Track market-moving stories before they get noisy

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.

Agent payments on the XRP Ledger now support Mastercard's Verifiable Intent standard, according to a recent X post by t54.ai, an AI infrastructure company building an agentic economy on the XRPL.

The x402 facilitator went live on the XRP Ledger in February 2026, allowing AI agents to pay for services using XRP and RLUSD with no need for an API key or accounts.

According to t54.ai, developers can prove through the x402 Facilitator who authorized a payment, under what limits, and for which purchase, and Trustline screens it before settlement. They can also attach a Mastercard-aligned Verifiable Intent (VI) to their x402 payments so every request agents make is automatically run through the XRPL Facilitator's risk service.

HOT Stories

Verifiable Intent (VI) is a cryptographic proof, carried alongside an x402 payment, that answers three questions a risk engine needs before it trusts an autonomous payment: who authorized it, under what limits, and for exactly which transaction. It follows the Mastercard Agentic Payments / Verifiable Intent standard.

The rise of AI has created new ways to buy and sell goods and services and now requires a new class of payments.

You Might Also Like

As part of this push, Mastercard introduced the Agent Pay for Machines (AP4M) service, which will allow payment transactions to be permissioned, orchestrated, and settled at machine speed across its global payments network.

Ripple joined the ecosystem supporting Mastercard's Agent Pay for Machines initiative in June 2026, helping to validate new use cases, establish common rules, and accelerate adoption.

XRPL hits 1.4 million agentic transactionsThe agentic economy on the XRP Ledger is growing, with over 1.4 million agentic transactions settled through t54's x402 facilitator on the XRPL.

You Might Also Like

Responding to this milestone, RippleX head of engineering J. Akinyele compared the current state of agentic payments to the early days of cloud infrastructure, when the potential was obvious but the tooling and standards were still being developed.

Akinyele said that as AI agents become more capable, they will require seamless payment infrastructure similar to how they already exchange data, adding that the XRPL is in the early stages of what is possible.

"Crossing 1M agentic transactions on the XRPL is an exciting milestone, but I believe we're still in the early stages of what's possible," Akinyele said in an X post.

Eight months ago the XRP ETFs launched faster than any product since Ethereum. The bid has since decayed 99%, from $200 million weeks to zero-flow days, leaving $1.49 billion invested, $997 million remaining, and a recovery thesis outsourced entirely to a Senate vote. Here is the full autopsy of a bid, and what its flatline actually prices.

Summary

US spot XRP ETFs launched in November with $667 million in their first month, reaching $1 billion faster than any crypto product since Ethereum’s funds, on an eight-week inflow streak that ran even while Bitcoin funds bled. The bid then decayed by roughly 99%: weekly flows fell from above $200 million to low single-digit millions, the streak ended July 13, and July’s tape shows zero-flow days punctuated by one $7.29 million outflow, the largest since March. The wreckage is precise: $1.49 billion in cumulative inflows now marks against roughly $997 million in net assets, an unrealized deficit near $493 million, with 82% of assets concentrated in three funds and several products flatlined entirely. The one institutional trophy, Goldman Sachs’s $153.8 million position across four funds, is a December-dated 13F snapshot that Bloomberg analysts read as trading-desk facilitation, inside a complex that remains 84% retail-held. The flows have now stabilized at approximately nothing, which the optimistic read calls a floor, and the recovery case has converged on a single external event: the CLARITY Act vote whose odds trade near a coin flip this week. There is a specific moment in the life of every investment product when its story stops being about demand and starts being about anatomy, and for the US spot XRP ETFs that moment can be dated: Monday, July 13, when the daily flow printed zero and an eight-week inflow streak, the product class’s last living narrative, quietly ended. What launched in November as the fastest-growing crypto fund complex since Ethereum’s, $667 million in month one, a billion dollars faster than anyone forecast, institutional validation in fund form, now trades as a case study. The buyers did not rotate, rebalance, or pause. They stopped: from weeks above $200 million to weeks near $2 million, from streak to zero-days, from launch euphoria to a July whose single best session, $6.78 million, amounts to one percent of the early pace. What remains is $1.49 billion of invested capital marking against $997 million of assets, three funds carrying 82% of everything, and a recovery thesis that no longer references the product at all, only a Senate vote. This piece is the full anatomy: how the bid died, what the wreckage precisely looks like, what the lone institutional trophy in the filings actually shows, and what the flatline, honestly read, prices for the asset underneath it.

The decay curve, dated The complex’s eight months divide into three phases so distinct they could belong to different products.

Phase one, the launch bid, ran from November into the winter: $667 million in the first month across seven issuers, the fastest accumulation to $1 billion since Ethereum’s funds, weekly prints above $200 million, and the statistic the marketing decks will never retire, an inflow streak that persisted through weeks when Bitcoin ETFs bled, which was read at the time as evidence of a distinct, durable XRP allocator base. The reading had support: the products launched into the afterglow of the SEC’s surrender, the commodity classification, and the first wave of bank-desk research initiating coverage with conditional price targets in the double digits.

Phase two, the decay, occupied the spring: weekly flows stepped down from nine figures to eight to seven, May still collected over $100 million for the month, and by June the run-rate had thinned to low single-digit millions per week, a decline of roughly 99% from peak that no single event explains and one variable tracks perfectly, the token’s price, which fell from above $2.40 in January to the $1.10s, converting every earlier allocation into a loss and every allocator’s quarterly review into an uncomfortable meeting. Fund flows follow performance with a lag in both directions; the launch streak was the up-lag, and the decay was the down-lag arriving on schedule.

Phase three, the flatline, is July: six sessions of exactly zero flows in the month’s first half, a $7.29 million single-day outflow on July 9, the largest since March, the streak’s formal end on July 13, then a stretch from July 10 through July 20 of zeros and small positives, crowned by the month’s best day, $6.78 million on July 16, driven by two issuers’ desks. The freshest coverage frames the stabilization as survival, the product has not seen an outflow day since July 9, and the framing is technically true and proportionally absurd: the bid that defined the launch is not resting, it is absent, and its absence has become stable. That is what the anatomy shows. The interesting questions are in the tissue.

The wreckage, itemized Four numbers, current as of this week’s data, describe the complex more honestly than any narrative.

$1.49 billion against $997 million. Cumulative net inflows since launch stand near $1.49 billion; total net assets stand near $997 million, roughly 1.45% of XRP’s market capitalization, with about 971 million XRP in custody. The gap, approximately $493 million, is the unrealized loss the allocator base collectively carries, the arithmetic consequence of buying a token averaging well above $1.50 that now trades near $1.10. Every future flow decision the complex’s holders make is made against that deficit, which is the single most important fact in any forecast of the flows resuming: the marginal buyer is being asked to average down into a product whose existing buyers are 33% underwater on invested capital.

82% in three funds. Bitwise holds $312.8 million in assets on $498.3 million of cumulative inflows; Canary $253.2 million on $467.0 million; Franklin $252.2 million on $415.6 million. Together, the top three hold roughly 82% of complex assets, which means the seven-fund complex is functionally a three-fund market with a long tail of products printing zeros. Category-level flow headlines obscure this: an inflow day increasingly means one or two distribution desks had a decent Thursday, and a diversified institutional bid, the launch thesis, would not produce this shape.

84% retail-held. The complex’s ownership base, per the issuer-side analysis that accompanied the spring’s institutional reporting, remains 84% retail, against 48.8% institutional participation in the comparable Solana products, a gap that quantifies how much of the launch narrative, the institutions are here, was distribution, not description. Which frames the trophy correctly.

