPL), offers real-time insights into trends in automated digital transactions.

AssetTypeMain Use CaseSettlement NetworkValue PegXRPNative digital assetDirect on-chain payments, value transferXRPLMarket-drivenRLUSDStablecoin (issued)Stable, dollar-denominated paymentsXRPLPegged to $1

XRP continues to experience a divergence between market price performance and institutional product inflows, with the latest data highlighting significant increased investment in XRP exchange-traded funds. Despite a recent price decline, interest from institutional investors remains steady, further spotlighting XRP’s evolving position in the digital asset market.

Institutional inflows rise despite XRP price weaknessData from crypto market analyst X Finance Bull shows that spot XRP ETFs have recorded $61.87 million in net inflows in September. Total cumulative inflows to date have reached $1.73 billion. This robust investment activity persists even as the value of XRP faces increased selling pressure and price corrections.

Investor demand for XRP-backed products has continued regardless of weak spot prices. While ETF inflows often reflect positive sentiment from institutional players, they do not always correspond with immediate price recoveries.

The current gap between strong ETF inflows and XRP’s falling spot price has drawn the attention of analysts and traders alike. At present, XRP is trading at $1.50, with a 24-hour trading volume of $7.05 billion and a market capitalization standing at $94.53 billion. Over the last 24 hours, XRP’s price has declined by 7.32%.

MetricValueCurrent Price$1.5024h Volume$7.05 billionMarket Cap$94.53 billionSeptember ETF Inflow$61.87 millionTotal ETF Inflow$1.73 billion24h Price Change-7.32%Technical analysis identifies key resistance and supportCrypto analyst CRYPTOWZRD recently noted that XRP closed below a major resistance at $1.5300, indicating a bearish short-term outlook. According to CRYPTOWZRD, reclaiming this resistance could help XRP regain momentum, but continued failure to break above $1.5300 may lead to heightened volatility.

On the support side, CRYPTOWZRD identified $1.4400 as an important level. Should XRP maintain this support, it could begin to stabilize; however, dropping below $1.4400 might trigger further selling pressure.

X Finance Bull emphasized that increased ETF inflows are still visible even as technical indicators remain negative for spot prices. CRYPTOWZRD highlighted that the $1.5300 resistance and $1.4400 support are crucial thresholds for XRP’s upcoming price action.

At the current price of $1.50, XRP remains between these two technical levels, with traders closely monitoring for a potential breakout or breakdown.

CFTC advances crypto regulation initiativesIn the regulatory arena, Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), stated that the agency is using its existing authority to establish a comprehensive regulatory framework for crypto assets in the United States. Selig underscored the CFTC’s commitment to shaping new rules for the digital asset industry, following calls from the White House for clearer guidelines.

The CFTC’s latest initiatives could have wide implications for crypto exchanges, financial products, and the broader digital asset ecosystem. Regulatory clarity remains significant for the XRP market, particularly given growing institutional participation through spot ETFs.

Ripple’s XRP, launched in 2012, is a digital asset designed for fast cross-border payments and is at the center of both market innovation and ongoing legal scrutiny.

Mini dictionary: Commodity Futures Trading Commission (CFTC), a US government agency responsible for regulating derivatives markets, including futures and options, and increasingly focusing on digital assets amid evolving market structures.

With contrasting trends between inflows and price, market participants are watching for further moves in both the regulatory space and spot markets.

Photo: Arturo Añez. / Pexels

Bitwise and Franklin Templeton ETF clients have acquired $18.04 million worth of XRP, according to WhaleInsider. This purchase adds to the growing interest in XRP ETFs, with Bitwise clients contributing $11.54 million and Franklin clients adding $6.50 million. This development is part of a broader trend of capital inflow into regulated XRP exposure, indicating sustained institutional interest in the cryptocurrency. The total net assets in U.S. spot XRP ETFs have recently reached approximately $1.65 billion, with cumulative inflows hitting around $1.75 billion.

Key Takeaways Recent purchases by Bitwise and Franklin ETF clients suggest increased institutional interest in XRP. The acquisition of $18.04 million worth of XRP is consistent with continued capital rotation into regulated ETF vehicles. Market pricing implies that participants see this development as supportive of XRP’s potential to reach new highs. What to Watch Market participants will closely monitor any further significant inflows into XRP ETFs, which could indicate sustained institutional interest and bolster confidence in XRP’s future performance. Additionally, developments such as new XRP ETF approvals or major announcements from Ripple could further impact market sentiment. Conversely, potential regulatory actions or significant outflows from XRP ETFs may suggest challenges to the cryptocurrency’s upward trajectory.

