An account called Make XRP Great Again posted a blunt open letter to Ripple CEO Brad Garlinghouse on Nov. 10, asking how the company's business growth can translate into value for XRP holders
An account called Make XRP Great Again posted a blunt open letter to Ripple CEO Brad Garlinghouse on Nov. 10, asking how the company's business growth can translate into value for XRP holders.
The letter described itself as written on behalf of the XRP Army.
The post did not identify other signers or provide evidence that the account represents XRP holders broadly, leaving its claim to speak for a wider community unverified.
The open letter posted to X by Make XRP Great Again on Nov. 10, addressed to Ripple CEO Brad Garlinghouse. (@XRPgreatagain via X)
The letter said supporters had stood by Ripple through the SEC case, regulatory uncertainty, market swings and repeated delays. It pointed to the company's partnerships, global expansion and milestones, then asked for more transparency about how that progress could benefit XRP holders.
It said it was not asking for a short-term price promise or target. Instead, it asked Ripple for what it called alignment between the company's continued success and XRP's value, and for a clear path toward tangible results for holders. The letter asked for "more clarity, more transparency, and a clear path toward tangible value for XRP holders."
The letter did not define that alignment or offer a concrete proposal. It did not say whether it wanted more XRP use, a change in how Ripple handles its holdings, or another way for token holders to benefit from the company's growth.
In a Nov. 11 follow-up, the account thanked supporters and called for the community to make its voice heard. In another follow-up, it said the letter was not an attack on Ripple or Garlinghouse but a way to give frustrated holders a voice.
The XRP Army is the long-running name for XRP's online supporter base, a community known for coordinated campaigns defending the token across social media.
The name was already in use by early 2018. An April 2018 post in the Ripple Reddit community rallied traders under the hashtag #XRPARMY for an expected price run.
The community became more organized during the SEC's lawsuit against Ripple. XRP holders represented by attorney John Deaton filed an amicus brief in November 2022, telling the court that 74,502 holders from 143 countries had joined the effort.
The filing included about 3,000 affidavits from XRP purchasers. When Judge Analisa Torres ruled in July 2023, her decision listed the XRP holders' brief among the amicus filings the court reviewed.
Garlinghouse has used the name himself. In a June 2023 video posted on X, he thanked 'the whole of the XRP army' for supporting Ripple through the case.
The name still shows up well beyond court fights. When Barstool Sports founder Dave Portnoy admitted in July 2025 that he sold his XRP too early, he told followers he had been 'like the leader of the XRP army.'
Related: XRP ETFs pull in $105 million in a week as analyst confirms breakout
Ripple is a technology company. XRP is the native digital asset of the XRP Ledger, an open-source blockchain network. Ripple's own explanation says its products use XRP, its RLUSD stablecoin and other digital assets, while the company is one of many developers building on and contributing to the ledger.
The letter asks for a link between the fortunes of a company and the value of a separately traded digital asset. Ripple's corporate growth alone does not show that XRP holders receive a share of the company's revenue, and the letter did not identify a mechanism that would connect the two.
Ripple reported that it held about 36.8 billion XRP, including 31.7 billion placed in escrow, as of Sept. 30, 2026. Its page also reports the amount of XRP distributed. These are company disclosures about its holdings, not a promise of financial returns to token holders.
Data: Ripple's reported XRP holdings as of Sept. 30, 2026.
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XRP also has a role in the ledger's operation. The XRP Ledger's technical documentation says each transaction destroys a small amount of XRP as a fee to help deter spam and denial-of-service attacks. The fee is not paid to Ripple or any other party.
That protocol use means network activity can involve XRP, but it does not establish that growth in Ripple's separate businesses will raise the token's price. The letter asks for more clarity on that broader connection.
Ripple could unlock more XRP each month (1:38)Ripple's recent expansion includes institutional financial services. In October 2025, the company said it had completed the acquisition of Hidden Road, a nonbank prime broker, and renamed the business Ripple Prime.
Ripple described the unit as providing clearing, prime brokerage and financing across foreign exchange, digital assets, derivatives, swaps and fixed income. The purchase expanded Ripple's corporate operations, though the announcement focused on services for institutional customers.
Ripple also announced a $1 billion deal to acquire GTreasury in October 2025. The treasury-management software company serves corporate finance teams that manage cash, payments, risk and investments.
Ripple said the combination could help customers move money across borders and manage liquidity. That announcement described a new business line and customer offering, not a direct distribution to XRP holders.
In October 2026, Ripple and brokerage infrastructure company DriveWealth announced a partnership covering payments, custody and other services. They said a planned integration would use RLUSD on the XRP Ledger for stablecoin settlement.
The partnership could bring Ripple's products into a larger investing platform, but the announcement did not say DriveWealth clients would need to buy XRP. It described the use of RLUSD, a separate digital asset, on the XRP Ledger.
On Oct. 28, 2026, Ripple and Coinbase said RLUSD launched on Coinbase's platforms, with support on the XRP Ledger, Base and Ethereum. Ripple's announcement said the stablecoin had passed $2.4 billion in market capitalization since its December 2024 launch.
RLUSD is designed to hold a steady value against the U.S. dollar. The announcement described expanded distribution for Ripple's stablecoin, not a new product for XRP. A stablecoin can run on the XRP Ledger without being the same asset as XRP.
The letter cited the SEC lawsuit as one of the challenges supporters had faced. In August 2025, the SEC said a joint stipulation dismissed its appeal and Ripple's cross-appeal, resolving the civil enforcement action.
The SEC said the district court's final judgment remained in effect. It imposed a $125,035,150 civil penalty against Ripple and an injunction barring the company from violating the registration provisions of the Securities Act.
The SEC's release described the court case and its outcome. It did not resolve the separate question raised by the letter about whether Ripple's commercial success should be connected to the value of XRP.
The account framed its appeal as a collective message, but its post does not establish how many people support it or whether it represents a formal organization. Its follow-up posts make clear that the account views the letter as a voice for frustrated holders, not proof of consensus across the XRP community.
The request is also open-ended. It asks for clearer communication and tangible results but does not say what changes would count as alignment or how holders would measure progress.
More activity on the XRP Ledger could mean more transactions that use XRP for network fees, but those fees are destroyed rather than paid to holders. Growth in Ripple's stablecoin or software businesses could expand the company without giving XRP the same role.
XRP traded at about $1.04 as of 7:23 p.m. ET on Nov. 12, down about 1.5% over the previous 24 hours, with a market value near $66 billion, according to CoinGecko.
Five years earlier, on Nov. 12, 2021, the token closed at $1.19. Yahoo Finance data show it fell to a low of $0.31 in June 2022 and reached its highest close of the five-year span at $3.56 in July 2025.
A year ago, on Nov. 12, 2025, it closed at $2.39. The five-year record leaves XRP slightly below where it traded in late 2021, even as Ripple signed its largest deals.
XRP-USD price history since Nov. 12, 2021, through Nov. 12, 2026 (ET). Data: Yahoo Finance.TheStreet Roundtable
Ripple's announcements show expansion across payments, stablecoins, custody, prime brokerage and treasury software. The company has also pursued a U.S. banking license. They do not establish a direct relationship between that growth and XRP's market value. The letter leaves Ripple with a central question about whether the company's success should benefit XRP holders and how such a link would work.
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