The Goldman position, read properly. Goldman Sachs’s 13F disclosed $153.8 million across four XRP funds, roughly $40 million in Bitwise, $38.5 million in Franklin, $38 million in Grayscale, $36 million in 21Shares, making it the largest disclosed institutional holder, accounting for 73% of the top 30 institutions’ combined $211 million. The number did real narrative work all spring, and its caveats are the anatomy lesson: it is a December 31 snapshot, disclosed in March, of positions that may not exist today; Bloomberg’s analysts read the four-fund construction as consistent with trading-desk facilitation and client positioning instead of proprietary conviction; and as this publication’s own guide to how to read the Goldman position argues, the form is a rear-view mirror with a 45-day delay, structurally incapable of showing whether the bank held, added, or exited through the subsequent drawdown. The largest institutional XRP position on record is, read strictly, evidence that Goldman’s clients wanted exposure in December. The flows since are evidence of what everyone wanted after.

The geography of the remaining bid One more layer of the anatomy deserves its own examination, because the aggregate US flow numbers conceal a compositional fact with real information in it: through the American flatline, the marginal bid for exchange-traded XRP exposure migrated abroad.

Through the spring decay, European venues carried a share of global XRP product flows out of proportion to their size, with Swiss and broader European ETP wrappers at times representing the substantial majority of weekly net inflows worldwide while the US complex printed its zeros. The absolute sums are modest, European crypto ETPs are an older, smaller, steadier market, but the composition matters for what it falsifies and what it suggests. It falsifies the strongest form of the exhaustion reading: if the asset’s entire allocator universe were fully purchased, the European bid would have flatlined alongside the American one, and it did not. And it suggests where the marginal buyer actually lives: in jurisdictions where the asset’s legal status was never contested, where MiCA-era frameworks settled classification questions years earlier, and where the products consequently trade as ordinary alternatives allocations, not as bets on a Senate calendar.

Read that way, the geographic split becomes the cleanest natural experiment available on the outsourced thesis. The American flows died in the jurisdiction where the asset’s status remains hostage to legislation; the European flows persisted, modestly, in jurisdictions where it does not. If legal permanence is truly the binding constraint on institutional allocation, the CLARITY experiment has already run abroad, and its result, steady but unspectacular demand, prices the upper bound of what passage realistically unlocks: not the JPMorgan-forecast flood, but a normalization to the European pattern, mid-single-digit millions weekly, compounding quietly, unheroically, forever. That is a real bull case, and it is a fraction of the one being marketed.

The alternative reading restores the American market’s exceptionalism: US wealth-management distribution is an order of magnitude deeper than Europe’s, the RIA channel that turned Bitcoin’s ETFs into a $52 billion complex has no European equivalent, and the launch month’s $667 million showed what that distribution can move when it has a story to sell. On this reading, Europe measures the floor of post-CLARITY demand and America’s launch month measured the ceiling, and the truth, as usual, books a room between them. Either way, the geographic ledger deserves a place in every flow analysis this complex receives, because it is the one dataset showing what XRP demand looks like when Washington is not the variable, and it has been quietly reporting that answer, in Swiss francs, all year.

The regulated-channel counterpoint One dataset complicates the pure decay story, and honesty requires it: while the spot complex flatlined, the regulated derivatives channel set records.

CME’s XRP futures built to a peak of $1.4 billion in open interest with 29 large open-interest holders, a record for the venue, even as total XRP derivatives open interest across all venues collapsed from its $10 billion peak by margins reported between 75% and 96%, a deleveraging that wiped out the offshore, retail-levered complex. The split matters because the two channels answer different questions: aggregate open interest tracks speculative leverage, which is gone, while CME positioning tracks the institutions that clear through Chicago, which grew through the wreckage. The honest synthesis is narrower than either headline: the levered retail market deflated, a smaller regulated market matured, and neither flow bought spot tokens, which is why the ETF shelf and the price both starved while the derivatives venue celebrated. Institutional infrastructure and institutional demand are different things, a distinction this asset’s whole history keeps teaching. For the underlying distribution picture, crypto.news has also mapped the supply map under the products.

What the flatline prices Strip the anatomy to its meaning and three readings compete, with the tape currently endorsing the bleakest.

The floor reading, the optimists’ case, holds that the shakeout is complete: outflows never cascaded, the post-July 9 tape shows zero net redemption, the deficit is carried rather than capitulated, and a stabilized base at $1 billion of assets is the platform a catalyst builds on. Its evidence is real, the complex genuinely did not unwind the way GBTC-era products did, and its weakness is that a floor with no bid above it is just a ledge.

The exhaustion reading holds that the launch consumed the entire natural buyer base: the crypto-native allocators, the RIA early adopters, and the bank desks servicing client curiosity all bought in the first two quarters, at prices 40% above the current market, and no second cohort exists at any price the first cohort’s losses will allow advisers to recommend. On this reading the flatline is not a floor but a completed distribution, and the zero-days are what a fully-sold product looks like.

And the outsourced reading, the one the complex’s own defenders now lead with, holds that the flows return when Washington acts: legal permanence unlocks the institutional allocation the launch never actually contained, the 84% retail share inverts, and the JPMorgan-style first-year forecasts the complex undershot get a second life under a market-structure law. This is the reading that matters, because it is the one being priced, and its honest form is uncomfortable: it concedes the product failed to generate durable demand on its own and converts the entire recovery case into a claim about one bill, whose cloture count stands unresolved this very week, whose passage odds trade near a coin flip, and whose own conditional structure, as this publication’s analysis of the conditional targets riding these flows showed, was already the load-bearing wall under every double-digit XRP forecast. The ETF complex, the price targets, and now the flow-recovery thesis have all converged on the same single point of failure. That is not diversification of catalysts. It is concentration, in a legislature, measured at 41% on Polymarket, and the flatline is what an asset looks like while it waits on it.

What to watch The weekly prints against the zero line. The complex has proven it can avoid outflows; the open question is whether anything above $10 million a week ever returns without a legislative trigger. Sustained mid-eight-figure weeks would falsify the exhaustion reading on their own.

The concentration ratio. Watch whether the three-fund share of assets rises above 82%, consolidation continuing, or whether the tail products show life, the only clean signal of a broadening buyer base instead of two sales desks working.

The CLARITY binary, and the day after. Passage would run the outsourced thesis’s experiment in real time: the flows either arrive within weeks, validating everything, or they do not, which would be the most damaging data point in the asset’s institutional history, because it would exhaust the last explanation. Failure of the bill runs the mirror experiment on the deficit’s holders. That is the event the recovery thesis waits on.

The Q1 13F cycle’s ghosts. The May filings covering the drawdown quarter will show whether Goldman and the top-30 cohort held through the decline. A largely intact institutional roster supports the floor reading; a vanished one completes the anatomy.

Eight months ago the XRP ETFs were the proof that institutional demand existed. The anatomy shows what they actually proved: that distribution existed, that a launch window monetized it, and that demand, the durable kind that buys drawdowns, was never located. The complex now holds $997 million, a $493 million scar, and one hypothesis left to test, scheduled for a Senate floor that has not yet set the time. Products usually die of redemption. This one’s fate is stranger: fully built, fully priced, and waiting, with the rest of its asset class, for Washington to tell it whether the buyers were ever real. For context, crypto.news has explained he flow machinery itself.

Frequently asked questions What happened to the XRP ETF inflows? They decayed roughly 99% from launch. The products drew $667 million in their first month from November and sustained an eight-week inflow streak, but weekly flows fell from above $200 million to low single-digit millions by summer. The streak ended July 13, July logged six zero-flow sessions and a $7.29 million outflow day, and the month’s best session brought just $6.78 million.

How much money is in the funds now, and what is the loss? Cumulative net inflows stand near $1.49 billion, while total net assets are roughly $997 million, about 1.45% of XRP’s market capitalization, with approximately 971 million XRP in custody. The gap of roughly $493 million represents unrealized losses on invested capital, reflecting purchases made at substantially higher token prices than the current $1.10 area.

Which funds dominate the complex? Three of seven: Bitwise with $312.8 million in assets, Canary with $253.2 million, and Franklin with $252.2 million, together roughly 82% of all complex assets. The remaining products frequently print zero daily flows, meaning category-level inflow headlines usually reflect activity at one or two distribution desks, not broad-based demand.