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Term Structure

Contract Odds Δ since publish Volume 24h September 30, 2026 0.4% 0.0¢ — View market → December 31, 2026 7.2% 0.0¢ — View market → Updated 4min ago

Ripple [XRP] has not managed to close a day’s trading above $1.544 since early February. Throughout 2026, the bulls have tried to force such a breakout four times, with the latest attempt coming on the 22nd of August.

They were pushed back each time, but the bullish belief in recent weeks has helped XRP push past this level. A daily session close above $1.544 was achieved on Tuesday, the 22nd of September.

Strong speculative activity underlines XRP enthusiasm Source: CryptoQuant Crypto analyst Darkfost observed that the XRP’s Open Interest witnessed a growth spurt, reaching $600 million on Binance, the highest level since January. It is a genuine trend shift that began alongside the price gains in August.

The 180-day moving average of OI was at $445 million, and the breakout past this significant OI underlined the speculative growth and bullish confidence in the altcoin.

However, swing traders should remember that excess leverage can lead to high volatility and swift corrections.

Network activity surge shows active whale participation A week ago, popular crypto analyst Ali Martinez had warned in a post on X that whales were accumulating XRP. Whale activity had increased noticeably, and large holders had accumulated around $2.2 billion worth of XRP in a span of four days.

Source: Santiment Santiment data agreed with these findings. There were 1,917 $100k+ whale transactions when XRP broke above the $1.60 mark. Network growth also spiked to 3,647 new XRP wallets.

Institutional access was also improving the odds of a constructive setup, Santiment noted. Bitwise filed a revised XRP spot ETF registration on the 18th of September.

Sosovalue data showed that spot XRP ETFs attracted inflows for most of September. Additionally, Bitcoin’s breakout past $82.8k had given altcoin market participants more bullish conviction, increasing the chances of a sustained rally.

Final Summary The XRP breakout past the $1.50 supply zone from February was a notable achievement from the bulls that can spark a sustained uptrend. Rising whale activity and heavy Open Interest underlined bullish conviction but also warned of potential volatility if conditions get overheated.

The XRP Ledger has witnessed a sudden surge in its burn rate, recording an 84.3% jump within a single measured period. This brought total XRP destroyed via transaction fees to 771.7 XRP, sharply catching the attention of market observers and the XRP community.

Analysts and data highlight the burn rate spikeCrypto analyst Steph Is Crypto called attention to the event, urging the XRP community to investigate further. The burned tokens represent transaction fees permanently destroyed on the XRP Ledger, a decentralized network designed for fast, low-cost cross-border payments. While the token burn typically reflects network activity, the latest data reveals an unusual dynamic.

Despite the steep increase in the burn rate, overall network transactions declined during the same timeframe. The number of successful transactions dropped 6.5%, total transactions fell 5.6%, and payment operations slipped 7%. These figures suggest that the higher burn resulted not from more activity, but from higher fee expenditure per transaction.

Crypto analyst Steph Is Crypto noted that XRP’s burn rate surged 84.3% even as transaction volume cooled off, highlighting a sharp divergence between fee destruction and overall network activity.

The XRP Ledger’s unique fee system aims to limit spam and protect network performance, by requiring a small amount of XRP to be destroyed with every operation.

Mini dictionary: XRP Ledger (XRPL), a decentralized blockchain network designed for efficient cross-border payments and powered by the XRP cryptocurrency. The ledger employs a distinctive consensus protocol and burns small amounts of XRP through transaction fees to deter spam.

MetricChange (%)Current ValueBurn rate+84.3%771.7 XRPSuccessful transactions-6.5%N/ATotal transactions-5.6%N/APayments-7%N/ABurn normalization and previous surgesThe surge proved temporary. After peaking at 771.7 XRP burned, the rate quickly dropped back toward the ledger’s 30-day average, which stands at around 319 XRP. Data shows recent readings now hover just above this average.

A similar episode occurred earlier in the year, when the XRP Ledger recorded a milestone of 1,800 XRP burned in a single instance. Such bursts in burn rate, while impactful, tend to normalize swiftly, suggesting short-lived underlying drivers.

