XRP

XRP Ledger

Payments

A fast payments ledger whose token now has ETFs and legal clarity, but whose price has halved in a year.

Established, under pressure v1.11 · as of 2026-10-20 · framework v1.13 Coinsight · all analyses
Bottom line

The fundamentals improved a lot since 2025: the SEC case is over, US spot ETFs hold about 1.2B XRP, and Ripple is signing banks for RLUSD on the XRP Ledger. The token has not followed: −47% over a year and −64% from its July 2025 peak. The open question is how much of Ripple's growth flows to XRP itself rather than to RLUSD and Ripple equity.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$1.33
+2.4% 24h · −5% 30d · CoinGecko 20 Oct
Market cap
$83.8B
rank #5 · FDV $132.8B
24h volume
$1.45B
1.7% of market cap
From ATH
−64%
ATH $3.65, Jul 2025
2026 YTD
−28%
$1.84 → $1.33
In US ETFs
1.19B XRP
≈ $1.53B, mid-Oct

The last 12 months

$1$2$3Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNov2025-10-27: $2.6455$2.652026-01-06: $2.3538$2.352026-08-17: $0.9927$0.99 low2026-10-20: $1.3281$1.331Evernorth deal signed2First US spot XRP ETF33M transactions in a day4Year low at $0.995Rebound and $1.28 floor6Evernorth lists as XRPN7RLUSD bank deals8ETF inflows stop9Next escrow window
AdoptionMarketTechUpcoming

Daily closes from CoinGecko, 21 Oct 2025 to 20 Oct 2026.

Key events
  1. 1
    19 Oct 25 Evernorth deal signed. Ripple-backed XRP treasury company agrees SPAC merger, buys XRP near $2.37.
  2. 2
    13 Nov 25 First US spot XRP ETF. Canary XRPC lists on Nasdaq with $58M day-one volume; four more follow.
  3. 3
    15 Mar 26 3M transactions in a day. XRPL record; H1 2026 averages ~2.4M/day (+21%).
  4. 4
    17 Aug 26 Year low at $0.99. Slide from $1.33 (1 Jun) bottoms at $0.99, then rebounds to $1.52 by 24 Aug.
  5. 5
    24 Aug 26 Rebound and $1.28 floor. +53% in a week off the low; daily closes have stayed above $1.28 since.
  6. 6
    09 Oct 26 Evernorth lists as XRPN. Public on Nasdaq with ~473M XRP in treasury.
  7. 7
    14 Oct 26 RLUSD bank deals. Cross River settles RLUSD on XRPL; Standard Chartered custody. RLUSD ~$2.43B.
  8. 8
    16 Oct 26 ETF inflows stop. 13-week inflow streak ends (−1.8M XRP); ETFs hold ~1.19B XRP.
  9. 9
    01 Nov 26 Next escrow window. Up to 1B XRP unlocks; watch how much is re-locked.

How a cross-border payment flows over the XRP Ledger

Sender
Bank or app pays in EUR

Uses Ripple Payments or any XRPL wallet.

On-ramp
Converts to XRP or RLUSD

Exchange or Ripple liquidity partner.

XRP Ledger
Transaction submitted

Tiny XRP fee is burned; account needs an XRP reserve.

Validators
Consensus in 3–5 s

Trusted validator list agrees on the ledger; no mining.

DEX / AMM
Bridges currencies

Auto-routes EUR → XRP → MXN, or settles RLUSD directly.

Receiver
Gets local currency

Off-ramp pays out in MXN, or keeps RLUSD.

Where XRP comes in: every transaction burns a little XRP and every account locks a small reserve. XRP is the bridge asset in the DEX step, but payments in RLUSD skip it, which is the core value-accrual question.

Usage and adoption

  • strong signal
    RLUSD supply
    ~$2.43B

    16 Oct 2026. Real money parked on Ripple rails, but it is not XRP demand.

  • strong signal
    ETF holdings
    ~1.19B XRP

    Five US spot ETFs. Direct, measurable XRP demand.

  • medium signal
    Ledger transactions
    ~2.4M / day

    H1 2026 average, +21%. Includes offers, NFTs and spam, not only payments.

  • weak signal
    Fees burned
    Negligible

    Fees are tiny by design, so burn says little about usage.

For XRP the best adoption signals are ETF holdings and how much payment volume actually routes through XRP. Ledger activity is growing, but much of the institutional growth uses RLUSD.