Does Goldman Sachs’s position change the picture? Less than headlines suggested. Goldman’s $153.8 million across four funds, disclosed in its Q4 2025 13F, made it the largest institutional holder, about 73% of the top 30 institutions’ combined exposure. But the filing is a December 31 snapshot published in March, Bloomberg analysts read the construction as trading-desk facilitation rather than directional conviction, and the complex overall remains 84% retail-held.

How does the CME futures record fit the story? As a counterpoint about a different market. CME’s XRP futures reached a record $1.4 billion in open interest with 29 large holders even as total XRP derivatives open interest collapsed as much as 96% from its $10 billion peak. The regulated channel matured while offshore leverage deflated, but neither development bought spot tokens, which is why the ETF flows and the price starved simultaneously.

Is the recent stabilization a positive signal? It is the debated question. Since the July 9 outflow, daily flows have been zero or slightly positive, no redemption cascade has occurred, and the deficit is being carried rather than capitulated, the floor reading. The skeptical reading calls the same tape exhaustion: the natural buyer base fully purchased during launch and no second cohort exists at current prices. The flatline is consistent with both until something moves.

Why does everything now depend on the CLARITY Act? Because every other catalyst has been consumed. The SEC resolution, the launches, and the bank coverage all occurred, and the flows died anyway, leaving legal permanence as the last untested explanation for why institutional allocation has not arrived. The recovery thesis for the flows, the analyst price targets, and the asset’s broader institutional case have converged on the same legislative binary, currently priced near a coin flip.

What should investors watch next? Weekly flows against the zero line, with sustained mid-eight-figure weeks as the falsifier of the exhaustion reading; the three-fund concentration ratio, for any sign of a broadening base; the Q1 13F filings covering the drawdown quarter, to see whether the institutional roster held; and the CLARITY vote itself, whose aftermath in either direction runs the decisive experiment on whether the buyers return. This is not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Flow figures and asset values change daily and reflect data available at the time of writing. Nothing here is a recommendation to buy, sell, or hold any asset or fund. Always do your own research. Information is accurate as of July 24, 2026.

The XRP ecosystem has welcomed over $800 million worth of distributed real-world assets this year amid the growing tokenization trend on the network.

The tokenization market has continued to grow in 2026, with its total value now exceeding $410 billion. Current data puts the market at $410.70 billion, made up of $36.72 billion in distributed asset value and $373.98 billion in represented asset value.

Growth has been especially strong in the distributed asset segment. At the beginning of the year, distributed asset value, excluding stablecoins, stood at $25.39 billion. It has since risen to $36.72 billion, as interest in tokenization has gained momentum throughout the year.

XRPL Adds Over $800 Million in Distributed RWA The XRP Ledger has also benefited from the growing interest in tokenized assets. As more attention has moved toward the sector, the network has expanded the value of assets issued directly on the ledger.

Data shows that the XRP Ledger now holds $1.319 billion in distributed asset value when stablecoins are included. Without stablecoins, the figure stands at just $323.18 million.

The network began 2026 with $518 million in distributed real-world assets. Since then, that figure has climbed to $1.319 billion, meaning the XRP Ledger has added exactly $801 million in distributed RWAs this year. The increase shows the network’s growing role in the broader tokenization market.

Distributed RWA on XRP Ledger RLUSD Leads the Growth Ripple’s stablecoin, RLUSD, has driven most of the increase in distributed assets on the XRP Ledger. At the start of the year, RLUSD had a market capitalization of $235 million. It has since grown to $896 million, adding $661 million in value during 2026.

Ripple has supported this growth by increasing RLUSD minting on the XRP Ledger while burning more of the stablecoin on Ethereum. As a result, RLUSD now makes up 67.96% of the XRP Ledger’s total distributed asset value.

The stablecoin ecosystem on the network has also continued to expand. Combined stablecoin market capitalization on the XRP Ledger has reached $995 million, bringing it close to the $1 billion mark. 

Alongside RLUSD, Braza USDB contributes $69.44 million, BBRL accounts for $12 million, and USDC adds $5.8 million, with several other stablecoins making up the remainder. These assets have played an important role in increasing the ledger’s distributed asset value.

Total RWA on XRP Reaches $5.35 Billion The XRP Ledger’s tokenized asset ecosystem extends beyond distributed assets. When represented asset value is included, the network now supports $5.35 billion in real-world assets, including stablecoins.

Several tokenized products account for much of that value. The largest is JMWH from Justoken, which is worth $2.229 billion. RLUSD follows with $876 million, while the Ondo Short-Term US Government Bond Fund contributes $222 million. The ASENA FIF – Single Tranche product also represents a significant share with $215.7 million.

These figures confirm how quickly the XRP Ledger’s tokenized asset ecosystem has expanded this year. RLUSD has led the growth in distributed assets, while several large tokenized financial products have strengthened the network’s represented asset value.

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

XRPL Commons Launches Three-Track Grants ProgramXRPL Commons, a nonprofit organization that helps grow the XRP Ledger through developer education, startup support, and community programs, unveiled a new grants structure for teams building on the blockchain. The program is structured across three distinct tracks, each designed to serve a different type of builder.

Early Stage Grants provide milestone-based funding, meaning money is released when teams meet agreed development or growth targets. Applicants need a working product on either testnet or mainnet. A second track targets startups at a more advanced stage, while the third track targets established products already operating on the network. The program combines grants with technical guidance, mentorship, and help bringing products to market.

RippleX amplified the initiative as the ecosystem expands its developer resources. The launch also includes incubator access and migration support for projects moving onto the XRP Ledger from other chains.

$550 Million Invested Since 2017Since 2017, more than $550 million has been deployed directly into XRPL ecosystem initiatives, including non-equity grants, builder incentives, strategic partnerships, and growth programs. Since 2021, these efforts have included hackathons, builder bounties, XRPL Grants, and the XRPL Accelerator, supporting nearly 200 projects worldwide across developer infrastructure, payments, DeFi, tokenization, AI, gaming, e-commerce, carbon markets, and enterprise financial applications.

As the ecosystem matures, the focus is shifting toward expanding access to funding through more distributed and independent pathways. Historically, much of the XRP Ledger ecosystem funding flowed through Ripple-supported initiatives such as XRPL Grants. While those programs remain important, 2026 marks a shift toward a more distributed model, where independent organizations, regional hubs, venture partners, and community-led initiatives play a larger role in supporting builders.

XRPL Commons will continue existing programs such as GLOW and The Aquarium, an incubator located in Paris. Partner organizations supporting ecosystem development include a100x Ventures, Superscrypt, Reforge, New Form Capital, Dragonfly, Pantera, Franklin Templeton, and Tenity.

Sources:
XRPL Commons Unveils New Grants Program to Accelerate XRP Ledger Builder Growth (Bitcoin.com)
Supporting Innovation on the XRP Ledger: What's Changing in 2026 (Ripple)

Ripple has announced a strategic investment in Notabene, a regulated on-chain transaction network, as part of efforts to promote the adoption of RLUSD in institutional stablecoin payments.

Partnership aims for compliance and scaleThrough this collaboration, Ripple will integrate RLUSD, its dollar-backed stablecoin, into Notabene Flow, Notabene’s dedicated B2B stablecoin payments platform. Notabene’s system focuses on providing regulated transaction infrastructure and compliance tools to financial institutions.

By integrating RLUSD within Notabene Flow, both companies intend to streamline stablecoin-based payments for enterprises while addressing regulatory requirements and risk controls.

Ripple, best known for its global payments and blockchain solutions, developed RLUSD to offer financial institutions a compliant and efficient stablecoin option for business transactions.

Mini dictionary: Notabene, a Swiss-based company, connects regulated financial institutions and digital asset platforms worldwide with a focus on on-chain transaction compliance and verification.

Infrastructure and regulatory obligationsNotabene operates a network that enables regulated digital asset transactions, connecting over 2,300 institutions across more than 100 jurisdictions. The platform reportedly supports $2 trillion in annualized transaction volume and offers comprehensive compliance, identity verification, and transaction authorization tools required by financial institutions.