Community debates drivers and implicationsWithin the XRP community, members have voiced a range of explanations and potential implications for this latest spike. Some participants argued for increased burns as a means to heighten scarcity, which they believe could exert upward price pressure as circulating supply drops further. The reduction of available tokens, a common topic among XRP supporters, is often mentioned as part of longer-term deflationary dynamics.

Discussions in the community point to both the role of deflation in supporting price and the impact of increased transaction costs driving higher network engagement statistics.

Another segment of the community argued that surges in burning often reflect genuine demand and heightened adoption. Since higher transaction fees mean more XRP is destroyed per operation, some see the burn spike as a sign of more intensive network use by real participants, rather than automated or speculative activity.

Overall, these perspectives suggest that an increased burn rate provides data for assessing the health and real-world engagement within the network, beyond simple price speculation.

Function of burns and outlook for growthThe XRP Ledger’s burn mechanism is central to its approach to curbing spam on the network. Each transaction requires users to pay a fee, which is then irreversibly destroyed. Although recent burn figures remain small compared to XRP’s total supply, activity in this metric tends to signal patterns in network usage and adoption. As usage grows, periodic surges in burned tokens are likely to remain a topic of community and market interest.

XRP tagged an intraday high of $1.60 on September 22, with reported trading volume near $7.4 billion. The tape looks like a short squeeze.

The regulated XRP futures books, however, tell a more divided story.

Commodity Futures Trading Commission (CFTC) data for the week ended September 15 shows leveraged funds cutting their CME net short by 46.3 million XRP.

CME Deleverages While Coinbase Books Stay Heavily Short On CME’s standard XRP futures contract (50,000 XRP per contract), leveraged funds moved from a net short of 82.25 million XRP on September 8 to 35.95 million XRP on September 15.

That is a 46.3 million XRP reduction. Most of it came from covering shorts, with some new longs added.

CME open interest still fell by about 25.45 million XRP, pointing to risk coming off rather than a clean rotation into new longs.

That institutional shift on CME comes after CME overtook Binance as the largest XRP futures venue by open interest in early September, with CME open interest nearing $530 million versus Binance’s $510 million.

That repositioning is the backdrop that makes a CME shortcut capable of moving price psychology, even when Coinbase books barely moved.

August already set the stage for this as XRP futures volume surged to a six-month high, with Binance alone printing $37 billion and the top three venues clearing more than $64.6 billion.

High derivatives volume plus a later venue split is a volatility setup, not a clean trend confirmation.

Coinbase tells the other half of the story. Its standard XRP futures book improved slightly, down 3.65 million XRP in net short exposure.

But the nano perpetual-style product actually added short exposure by 1.29 million XRP.

Combined across all three Coinbase products, leveraged funds were still short roughly 141.6 million XRP. That is the inventory overhang investors need to keep on the page.

This is not the first time the XRP futures market has sent mixed signals. On September 19, XRP spot volume exploded to $1.36 billion as price jumped 7% to $1.41, with futures running at roughly four times spot volume at $5.71 billion.

That same futures-over-spot imbalance is still present after the $1.60 test.

Crowded positioning has proven it can flush both directions. XRP leverage hit a seven-month high of 0.213 after a 44% rally, with open interest near $3.4 billion and longs outnumbering shorts. The market cleared that positioning too.

A crowded short base is not automatically a clean entry, it depends on which venue is moving.

What Investors Should Watch Into the Next CFTC Print The $1.60 level was already mapped before this session. Peter Brandt flagged a longer-cycle path toward $5 while Ali Martinez marked $1.60 as a key supply shelf, with about 2.50 billion XRP previously changing hands at that price.

A high-volume print through it is notable. But supply zones are tested, not retired on the first touch.

The structural bid is real. Spot XRP ETFs have taken in more than $1.7 billion in cumulative net inflows, which gives the rally a layer of institutional wrapper support that prior cycles did not have.

That is a meaningful counterweight to the futures split. Yet the sell-side inventory is building in parallel. XRP whale inflows to Binance hit 1.6 billion tokens over 30 days, the highest since March.

Exchange reserves rising alongside price is a volatility flag, not proof of an imminent dump, but a counterweight to the ETF bid.