Project

What it is
The XRP Ledger (live since 2012): a payments-focused chain with 3–5 second settlement, tiny fees, a built-in DEX and AMM, and native token issuance.
Team
Created by David Schwartz, Jed McCaleb and Arthur Britto. Ripple Labs builds most products on it and is the largest XRP holder.
Legal
SEC case closed in 2025 after both sides dropped appeals. US spot XRP ETFs launched in late 2025; five now trade.
Traction
~2.4M transactions/day on average in H1 2026 (+21%). RLUSD stablecoin at ~$2.43B; Cross River Bank settles it on XRPL and Standard Chartered offers custody.
Competitors
SWIFT and bank rails, USDC/USDT on other chains, Stellar, and payment-focused L1s.
Key risks
Ripple's large holdings; much institutional activity uses RLUSD rather than XRP; validator list is curated; ETF demand flipped to outflows in mid-October.

Token performance

1-year return (21 Oct 2025 → 20 Oct 2026, CoinGecko)
XRP
-47%
BTC
-25%
ETH
-39%

XRP lagged BTC and ETH over 12 months. Over 3 years it is still up about +152% (from ~$0.52), roughly level with BTC (+174%) and ahead of ETH (+49%); 3-year figures are manual because the free CoinGecko API covers 365 days.

Range 2026
$0.99 low (17 Aug) to $2.35 high (6 Jan), daily closes; now $1.33
12-month drawdown
−62%, from $2.65 (27 Oct 2025) to $0.99 (17 Aug 2026)
Liquidity
$1.45B traded in 24h, 1.7% of market cap; rank #5
Flows
13-week ETF inflow streak ended week of 16 Oct (−1.8M XRP)
ATH check ATH check passed. The $3.65 high (Jul 2025) came 12 years after launch and is also the current-cycle high, so it is used as the reference.

Tokenomics

Supply
100B XRP created at genesis, none mined since. ~63.1B circulating.
Escrow
Ripple holds ~31.4B in escrow plus ~4.7B in operating wallets (17 Oct). Up to 1B unlocks monthly; most is usually re-locked.
Burning
Each transaction burns a tiny fee. Total burned is negligible next to supply.
Utility
Fees and account reserves, bridge asset in Ripple payments, AMM liquidity. No native staking or yield.
Concentration
Ripple controls about 36% of total supply; its sales are the main source of new float.
Demand sinks
Spot ETFs (~1.2B XRP) and new XRP treasury companies

Bull case

Banks adopting RLUSD and tokenization on XRPL pull XRP in as the bridge and fee asset; ETF inflows resume; Ripple's escrow releases stay mostly re-locked.

Bear case

Ripple's business grows on RLUSD and equity while XRP stays a passenger; escrow supply keeps outpacing ETF demand; price loses the $1.28 floor and retests the $0.99 August low.

Watch before the next re-run

  • Weekly ETF flows and total XRP held by ETFs
  • Net escrow release each month (released minus re-locked)
  • XRP used as bridge asset vs RLUSD volume on XRPL
  • $1.28 floor (daily closes since late Aug) and the $3.65 ATH gap

Where to trade

Krakenlisted

XRP against EUR · USD · USDT · USDC · AUD · BTC · CAD · ETH · GBP · RLUSD

24h $53.2M · ±2% depth $9.71M

OKXlisted

XRP against EUR · USDT · USDC · AED · AUD · BRL · TRY

24h $36.8M · ±2% depth $3.82M

Largest exchanges

Exchange24h vol±2% depth
BinanceXRP/USDT$137.0M$6.61M
CoinbaseXRP/USD$94.5M$9.05M
UpbitXRP/KRW$83.3M$4.41M
KuCoinXRP/USDT$49.0M$2.99M
GateXRP/USDT$45.7M$3.82M

Deepest DEX pools

Pool24h vol±2% depth
First LedgerXRP/RLUSD · XRP Ledger$3.63M$199.8k
First LedgerXRP/FUZZY · XRP Ledger$362.4k$78.9k
First LedgerXRP/ARMY · XRP Ledger$90.2k$28.1k

Pool size (TVL), fee tier and fee APR are not in yet: they need DefiLlama, which this setup cannot reach so far. CL = concentrated liquidity (higher fees, more impermanent-loss risk).

On-chain share of all XRP volume: 0.2%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

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