As more financial entities explore stablecoins for payments, they face increasing challenges related to regulatory standards, compliance, and verification of transaction parties. Notabene’s solution seeks to address these hurdles before any fund transfers take place.

CompanyCore ServiceInstitutions ConnectedJurisdictionsAnnual Transaction VolumeNotabeneOn-chain transaction compliance2,300+100+$2 trillionRippleEnterprise payments, stablecoinsN/A (focus on global enterprise)GlobalN/AVoices from Ripple and NotabeneJack McDonald, Senior Vice President of Stablecoin at Ripple, emphasized the need for robust compliance and identity procedures, stating that technological efficiency alone is not enough for stablecoins to achieve widespread institutional adoption. He pointed to the importance of transaction authorization and ongoing compliance for enabling responsible and scalable use.

Jack McDonald explained that settlement rails must be supported by strong compliance, identity, and transaction authorization for institutional stablecoins to move fully into the mainstream.

Pelle Braendgaard, CEO of Notabene, observed that most institutions have progressed past the evaluation stage and are now focused on integrating stablecoins into their operations while fulfilling complex regulatory and compliance requirements.

Pelle Braendgaard noted that financial institutions are now focused on implementing stablecoins within their existing workflows and maintaining regulatory compliance, rather than simply assessing their utility.

Outlook and regulatory momentumThis investment by Ripple comes as regulated stablecoin infrastructure sees significant expansion, driven by new frameworks including the GENIUS Act in the United States and Europe’s MiCA rules. Both Ripple and Notabene indicated plans to continue building out Notabene Flow’s availability for financial institutions worldwide, aiming to facilitate compliant, cross-border stablecoin payments at larger scale.

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

Software developer Vincent Van Code believes the proposed CLARITY Act could have a bigger impact on XRP adoption than many people expect. 

He argues that, although XRP’s legal status is clearer today, important regulatory uncertainty still remains.

In a post on X, Van Code said the 2023 district court ruling in the SEC’s case against Ripple significantly reduced legal uncertainty. Notably, the court found that XRP sales on secondary markets are not securities.

He said the ruling has already encouraged more institutional activity. It has supported the expansion of Ripple’s On-Demand Liquidity (ODL) corridors, bank pilot programs, XRP exchange-traded fund (ETF) filings, and broader custody support.

Court Ruling Reduced Risk, but Uncertainty Remains Van Code argued that the Ripple decision is still only a federal district court ruling, not a federal law. Because of that, he said, future legal and regulatory challenges remain possible.

He noted that the SEC could take different positions in future enforcement actions. Future court decisions or changes in administration could also narrow or revisit the ruling.

According to Van Code, this uncertainty continues to concern large financial institutions. Many of them require clear statutory guidance before committing significant capital or integrating digital assets into core financial products.

CLARITY Act Could Encourage More Institutions Van Code said the CLARITY Act is designed to address this issue by putting digital asset classifications into federal law.

He added that banks and traditional financial institutions generally follow conservative compliance standards. As a result, many remain hesitant to hold large XRP positions or build major products based only on a court ruling.

Instead, some institutions have limited their XRP involvement to lower-risk activities. These include non-custodial services, pilot programs, and experimental use cases.

If passed, the CLARITY Act could remove much of the remaining regulatory uncertainty that risk-averse institutions continue to cite. Van Code believes this could support broader institutional adoption of XRP.

However, he emphasized that this is his personal analysis. He did not suggest that the legislation would necessarily have a direct impact on XRP’s market price.

CLARITY Act Advances in Senate A new draft of the Digital Asset Market Clarity Act is circulating in the Senate as lawmakers make a final push to pass crypto market structure legislation before the August recess.

The latest draft includes a controversial ethics provision. It would bar the president and other senior government officials from holding direct crypto investments until 2029. The Department of Justice would be responsible for enforcing the rule.

Republicans say the provision reflects an agreement with President Donald Trump. However, many Democrats argue the restriction does not go far enough. Several have not yet committed to supporting the bill.

Beyond the ethics measure, the legislation would expand consumer protections and clarify how digital assets are regulated. It would also establish rules for crypto exchanges, support tokenized securities, and preserve protections for decentralized finance (DeFi) developers. Developers who do not control customer funds would remain exempt from money transmitter rules.

Republican leaders are expected to bring the bill to the Senate floor soon. However, it will likely need at least 10 Democratic votes to clear the Senate’s 60-vote threshold.

With Congress set to begin its summer recess in August, the coming weeks are the bill’s best opportunity to advance.

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

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.

American institutional investors have begun reallocating capital into spot XRP ETFs while actively taking profits in the DeFi segment. According to SoSoValue, daily net inflows into XRP funds reached $5.66 million, while Hyperliquid (HYPE) funds lost $698,040.

Wall Street's shift in priorities comes amid rapid progress in the U.S. Senate on the historic CLARITY Act. The bill, passed by the House of Representatives in July 2025, transfers oversight of digital commodities to the CFTC while leaving the SEC in control only of tokens classified as securities.

Why XRP is gaining traction ahead of the CLARITY ActOptimism surged after Treasury Secretary Scott Bessent said the bill was on the "1-yard line" before approval. Senate Majority Leader John Thune and White House officials also confirmed progress in negotiations, easing disagreements over ethics provisions.

HOT Stories

A special Senate briefing will take place behind closed doors in the near future, with the goal of accelerating an official vote before lawmakers leave for recess. Despite opposition from Democrats, prediction markets now estimate the bill's chances of success at 50%–70%.

You Might Also Like

For investors, buying XRP ETFs is a beta bet on the American company Ripple, which develops payment solutions based on the XRP Ledger blockchain. Full legal clarity under the CLARITY Act would give the company's infrastructure more room to expand, including the scaling of its new RLUSD stablecoin.

In the long term, this ripple effect could sharply increase transaction activity across XRPL and trigger mass adoption of XRP by large businesses. Major capital is clearly moving into regulated assets ahead of the curve, restructuring portfolios around the future rules of the market.

Wall Street prefers policyYesterday's crypto ETF data clearly illustrates this trend. While Bitcoin continues to attract most of the capital, recording its sixth consecutive day of growth, and Ethereum steadily holds its position, a clear divide has emerged in the altcoin market.

XRP is attracting funds at roughly the same pace as Solana. However, while capital in Solana remains at high levels because of the network's strong performance in the real-world asset tokenization sector, the DeFi-focused Hyperliquid segment is losing ground.

Investors are actively withdrawing money from BlackRock's iShares HYPE fund. Capital flows into Bitwise's fund have completely stalled, while Grayscale recorded only a symbolic daily transaction.

Total US Spot XRP ETF net inflow over the last 30 days, Source: SoSoValueThis outflow continued a negative trend for Hyperliquid, whose ETFs already suffered substantial losses last week. The rest of the market is currently at a standstill: investors showed only minimal interest in Litecoin and Dogecoin, while capital flows into BNB, LINK, HBAR, AVAX, and DOT funds stopped completely.

An official date for the Senate vote has not yet been set, but fund data confirms that major U.S. buyers no longer want to play regulatory roulette and are already choosing assets tied to American jurisdiction.

XRP's latest rally appears to be backed by growing conviction among large holders. 

On-chain data provided by analytics firm Santiment shows that whales have steadily increased their positions while smaller retail wallets continue to exit the market.

Wallets holding between 100,000 and 100 million XRP have increased their combined holdings by 2.8% over the past five weeks. 

HOT Stories

During the same period, wallets holding less than 0.01 XRP reduced their balances by 5.2%. There is a clear divergence between institutional-scale investors and the smallest retail participants.

Essentially, large investors were buying the dip while XRP was trading in a relatively weak range between roughly $1.05 and $1.12. 

You Might Also Like

According to CoinGecko data, XRP has climbed more than 3% over the past week, recently reclaiming the $1.16 level.

XRP has historically tended to follow the behavior of large whales instead of small retail wallets, according to Santiment. 