The regulatory layer adds more complexity as CME recently sued the CFTC after Kalshi launched Bitcoin, Ether, XRP, and HYPE perpetual futures.

That dispute matters for how institutional books are allocated across US-regulated XRP futures venues going forward.

The data predates the rally. It cannot establish cause. The next CFTC print, covering the week through the $1.60 spike, is due around September 25.

That is the first report that can test whether CME covering continued, whether Coinbase shorts started to compress, or whether the venue split widened.

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The Ripple XRP Ledger’s Batch amendment could activate on September 29 at 14:06 UTC after the amendment gained backing from 30 of 35 validators as of September 20 – comfortably above the 28-validator threshold required to keep the countdown alive. XRP is trading around $1.58, up 22.2% for the week; the underlying report does not supply a 24-hour figure. RippleX says asset managers and commercial projects are already testing the feature, but it names none of them and confirms no live deployment.

That gap is the story. A technically capable upgrade is closing in on activation while the actual list of institutions supposedly using it remains a black box. Here’s what’s verified, what’s claimed, and what still has to happen before Batch means anything for XRP’s price.

🚨 JUST IN: #Ripple says asset managers are preparing to use $XRP Ledger Batch V1.1.

— RippleXity (@RippleXity) September 21, 2026

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How the Batch Amendment Works Batch lets the XRP Ledger group two to eight ordinary transactions into a single operation instead of processing them one at a time. It supports four modes: all-or-nothing, one-at-a-time success, continue-until-failure, and fully independent processing.

The all-or-nothing mode is the one drawing institutional interest. In a securities trade, it lets an asset transfer and its payment settle simultaneously – if either leg fails, the whole batch cancels, which removes the risk of one party ending up holding both sides of a broken trade. Exchanges, wallets, or marketplaces can also fold their own fees into a customer’s batch, so the charge and the trade settle together.

None of this requires XRP to change hands in every transaction, a point worth keeping in mind before assuming a mechanical link to token demand. That distinction between commercial utility and confirmed XRP use also comes up in Ripple’s other institutional pitches, including its work on AI-agent payment rails.

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BatchV1_1 xrpscan What Ripple XRP Has Confirmed And What It Hasn’t RippleX head of engineering Ayo Akinyele said on September 19 that asset managers and commercial projects are already working with Batch ahead of its launch, with specifics to follow once the amendment is live. No company names, product details, transaction volumes, or launch dates were disclosed. That leaves “preparing to use” and “actually using” as two very different claims, and only the first one is supported right now.

This is also Batch’s second attempt. The original version was pulled earlier in 2026 after auditors found a code flaw that could potentially have allowed unauthorized transactions; Ripple says no user funds were ever at risk since the amendment never activated on mainnet.

The revised version shipped September 14 and has since passed three outside security reviews, according to the source. Separate validator-vote tracking, similar to the process covered in 99Bitcoins’ look at the PermissionDelegation amendment window, shows Batch holding 30 votes as of September 20 – but that support isn’t locked in.

Validators can change their votes at any point, and if backing dips below 28 before September 29, the 14-day activation clock resets from zero.

Does Batch Actually Move XRP Demand? XRP Price Coingecko Batch could make the Ripple XRP Ledger a more attractive settlement layer for tokenized-asset trades, the kind of institutional crypto use case that’s been building around the network’s roadmap of amendments, as explored in 99Bitcoins’ coverage of XRPL’s tokenized-asset ambitions. But the amendment doesn’t require XRP for every bundled transaction, so it creates no automatic new buying pressure on its own. Demand only shows up if specific asset managers actually route trades through the ledger using Batch. Right now, those managers are unnamed and their timelines are undisclosed.

If validator support holds, Batch activates September 29 and the XRP Ledger gains genuine delivery-versus-payment functionality for up to eight transactions at once: a real technical upgrade, not vaporware. What it doesn’t do, based on what’s been confirmed so far, is prove that named institutions are ready to settle real volume on day one. The next milestone that actually matters isn’t the activation itself; it’s whether Ripple can name a single asset manager putting live trades on the ledger once the amendment goes live.

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Alex Ioannou

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Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More

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On September 22, the cryptocurrency market hovered near the $3 trillion capitalization mark after a powerful short squeeze sent Bitcoin surging toward $87,400. Forced liquidations totaled $557.79 million, with shorts absorbing approximately 70% of the losses. Data from CoinGlass pointed to BTC and ETH perpetual contracts taking the brunt, with $242.47 million and $100.83 million in losses respectively.

