XRP traded near $1.29 on Thursday as Ripple reported that it expects to exit 2026 with an annualized product revenue run rate of approximately $900 million, three times the roughly $300 milli
XRP traded near $1.29 on Thursday as
Ripple reported that it expects to exit 2026 with an annualized product revenue run rate of approximately $900 million, three times the roughly $300 million level Brad Garlinghouse said the company reached at the end of last year. The contrast is drawing attention to a central question for XRP holders: how much of Ripple’s expanding business translates into demand for the cryptocurrency itself? Early Thursday, XRP/USD on Kraken traded at $1.2906, down 2.6% over 24 hours, with a range of $1.2848 to $1.3429. CoinDesk subsequently displayed XRP near $1.29, down approximately 2.8% over the same period. The token was down 28.8% year to date as of October 28, according to CryptoRank data reported by CryptoTicker. Ripple disclosed its revenue outlook during Swell 2026 in New York on Wednesday, October 28. The three-day event concludes Thursday, with Garlinghouse scheduled to appear alongside Bullish CEO Tom Farley at 10:40 a.m. Eastern Time. The business update arrives as Ripple expands its institutional services and stablecoin distribution, but XRP’s market performance shows that corporate growth and token demand are not interchangeable.
Ripple Targets Three Times Its 2025 Revenue Run Rate
Ripple said it is on track to exit 2026 with $900 million in annualized product revenue. Speaking at Swell, Garlinghouse said the company ended 2025 with an annualized revenue run rate of approximately $300 million across its products and services. He attributed the expansion to growth across multiple business divisions rather than a single product. The distinction between a revenue run rate and reported annual revenue matters. The $900 million figure represents Ripple’s expected annualized pace of product revenue as it approaches year-end, not $900 million already earned during 2026. Ripple is privately held and does not publish the same comprehensive, audited quarterly financial statements as a publicly listed company. Its projection should therefore be treated as management guidance rather than independently verified annual revenue. Ripple’s official announcement attributed the expansion to a combination of organic product growth and strategic acquisitions completed in 2025. Its businesses span cross-border payments, digital asset custody, the RLUSD stablecoin, institutional trading through
Ripple Prime and corporate treasury services. The company also reported more than 1,700 institutional, corporate and enterprise customers, alongside growth in customers using multiple Ripple products. Its payments network is approaching $150 billion in cumulative transaction volume across more than 60 payout markets, according to the company. These figures indicate that Ripple is expanding beyond its original focus on cross-border payments. However, the company has not published a detailed breakdown showing how much of the projected $900 million comes from each division, making it difficult to determine precisely how much growth depends on XRP-related activity.
Why XRP Price Is Not Automatically Following Ripple
Ripple’s commercial success does not give XRP holders a direct claim on the company’s earnings. XRP is a digital asset, not an equity interest in Ripple. Its holders do not receive dividends or automatically benefit from increases in the company’s revenue. The connection instead depends on whether Ripple’s expanding services generate additional demand for XRP. Payments that use XRP as a bridge asset can create transaction demand, while activity on the
XRP Ledger can support demand through network fees and other use cases. But not every Ripple product requires customers to acquire XRP. RLUSD illustrates the distinction. The dollar-backed stablecoin is designed to maintain a value equivalent to $1, allowing customers to transfer and settle dollar-denominated value without taking the same price exposure associated with XRP. Its adoption can expand Ripple’s business and activity on supported blockchain networks without necessarily producing proportionate buying pressure for XRP. The same qualification applies to institutional trading and corporate treasury. These businesses can generate fees and transaction revenue through services that use conventional currencies, stablecoins or other digital assets. Higher revenue across these divisions is therefore not sufficient evidence that demand for XRP has increased by the same amount. Investors need to distinguish three measures: Ripple’s corporate revenue, transaction activity across its products and the amount of that activity that actually requires XRP. The first two can expand substantially without producing an immediate increase in the third.
RLUSD Expands on Coinbase as Institutional Access Grows
Ripple’s stablecoin gained another distribution channel during the first day of Swell. On October 28,
RLUSD became available through Coinbase Prime, Coinbase Exchange and the Coinbase retail app, extending access to institutional and retail customers in supported regions. The integration supports RLUSD deposits and withdrawals across the XRP Ledger, Base and Ethereum. Customers can also convert US dollars and other supported dollar-denominated stablecoins into RLUSD at a 1-to-1 rate. Ripple said it would provide liquidity on Base to support the stablecoin’s use on that network. RLUSD’s market capitalization had reached approximately $2.6 billion, according to Ripple’s announcement, reflecting its growing position in the dollar-backed stablecoin market. The company has also been expanding its institutional infrastructure, including custody and settlement relationships. FinanceFeeds previously examined the credit assessment behind that expansion in its report on
Moody’s A2 and P-1 Ratings for Ripple’s RLUSD Stablecoin. Those ratings concern RLUSD’s credit and reserve arrangements, not XRP’s market price. They may strengthen confidence in the stablecoin’s infrastructure, but they do not establish that more customers will need to purchase XRP. The Coinbase integration nevertheless provides another test of Ripple’s broader strategy. Wider distribution could increase stablecoin usage and activity across blockchain networks. Whether that activity benefits XRP materially will depend on the specific transactions, settlement mechanisms and applications involved.
What XRP Holders Need to Watch Next
The immediate market reaction suggests that investors are not treating Ripple’s revenue outlook as an automatic catalyst for XRP. The token remained near $1.29 on Thursday despite the company’s announcement, while its year-to-date decline remained close to 29%. That divergence does not prove that Ripple’s growth is irrelevant to XRP. Instead, it highlights the importance of understanding how the company intends to connect its expanding financial services with the digital asset and the XRP Ledger. Garlinghouse has described XRP as part of Ripple’s broader strategy, but the financial implications will depend on measurable adoption. Investors should watch whether Ripple’s payment volumes increasingly involve XRP, whether institutional customers use XRP in settlement or liquidity operations, and whether activity on the XRP Ledger generates sustained demand beyond the growth of stablecoins and other products. Market conditions also remain important. Crypto liquidity, investor positioning, broader digital asset sentiment and selling pressure can outweigh positive company-specific developments over short periods. FinanceFeeds’
XRP Price Scenarios of $1.57 in the Bull Case and $1.18 in the Bear Case provide a separate framework for assessing potential price paths rather than assuming that Ripple’s revenue growth will determine the next move. Ripple’s projected $900 million annualized product revenue run rate represents a substantial expansion of its commercial operations. Yet the central question for XRP remains unresolved: how much of that growth will translate into sustained demand for the token? Until that connection becomes clearer through transaction data and measurable adoption, Ripple’s business momentum and XRP’s price performance may continue to diverge.