Bullish momentum Whale accumulation is a bullish signal, but, of course, it is not a guarantee that XRP will continue higher. Large holders can accumulate for many reasons, and macro conditions, ETF flows, and broader crypto market sentiment are still the key factors that could make or break the rally. 

Recent data shows that XRP spot ETFs recorded $5.09 million in net inflows on July 21 after $2.27 million on July 20 and $6.10 million on July 16. This came after a brief period of outflows earlier this month.

Meanwhile, as reported by U.Today, there are various notable technical developments on the XRP Ledger. Validators are expected to vote within the coming weeks on one of the network's most significant upgrade packages to date.

The proposed amendments would introduce batch transactions and confidential transfers. Additional improvements include enhancements to the ledger's Multi-Purpose Token (MPT) standard. 

https://mannerofspeaking.org/2011/04/03/the-ripple-effect/

The XRP Ledger has surpassed a significant milestone, recording over 1 million agentic transactions. These transactions, settled via the x402 protocol, indicate the growing use of XRP for machine-to-machine micropayments. RippleX’s Head of Engineering, Ayo Akinyele, anticipates that this volume could reach between 10 and 100 million in the coming years. The development coincides with the launch of the XRPL AI Hub by Ripple-backed t54.ai, aiming to integrate payments and AI agents. This milestone suggests an emerging role for the XRP Ledger as a settlement layer in the agentic economy.

Advertisement

Key Takeaways The milestone of 1 million agentic transactions on the XRP Ledger suggests increasing adoption of XRP for machine-to-machine payments. RippleX’s Ayo Akinyele anticipates a significant rise in transaction volume, potentially reaching 100 million in the next few years, which may indicate a robust growth trajectory. Pricing suggests market participants view this development as supportive of XRP’s potential for reaching a new all-time high by 2026. What to Watch Observers should monitor further announcements from Ripple and the XRPL AI Hub for indications of continued growth in agentic transaction volumes. Developments such as XRP ETF approvals or significant partnerships could act as catalysts, potentially influencing market sentiment toward XRP reaching a new all-time high. The market will also watch regulatory actions from entities like the U.S. SEC, which could impact sentiment and pricing.

Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Term Structure

Contract Odds Δ since publish Volume 24h September 30, 2026 1.2% — — View market → December 31, 2026 6.2% — — View market →

Standard Chartered’s roadmap has XRP at $28 by 2030. Read the fine print and every dollar above $3 depends on one bill passing a Senate that has sat on it for a year. The most institutional price target in crypto is a bet on Congress, trading at one-in-three odds.

Summary

Standard Chartered’s Geoffrey Kendrick cut his 2026 XRP target 65% in February, from $8 to $2.80, the deepest cut across the bank’s crypto coverage, while raising his long-range ladder to $7 in 2027, $12.60 in 2028, and $28 by 2030. The conditions are explicit: the near-term target needs only a macro recovery, but the 2027 and 2028 legs require the CLARITY Act to pass and spot ETF inflows to scale past $4 billion. The $28 endpoint assumes XRP becomes core financial infrastructure at a market cap near Bitcoin’s 2025 peak. Both conditions are currently failing. CLARITY has gone a year without a Senate floor vote, its text keeps slipping, and prediction markets price 2026 passage near one in three. ETF inflows have collapsed from $200 million a week to roughly $2 million. The honest math is stark: Bitwise’s formal valuation model spans $29.32 to 13 cents for 2030, a 200-fold range driven by the same binary assumptions, and analyst consensus clusters at $5 to $10 only “if CLARITY clears.” XRP trades near $1.10. Every institutional target above roughly $3 is, mechanically, a legislative forecast wearing a price target’s clothes, and holders pricing the roadmap without pricing the Senate are reading half the document. Price targets are supposed to be about assets. The most cited institutional forecast in XRP is, on inspection, about a legislature. Standard Chartered’s Geoffrey Kendrick, the closest thing crypto has to a house analyst on Wall Street, maintains a roadmap that carries XRP from roughly $1.10 today to $28 by 2030, and he has been unusually honest about the machinery underneath it: the near-term number needs nothing but a market recovery, while every rung above it requires the bill the roadmap depends on to become law and ETF money to arrive in billions. Those are not market variables. One is a bill that has spent a full year without a Senate floor vote, whose text has slipped repeatedly, and which prediction markets price near one-in-three for 2026; the other is a flow that has decayed from $200 million a week at launch to roughly $2 million now. The roadmap is rigorous, transparent, and conditional to its core, and the market that quotes its endpoints has mostly declined to read its conditions. This piece reads them, prices them, and asks what an XRP holder actually owns: an asset with an institutional bull case, or a leveraged position on the United States Congress.

The roadmap, with its fine print restored Kendrick’s forecast deserves to be laid out properly, because its evolution is more informative than any single number in it.

The original ladder, published in April 2025 while Ripple was still litigating with the SEC, projected $5.50 by the end of 2025, $8 by the end of 2026, and $12.50 by 2028, resting on three named catalysts: resolution of the SEC case, spot ETF inflows of $4 billion to $8 billion, and growing payments use. What happened next is the interesting part: the catalysts substantially arrived, the SEC dropped its appeal, spot XRP ETFs launched in November and pulled in over a billion dollars faster than any product since Ethereum’s, Ripple spent roughly $2.7 billion assembling a prime brokerage and treasury stack, and the price went to $1.16 anyway, its lowest in fifteen months, dragged by a market-wide selloff Kendrick described as capitulation-prone. His February response was the deepest cut in the bank’s crypto book, the 2026 target from $8 to $2.80, alongside reductions for Bitcoin, Ethereum, and Solana.

And then the detail most coverage skipped: he raised the far end. The revised ladder runs $2.80 this year, $7 in 2027, $12.60 in 2028, $19.60 in 2029, $28 in 2030, with the long-range numbers lifted even as the near ones fell. The conditions attached are explicit in the bank’s work and in every serious reading of it. The $2.80 leg requires only macro repair, lower rates, risk appetite, a crypto market that stops falling. The $7 and $12.60 legs require the CLARITY Act to pass and cumulative ETF inflows to scale beyond $4 billion. The $28 endpoint requires XRP to stop being a traded asset and become, in the bank’s own blunt framing, core global financial infrastructure, at a market capitalization near $1.7 trillion, which is approximately what all of Bitcoin was worth at its October 2025 peak. The roadmap is not a prediction that compounds; it is a staircase where each step has a named gatekeeper, and from the second step up, the gatekeeper is the federal government.

The conditions, marked to market Take the two named conditions and price them with current data, because that exercise is the entire article.

Condition one: CLARITY becomes law. The bill’s year has been a study in almost. It cleared the Senate Banking Committee in May on a bipartisan 15-9 vote, which was real progress and is also the last floor-adjacent event it has produced. The revised text has slipped repeatedly, most recently after a White House meeting failed to break the deadlock, with the merged draft’s ethics provisions, the Trump family’s crypto holdings, and Democratic co-sponsorship all unresolved; not one Democrat currently backs the draft in circulation, and the August recess eats the calendar from the other end. Prediction markets, which watched the same year happen, price 2026 passage around 32%, down from near 50% in the spring. Senator Lummis has warned publicly that missing this window could shelve the bill for years. None of this makes passage impossible, majorities want a market-structure law in the abstract, but a one-in-three market probability is what the condition is currently worth, and the roadmap’s $7-and-above rungs inherit that discount factor whole.

Condition two: ETF inflows past $4 billion. For readers needing the base mechanics, crypto.news has explained how the flow condition is measured. The products launched spectacularly, $667 million in the first month, a billion dollars faster than any recent debut, an eight-week inflow streak that ran even as Bitcoin funds bled. Then the decay set in, and the current run-rate is the condition’s obituary: weekly flows that touched $200 million now measure around $2 million, July has printed zero-inflow days and the first outflows, cumulative inflows sit near $1.49 billion, barely a third of the condition’s threshold, and the assets that did arrive are roughly $493 million underwater against a $1.10 token. The internals are thinner than the totals: some 82% of complex assets sit in three funds, and a category-level inflow day increasingly means two issuers’ sales desks had a decent Thursday while five products recorded nothing. Analysts modeling the flows tie their recovery to, of all things, condition one, arguing institutional allocation resumes when legal status is permanent, which means the two conditions are not independent. They are one condition wearing two hats, and the hat that matters sits in the Senate.