Massive capital inflows drive market surgeMarket sentiment was buoyed by an unprecedented inflow of U.S. capital: SoSoValue reported that spot ETFs attracted more than $1.9 billion within 24 hours. Bitcoin led with $1.36 billion, while altcoins also saw significant investments—Solana received $257.25 million, Ethereum took in $223.51 million, and XRP gained $45.54 million. Hyperliquid’s HYPE token reached a fresh all-time high near $96.

As Bitcoin stabilized in the mid-$85,000s, Binance users experienced a temporary squeeze in USDe, which dropped to $0.92 before recovering. The event was linked to an anticipated wallet upgrade on the exchange, and analysts assessed it as a temporary liquidity shortage rather than a systemic risk.

With external catalysts fading, major market participants are increasingly focused on internal liquidity and technical analysis. Strategic shifts among institutional and retail traders are expected to define the direction of digital assets in the coming days.

Binance cuts illiquid USDC pairs, invests in CircleBinance, the world’s largest cryptocurrency exchange by trading volume, announced the removal of 19 low-liquidity USDC trading pairs from both spot and margin markets. The delisting forms part of a broader cleanup targeting pairs with thin liquidity.

At the same time, regulatory disclosures show that Binance acquired 1,237,011 Class A shares of Circle for $100 million, at a price of $80.84 per share. This transaction also includes a five-year commercial agreement, under which Circle will pay Binance monthly fees to promote USDC via modular smart-wallet integration.

Trading restrictions will be phased in: spot trading for seven USDC pairs will end on September 25 at 03:00 UTC, while 12 cross-margin and isolated margin pairs will be removed three hours later. The affected tokens include AIXBT, DOLO, ENJ, HUMA, SXT, TNSR, TURTLE, MANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, and OPN. Isolated margin borrowing will be disabled beforehand, and remaining positions will be liquidated by Binance if not closed manually.

The assets themselves remain tradable, with users gaining continued access via USDT, FDUSD, and BTC trading pools. Margin traders and bot users have been urged to close their positions ahead of the deadlines to avoid automatic settlement.

EventDate/Time (UTC)ActionAffected Pairs/AssetsSpot trading haltsSept 25, 03:00DelistingAIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC, TURTLE/USDCMargin trading terminatesSept 25, 06:00All pairs removedMANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, OPN (all vs USDC)Mini dictionary: Circle is a US-based financial technology company known for issuing the USDC stablecoin and developing blockchain-driven payments and treasury infrastructure for businesses and institutions.

Binance will delist 19 low-liquidity USDC pairs but trading for the assets will continue via other major pools such as USDT, FDUSD, and BTC. Users are advised to close margin and bot positions before the removal deadlines to avoid forced liquidation.

XRP’s decisive breakout, cleaner technicalsXRP, the token used by fintech company Ripple, broke out of a five-week symmetrical triangle pattern and jumped 5.5% during the week. The asset moved past $1.50, briefly testing resistance at $1.55 to $1.57, and remained steady in the $1.51–$1.54 range. This development reflected a market shift away from legal speculation tied to the SEC and CFTC, and back toward technical trading metrics.

Supported by Bitcoin’s momentum, XRP buyers surpassed a critical psychological threshold. Traders are monitoring the $1.55–$1.56 resistance, with a weekly close above signaling a firm uptrend and converting former resistance into a support level.

Technical analyst Peter Brandt, who leads The Factor Report, shared a chart projecting a long-term target of $5.40 for XRP but clarified that he currently owns only Bitcoin. Macro investor Raoul Pal noted that retail traders should focus on probabilities and solid technical analysis over assumptions of guaranteed profits.

XRP’s weekly close above $1.55 would confirm the bullish breakout scenario, reinforcing the market’s technical structure after weeks of uncertainty.

While a failed breakout could send the price back toward $1.40, the overall trend remains bullish unless a significant reversal takes place.

Shiba Inu struggles at 50-week moving averageShiba Inu (SHIB), a cryptocurrency inspired by the popular meme culture, saw its “Bull Combo” technical setup produce an 8.61% gain since formation. The pattern, which features bullish RSI divergence and a reclaim of the 23-week moving average, has stalled just below the 50-week MA near $0.0000064.