The case for the conditional bull The strongest honest version of the roadmap’s defense is worth stating fully, because Kendrick is not naive and the structure of his call has real merit.

Conditional targets are what rigorous analysis looks like. A forecast that names its dependencies, CLARITY, $4 billion of flows, infrastructure adoption, is falsifiable and updatable in a way that round-number moonmath never is, and Kendrick’s willingness to cut his own headline number 65% in public is the behavior of an analyst marking to reality instead of defending a franchise. Note also what he did at the long end: raised it, on the argument that the fundamental build-out, the acquisitions, the licenses, the ETF wrapper existing at all, improved XRP’s decade even as its year collapsed. That is a coherent position, not a hedge.

The legislative bet itself is less speculative than a one-in-three market price makes it sound, on this view. Market-structure legislation has bipartisan support in principle, an industry spending historic sums to get it, a White House demanding it, and a predecessor, GENIUS, that proved the votes exist when text and politics align. Bills look dead until the week they pass; prediction markets priced GENIUS pessimistically inside its own final month. If CLARITY or any successor framework lands in 2027 instead of 2026, the roadmap’s ladder shifts a year without breaking, and an asset priced at $1.10 against a $7 conditional target offers the kind of asymmetry institutional allocators are paid to notice. The Bitwise model’s bull leg reaching $29.32 says a formal valuation framework, not just a bank’s conviction, can generate these numbers when the assumptions fire.

And beneath both conditions sits the quiet third catalyst the roadmap only gestures at: the institutional stack behind the thesis, the trust-bank charter awaiting final approval, the pending Fed master account that would be a first for a crypto-native firm, the prime brokerage clearing trillions. If that stack converts into settled volume that actually requires the token, the fee-and-utility floor under the price rises regardless of Washington’s calendar. The bulls’ summary is fair: the conditions are named, the discount is priced, and the asymmetry is the product.

LATEST: Ripple accelerates its evolution with deep liquidity, growing $XRP reserves, native stablecoin, Hidden Road integration, banking access, and institutional settlement engine pic.twitter.com/CoXOfAYveE

— crypto.news (@cryptodotnews) April 19, 2026 The case that a conditional target is not a target The skeptical reading does not dispute Kendrick’s numbers. It disputes what kind of object they are.

A price target whose upper rungs require an act of Congress is a legislative forecast, and banks are not better at those than prediction markets are. The one-in-three CLARITY price is not an inefficiency waiting to be arbitraged by people who read committee schedules; it is the aggregated judgment of a market that has watched this specific bill slip for a year, and the roadmap’s expected value collapses once the conditions are weighted honestly. Multiply the ladder out: $7 in 2027 at a one-in-three legislative probability, further discounted by an ETF condition running at a third of its threshold with decaying flows, prices the conditional rungs somewhere far below the headline, which is, notably, roughly where the market actually trades the token. On this reading, XRP at $1.10 is not ignoring the institutional bull case. It is pricing it correctly, conditions included, and the gap between spot and roadmap measures the conditions’ improbability rather than the market’s ignorance.

The Bitwise spread makes the point mathematically. A formal model that outputs $29.32 in its bull state and 13 cents in its bear state for the same asset in the same year is not describing a range of outcomes for a business; it is describing a binary event with a token attached. Two hundred-fold spreads do not appear in the valuation of assets whose futures are continuous; they appear when everything depends on a switch, and the switch here, the regulatory ground under the target plus the institutional adoption it gates, sits outside the asset entirely. Holders own exposure to the switch without any influence over it, which is a structurally different proposition from owning a claim on a growing system, and it deserves a different name than price target.

History supplies the uncomfortable base rate. XRP’s community has already lived one complete cycle of this structure: years of arguing the SEC case was the only thing suppressing the price, followed by the case resolving, the ETFs launching, the acquisitions closing, and the token underperforming the entire asset class anyway, down more than 60% from its 2025 high while its catalysts fired one by one. The lesson the tape taught, that clearing the named obstacle does not deliver the promised repricing, is precisely the risk the new roadmap reproduces at a higher level of government. And the flows condition has already offered its preview: the ETFs arrived, the inflows came, the price fell through all eight weeks of the streak, and the buyers stopped. A thesis that failed its own dress rehearsal does not become sturdier by moving the decisive scene to the Senate floor.

The roadmap’s quiet third catalyst deserves fuller treatment before the verdict, because it is the one input whose calendar Washington does not control alone. Ripple’s institutional stack has kept compounding straight through the price collapse: the national trust bank charter, conditionally approved in December, awaits final OCC sign-off, with only one crypto-native firm ever having completed that journey; the Federal Reserve master account application, which would give a crypto company direct access to the central bank’s payment rails for the first time, sits in a queue the Fed has formally paused for new Tier 3 decisions until the end of 2026, with Kraken’s five-year path to approval as the only precedent; and the prime brokerage assembled from the Hidden Road acquisition now clears institutional volume at a scale no other crypto firm matches. Analysts modeling the master-account scenario describe it as the catalyst no price target has fully priced, the event that would move XRP’s story from regulatory permission to infrastructure incumbency. The honest caveat is that this catalyst shares the others’ defect at one remove: charters and master accounts are also government decisions, made by regulators instead of legislators, on calendars measured in years. The stack is real, its compounding is observable, and its conversion into token demand remains the same unproven step the whole thesis keeps deferring. It widens the bull case’s foundations without shortening its timeline, which is precisely why the bank parked it under the 2029 and 2030 rungs, not the near ones.

The comparison set inside the ETF complex sharpens the flow condition further, because the aggregate numbers hide a structure that matters for whether $4 billion is even reachable. Seven US spot XRP products launched within weeks of each other, and the field has already stratified beyond recovery: Bitwise, Canary, and Franklin hold roughly 82% of complex assets, the remaining funds regularly print zero-flow days, and the best single day of July, under $7 million, came almost entirely from two issuers’ distribution. That concentration converts the headline condition into a narrower question than the roadmap implies. Getting from $1.49 billion to $4 billion does not require a market-wide change of heart about XRP; it requires two or three sales organizations to find another two and a half billion dollars of allocator demand for a product their clients currently hold at a half-billion-dollar unrealized loss. Fund flows follow performance with a lag in both directions, which is how the launch streak ran eight weeks into a falling price and why the decay since has been so complete. The precedent that haunts the setup is the launch itself: XRP reached its first billion of ETF inflows faster than any asset since Ethereum, an achievement the roadmap’s original version treated as the catalyst arriving, and the price fell throughout. A condition that was substantially met once, at maximum velocity, without producing the predicted repricing, now needs to be met again, from a lower base, against worse performance, before the next rung unlocks. That is the version of the flow condition an allocator actually faces, and it is meaningfully harder than the single cumulative number in the bank’s fine print suggests.

What a holder actually owns Strip the argument to its usable core and the position clarifies.

Below roughly $3, XRP’s institutional targets are macro calls, and the asset trades like the rest of the risk complex, with the same Fed, the same liquidity, the same beta. In that band, the roadmap says little that Bitcoin’s chart does not. Above roughly $3, every institutional number in circulation, Kendrick’s $7 and $12.60 and $28, the consensus $5-to-$10 cluster, Bitwise’s bull leg, is conditioned on the same two-headed event: American market-structure law passing and the institutional allocation it is assumed to unlock. A holder at $1.10 therefore owns three stacked exposures, a crypto-market beta, a Washington binary priced near one-in-three, and a residual bet that legal clarity converts into token demand, the step the SEC-resolution cycle already failed to deliver once.

None of that makes the position irrational; binaries with asymmetric payoffs are a legitimate thing to own, and the roadmap’s transparency about its conditions is exactly what makes the position priceable at all. What it makes irrational is quoting the ladder without its gates, and the gates have a calendar. The floor-vote window before the August recess, the fall session after it, and the 2027 political cycle beyond are, mechanically, the price target’s actual chart. Watch Polymarket’s CLARITY line before watching XRP’s, watch the weekly ETF prints for any sign the $4 billion condition resurrects, and watch whether the text that keeps slipping ever stops slipping. The bank told everyone precisely what has to happen. The market is telling everyone precisely how likely it thinks that is. The only mistake available to a holder is reading one document and not the other. Crypto.news has also explained why reading institutional positioning honestly means treating delayed disclosures and flow headlines as conditions, not proof.

Frequently asked questions What is Standard Chartered’s current XRP forecast? The bank’s revised roadmap, published with its February cuts, projects $2.80 for end-2026, $7 in 2027, $12.60 in 2028, $19.60 in 2029, and $28 by 2030. The 2026 target was cut 65% from $8, the largest reduction across the bank’s crypto coverage, while the longer-range targets were raised. At $28, XRP’s market capitalization would reach roughly $1.7 trillion, near Bitcoin’s October 2025 peak value.

What conditions does the roadmap depend on? Explicitly stated ones. The $2.80 leg requires only a broad crypto-market recovery. The $7 and $12.60 legs require the CLARITY Act to pass and cumulative spot ETF inflows to scale past $4 billion. The $28 endpoint assumes XRP becomes core global financial infrastructure rather than a traded asset. The bank’s original 2025 roadmap carried similar named catalysts: SEC case resolution, ETF inflows, and payments adoption.

How likely is the CLARITY Act to pass? Prediction markets currently price 2026 passage around 32%, down from near 50% in spring. The bill cleared the Senate Banking Committee 15-9 in May but has gone a year without a floor vote, its revised text has slipped repeatedly including after a failed White House meeting, no Democrat backs the current draft, and the August recess shortens the calendar. Senator Lummis has warned a missed window could shelve it for years.

How are the ETF inflows tracking against the $4 billion condition? Poorly. Cumulative net inflows sit near $1.49 billion since the November launch, roughly a third of the threshold, and the run-rate has collapsed from about $200 million a week at launch to around $2 million, with July printing zero-inflow days and the streak’s first outflows. Assets are roughly $493 million underwater at current prices, and about 82% of the complex sits in just three funds.

Why did XRP fall even as its earlier catalysts arrived? That is the cycle’s hardest lesson. The SEC dropped its appeal, spot ETFs launched with record early demand, and Ripple deployed roughly $2.7 billion on institutional acquisitions, yet the token fell more than 60% from its 2025 high with the broader market. Analysts attribute the gap to macro conditions, persistent early-holder selling, and the structural fact that network adoption does not automatically create token demand.

What does the Bitwise model’s range mean? Bitwise’s formal valuation framework outputs 2030 scenarios from $29.32 down to 13 cents, a roughly 200-fold spread. Ranges that wide indicate a binary structure: the outcomes depend overwhelmingly on whether legal clarity and institutional adoption fire, not on incremental business performance. It is the same conditionality as the bank roadmap, expressed as a probability distribution rather than a ladder.

Is a conditional price target still useful? Yes, if read whole. Named conditions make a forecast falsifiable and updatable, and Kendrick’s public 65% cut shows marking to reality. The danger is quoting the ladder without its gates: above roughly $3, every institutional XRP target in circulation depends on the same legislative and flow conditions, so the honest way to use the roadmap is to track the conditions, Polymarket’s CLARITY odds and weekly ETF prints, alongside the price.

What should XRP holders watch next? Three calendars. The Senate floor window before the August recess and the fall session, since the legislative condition dominates everything above $3. The weekly ETF flow prints, for any sign the $4 billion condition revives, including whether inflows broaden beyond the three dominant funds. And Ripple’s institutional stack, final trust-bank approval and the pending Fed master account, which is the roadmap’s quiet third catalyst. This is not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It discusses analyst forecasts and legislative probabilities that can change quickly and may prove wrong in either direction. Nothing here is a recommendation to buy, sell, or hold any asset. Always do your own research. Information is accurate as of July 21, 2026.

Ripple-backed XRP Ledger’s newest software update is starting to roll out as The number of validators upgrading to v3.2.0 is increasing. According to the recent XRPL Explorer data, 66% of the trusted validators are running the release. The migration progresses while the network is getting ready for the amendment, called fixCleanup3_2_0.

XRP Ledger v3.2.0 Sees Increasing Validator Support As per the upgrade tracker, there are now 99 validators running v3.2.0. This is 66% of the validator set. It also reveals 481 nodes (57.33%) are running the latest version. However, there is still significant use of older software. Version 3.1.3 is still on 42 validators, representing 28% of the total. It also has 322 nodes that are powered, representing 38.38% of all 825 nodes.

The XRP Ledger has a very critical amendment process. They must be supported by over 80% of the trusted validators. That support should not change during 2 consecutive weeks. The new statistics indicate the network is still short of that. To reach the threshold, another 25 percentage points of additional adoption are needed for v3.2.0.

XRP Ledger version 3.2.0 includes a number of technical enhancements as it covers infrastructure improvements. It is also packed with fixes and developer enhancements. There is one major change via XLS-0095.

The proposal officially changes the name of the server software from rippled to xrpld. The rollout started on June 15. The configuration paths need to be updated for validators and node operators. They also need to update deployment scripts, metadata references, and database directories.

About The Fix Amendment The fixCleanup3_2_0 amendment has already passed the necessary voting level. Currently, it has 85.71% validator support. For this, 30 validators cast their votes in favor while six validators voted against.

The proposed plan is now in the required two-week activation process. The activation period will be July 29, 2026, at 09:57 UTC. It will continue as long as support remains above 80% for the entire countdown.

The node operators are advised to upgrade their nodes before activation as per XRPL validator Vet. The mod is an enhancement to the existing features, rather than new additions. Resolves some accuracy and rounding problems in Single Asset Vaults and Lending Protocol. It also fixes problems related to the Permissioned DEX and Permissioned Domains.

Washington has been arguing about who gets to regulate crypto for years. By July 23, XRP holders may finally get an answer, at least on paper.

The CLARITY Act, which would formally define which digital assets fall under the SEC’s jurisdiction and which belong to the CFTC, is approaching what traders and lobbyists are treating as a soft deadline. Senate leadership has signaled a late-July target for floor action, and markets are pricing in a real probability of passage.

What the CLARITY Act actually does The CLARITY Act tries to write the rule book. It would establish a framework for classifying digital assets, draw a cleaner line between SEC and CFTC oversight, and give projects a pathway to shift from securities status to commodity status once a network becomes sufficiently decentralized.

Advertisement

The bill cleared the House and advanced through the Senate Banking Committee as of May 14, 2026. Passage requires 60 votes, which means the bill needs bipartisan support to survive a filibuster. Two sticking points are holding things up: provisions around ethics disclosures for public officials holding digital assets, and language related to illicit finance and anti-money laundering obligations.

Why XRP specifically is watching this so closely The SEC sued Ripple Labs in late 2020, alleging that XRP was an unregistered security. A federal judge ruled in 2023 that XRP sold on public exchanges did not constitute securities transactions. The CLARITY Act, if passed, could effectively close that file by reclassifying XRP as a digital commodity under CFTC oversight.

Commodity-classified assets face a different, and generally less burdensome, regulatory regime than securities. Exchanges can list them without the same disclosure infrastructure. Fund managers can build ETF products around them more easily. XRP-linked ETF applications are already in motion at the SEC.

What investors should watch between now and the deadline The July 23 window isn’t a formal legislative deadline. What it reflects is the Senate’s stated intent to address the crypto market structure bill before the August recess. Missing the window doesn’t kill the bill, but it extends the uncertainty. August recess means September at the earliest for floor action, and fall legislative calendars fill up fast with budget fights and appropriations deadlines.