Despite exhausted sellers and renewed liquidity, SHIB could not yet surpass this resistance level. For upward momentum to continue, buyers must establish support above the 50-week MA.

The next technical hurdle is the 200-week moving average at $0.0000122, which has typically marked key reversal points for the token. Until a clear breakout occurs, large holders have accumulated an additional 468 million SHIB at the current bottom, seeking to capitalize if the trend resumes.

Mini dictionary: The Bull Combo technical setup refers to the simultaneous appearance of multiple bullish indicators on a price chart, such as a positive divergence in the Relative Strength Index (RSI) and the reclaiming of an important moving average, which together signal a potential upward trend.

Market watchers are waiting to see if bulls can reclaim the 50-week MA in the coming days, which would open the path to further gains or risk reducing the pattern to a routine rebound.

Pontes, the European Central Bank’s wholesale digital settlement bridge, went live on Monday, September 21. ECB President Christine Lagarde confirmed the launch following the Eurogroup meeting.

Four day-one market operators are now connected. One of them runs infrastructure derived from XRP Ledger technology. That detail has put Pontes firmly on the radar of XRP investors globally.

What Pontes Actually Does, and Why XRPL Is in the Room At its core, Pontes connects market DLT platforms to the Eurosystem’s existing TARGET payment rails.

Tokenized securities can now settle the cash leg in real central-bank money.

Settlement runs via a dual model, either cash tokens on a Eurosystem DLT, or a trigger into T2 real-time gross settlement. The technical shorthand is DvP via Hash-Link.

The four day-one operators are Clearstream, SWIAT, Cashlink, and Axiology. Axiology is a Lithuanian DLT firm founded by former Bank of Lithuania board member Marius Jurgilas.

ECB annexes from the 2024 wholesale trials confirmed that Axiology’s settlement system benefits from XRP Ledger technology.

That does not mean the ECB settled in public $XRP. Cash still clears in euro central bank money. Axiology runs a permissioned, XRPL-derived stack on the asset leg.

That distinction matters. Isabel Schnabel argued last month that on-chain central-bank money is no longer optional for euro sovereignty. Pontes is the ECB’s answer. Today it stops being a pilot.

The system runs roughly from 09:00 to 16:00 CET on TARGET business days. Launch fees are set at EUR 2,500 per participant and EUR 15,000 per operator, with no per-trade charge at start.

The ECB targets longer hours in 2027 and 24/7 multi-currency settlement by mid-2028.

What It Means for XRP, and Where the Investor Trap Lies The context for XRP bulls keeps building. Ripple holds a MiCA passport across the EEA.

Aviva’s tokenized fund on XRPL is already live. JPMorgan, Ondo, and Ripple completed a cross-border tokenized treasury settlement on XRPL earlier this year.

XRPL RWA holdings are cited near $4 billion. And XRPL 3.4.0 lending amendments are already live on the protocol.

But 21Shares has flagged the tension plainly, utility can scale without driving XRP token demand.

Institutions can adopt XRPL-derived rails without buying public XRP. Axiology’s role inside Pontes is the clearest live example yet of that split. Technology adoption is confirmed. Token demand is not automatic.

Still, the direction is clear. Ripple’s wholesale tokenization push is gaining institutional ground on both sides of the Atlantic.

Atomic settlement via Batch V1.1 is pulling the public XRPL closer to what institutional DvP workflows require.

Traders looking for their next play are watching the xAI odds this October closely. Compare the top cloud mining platforms by contract terms and payout reliability.

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.

The XRP Community has a big date ahead of it as the Permission Delegation amendment is getting closer to activation, with the upgrade set to go live on October 5.

Gaining 29 Yes votes, PermissionDelegationV1_1 entered a two-week activation window on September 21, 2026. Starting from this date, the earliest activation of the Permission Delegation feature will be in the next 13 days on October 5, 2026, at 11:18 AM UTC, according to XRPScan data.

This marks the earliest possible activation date, as validator support for the Permission Delegation amendment must stay above 80% the whole way. If it slips to 80% or lower even once, the amendment is rejected, and the 14-day timer starts over.

Permission Delegation allows accounts to delegate some permissions to other accounts. PermissionDelegationV1_1, bundled in the xrpld version 3.3.0, replaces Permission Delegation, fixing a critical bug discovered in the original implementation of the feature. Standard: XLS-75.

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The XRP community is also looking ahead to the Ripple Swell event, scheduled for October 27 to 29, 2026.

Permission Delegation: "Big enabler for institutions"According to Hussein Zangana (Vet), the Permission Delegation feature is a big enabler for institutions, being a compliance & operations building block.

With 29 Yes votes Permission Delegation is
now also in 2-Week activation on the XRP Ledger! ✅

Big enabler for institutions, get ready to see them come on chain on the XRP Ledger!

What is this feature again?
Permission Delegation is compliance & operations building block 🧵:… pic.twitter.com/SB1HwMhEG0

— Vet (@Vet_X0) September 21, 2026 According to Ripple stablecoin product lead, Lauren Berta, Permission Delegation has the potential to unlock an important capability for institutions issuing regulated assets on XRPL and matters for RLUSD and every regulated token on the ledger.

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Permission Delegation allows issuers to delegate specific actions to separate accounts while keeping the issuer account secure. Stablecoin issuers, RWA tokenizers, and asset managers bringing regulated instruments onchain all need ways to separate the teams moving assets, enforcing compliance, and managing security.

This separation of duties is how stablecoin issuers operate on other chains: different teams are responsible for different functions.
Permission Delegation will enable that same type of operational structure for RLUSD on XRPL, natively at the protocol level.

Importantly, delegation does not mean giving up control: certain account-level permissions cannot be delegated, preventing delegates from escalating their own access. The issuer maintains control over which permissions are granted and can revoke them instantly.

Berta disclosed that the RLUSD team was building and testing against the functionality on devnet in parallel, highlighting interest in the feature.

According to RippleX software engineer Mayukha Vadari, a retail-specific use case of Permission Delegation (XLS-75) is for blackholed issuers. Before blackholing their issuer accounts, users can delegate some responsibilities (like setting the account domain) to a separate account they still control. So even after blackholing, they still control a few settings.

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 using the DCENT App Wallet are urged to take immediate security precautions according to a recent X update by the Korean wallet provider.

As reported, DCENT detected abnormal transfers involving its software-based App Wallet and launched an investigation that identified potential impact across several networks, including XRP Ledger (XRPL).

In a post, DCENT urges App Wallet (software wallet) users to take action now. They are urged to update the DCENT app to v10.0.0 first and then run "Check if action is needed" and follow the result shown in the app.

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DCENT App Wallet (software wallet) users: please take action now.

Update the app, check whether action is required, and move your assets if needed.

Please share this notice with anyone who may still be using the App Wallet. https://t.co/DScmkYb6qO

— DCENT Wallet (@DCENTWALLETS) September 20, 2026 Specifically, this applies to users who use the DCENT App Wallet (software wallet) or have ever entered or restored their hardware wallet recovery phrase in the App Wallet.

DCENT noted that the most important step now is to prevent further damage by moving assets out of the DCENT App Wallet (software wallet) to a secure wallet.

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Users should not make any transactions through the App Wallet before updating. They should move their assets to a wallet created with a new recovery phrase and never reuse the old recovery phrase.

In the wake of the incident, DCENT continues to send out scam warnings, saying it has separate support accounts on X and no official Telegram or Discord support channels. Also, it will never request a recovery phrase, wallet key, or PIN, or instruct users through a direct message to transfer funds.

9.3 million XRP stolenIn an update shortly after the unauthorized transactions were flagged, DCENT highlighted user addresses that might be affected by the incident.

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This includes addresses whose recovery phrase was at some point entered into the DCENT App Wallet; addresses that have a history of sending (signing), including token and NFT transfers, token approvals, and dApp transactions; the signing took place on an app version below 8.1.0 (released 2025-11-05); and the address is on Bitcoin, Ethereum, XRP Ledger, TRON, an EVM-based network, or another potentially affected chain.

A recent update by the XRPL intel X account identifies 6,160 potential victim addresses and 9.3 million XRP stolen.

The tracked funds are mixed with XRP received from other sources: 2 million XRP are held in tracked wallets, while 7 million XRP were sent to unidentified services.

Two wallets have been identified where issued tokens stolen from D'CENT App users were collected: one holds RLUSD, and another holds multiple XRPL-issued tokens.

Token issuers have been urged to freeze the affected trust lines to prevent the scammers from moving these assets, which will apply to RLUSD in this case.