The 2023 court ruling sent XRP up significantly in a single session. A Senate vote, whether yes or no, will likely produce a similar response.

The CLARITY Act isn’t XRP-specific legislation. A successful passage would establish a framework that applies across hundreds of digital assets. Ethereum, Solana, and a long list of layer-2 and DeFi tokens all sit in the same jurisdictional gray zone that the bill is trying to resolve.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

The XRP Ledger (XRPL) is experiencing rapid growth in tokenized real-world assets (RWAs), with tokenized U.S. Treasuries driving much of this expansion. Verified data from Trensik, a platform specializing in monitoring real-world assets on XRPL, shows that the value of tokenized U.S. Treasuries rose sharply from $50 million in April 2025 to $418.5 million by April 2026, marking an eightfold increase in twelve months. Such growth highlights increasing institutional interest in regulated, blockchain-based financial options.

Institutional activity surges on XRPLBeyond just the issuance of these assets, on-chain activity involving tokenized U.S. Treasuries on the XRP Ledger has also intensified. In the last four months, transfer volumes reached $352.3 million, a figure that nearly matches the entire market’s on-chain value. For comparison, all of 2025 saw only $70.1 million in transfer volume for these tokenized securities, making the recent surge a fivefold jump in a much shorter time frame.

This uptick in activity indicates that tokenized Treasuries on XRPL are being put to practical use. Financial institutions increasingly employ these assets for collateral, liquidity management, and real-time settlement, moving beyond simple digital versions of traditional securities. This trend reflects their growing role as foundational components of blockchain-based financial infrastructure.

Recent analysis attributes the increase in transfer volumes to expanding usage by institutions rather than just heightened speculative interest, underlining XRPL’s evolving role in the crypto market.

Over the past four months, tokenized U.S. Treasuries generated $352.3 million in transfer volume on XRPL, nearly matching the market’s total on-chain value and pointing to growing real-world adoption among financial institutions.

Mini dictionary: Trensik, a data platform that monitors and verifies real-world asset (RWA) activity, provides on-chain analytics on tokenized asset issuance and transfer metrics across the XRP Ledger.

PeriodTokenized Treasuries IssuedTransfer VolumeApril 2025$50 million—April 2026$418.5 million$352.3 million (last 4 months)2025 (full year)—$70.1 millionMajor institutions boost XRPL presenceInstitutions such as Ondo Finance, OpenEden, Guggenheim, and Archax have launched or signaled plans for tokenized Treasury projects on XRPL. Their involvement suggests growing confidence in the ledger’s ability to support regulated, high-volume financial operations.

London-based Archax, an FCA-authorized digital asset exchange and custodian, stands out among these firms. Archax has committed to tokenizing up to $1 billion in real-world assets on the XRP Ledger by mid-2026. This figure is more than twice the current size of XRPL’s tokenized Treasury market, highlighting considerable institutional expectations for future growth.

Other asset categories on XRPL are also showing signs of growth. Tokenized Gold (traded as XAUa) recently surpassed $1 million in trading volume. At the same time, XRPL’s network has expanded to accommodate more than 8 million accounts, reflecting broader ecosystem adoption.

Large investors and whale wallets have also increased their holdings, accumulating over 70 million XRP in recent months. This trend may suggest expanding optimism about the network’s future among major market participants.

Institutional momentum is building as Archax and others tap the XRP Ledger’s infrastructure to launch sizable tokenization projects, paving the way for further growth in both asset diversity and network activity.

As the global financial sector moves further toward tokenization, the XRP Ledger is positioning itself as a growing hub for regulated real-world assets. With rapid expansion in both the issuance and utilization of tokenized Treasuries, as well as significant commitments from institutional players, XRPL appears to be transitioning from a traditional payments system into a key platform for on-chain financial products.

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

A wave of institutional investment in XRP is taking shape as eight public companies have pledged almost $2 billion for dedicated XRP treasuries. Notably, leading firms are formalizing substantial commitments to XRP as an asset on their balance sheets, with full public disclosure in line with regulatory requirements. This shift echoes the path that propelled Bitcoin into corporate finance circles.

The companies and their commitmentsTrident Digital Tech Holdings, a Singapore-based technology firm listed on Nasdaq, tops the list by planning to raise $500 million for one of the largest corporate XRP treasuries to date. Webus International, active in cross-border payments, is seeking $300 million in non-equity financing to establish an XRP-backed reserve supporting its global network.

VivoPower International, a sustainable energy company, raised $121 million in private funding, allocating $100 million for XRP and staking those funds on the Flare Network. Other participants include Wellgistics Health, which secured a $50 million equity line drawn specifically for an XRP treasury; and Japan’s Gumi Inc., introducing a $17 million program split between XRP and Bitcoin.

Nature’s Miracle Holding, a supplier of agricultural products, announced a $20 million XRP treasury initiative, becoming the first U.S.-listed non-financial public company to do so. Hyperscale Data committed $10 million to XRP, while Worksport, a manufacturer in the automotive sector, allocated up to $5 million derived from its existing operational cash flow.

Mini dictionary: Flare Network – A decentralized, interoperable blockchain designed to bring smart contract functionality to various tokens and facilitate staking and bridging between blockchains.

CompanyCountrySectorXRP Treasury CommitmentTrident Digital Tech HoldingsSingaporeTechnology$500 millionWebus InternationalUndisclosedPayments$300 millionVivoPower InternationalGlobalEnergy$100 millionWellgistics HealthUndisclosedHealthcare$50 millionGumi Inc.JapanGaming/Tech$17 million (XRP & BTC)Nature’s Miracle HoldingUSAAgriculture$20 millionHyperscale DataUndisclosedData/Technology$10 millionWorksportUSAAutomotiveUp to $5 millionThe blueprint that brought Bitcoin into mainstream company treasuries is now increasingly being applied to XRP, with eight public firms announcing nearly $2 billion in in-house XRP reserves.

Strategic objectives and funding modelsUnlike speculative trading, these allocations are long-term treasury strategies embedded into the companies’ financial planning. Trident Digital and VivoPower have financed their positions with capital raised from investors, while Webus International opted for debt-based facilities. Worksport redirected surplus cash, and Hyperscale mixed direct acquisitions with DeFi-based lending mechanisms.

Soon Huat Lim, CEO of Trident Digital Tech Holdings, stated that digital assets are central to the changing global financial landscape, indicating the firm’s conviction in holding XRP for strategic purposes.

According to Soon Huat Lim, embracing digital assets within the company’s treasury is aligned with their long-term vision for global finance.

XRP follows the corporate bitcoin playbookThe trend mirrors the playbook initiated by Strategy, previously MicroStrategy—a US-based business intelligence company—in 2020, which famously allocated billions into Bitcoin. With approximately $2 billion in planned corporate XRP treasuries, institutional adoption is accelerating along similar lines.

Legal clarity around XRP’s regulatory status has improved, encouraging public companies to make significant, publicly disclosed investments. Each new treasury signals growing institutional acceptance and helps reinforce XRP’s profile as a reserve asset among listed firms.

Notably, Evernorth, a Ripple-supported digital asset treasury company, currently holds nearly 0.5% of XRP’s total token supply but is not included in the current tally of public commitments.

Mini dictionary: Evernorth – An institutional-grade digital asset treasury manager focused on helping large organizations allocate digital assets for long-term holdings, with particular expertise in XRP-based reserves.

The sustained accumulation by multiple public companies underlines structural demand for XRP and could have long-term effects on its price stability as institutions scale up their positions.

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

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

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

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

HOT Stories

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

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

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

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

You Might Also Like

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

HOT Stories

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

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

You Might Also Like

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

You Might Also Like

HOT Stories

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

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

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

You Might Also Like

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

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

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

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

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

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

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

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

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

— Eric Balchunas (@EricBalchunas) July 14, 2026

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

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