Ripple closed October with significant progress in institutional growth, obtaining final U.S. banking authorization and forging new partnerships with leading financial institutions. The company revealed that its annualized product revenue run rate is on track to hit $900 million by the end of the year. Despite these milestones, XRP—the digital asset tied to Ripple’s ecosystem—declined by about 16% through October.
October: Major Step in Ripple’s Institutional Reach
Throughout October, XRP fell from approximately $1.49 at the end of September to $1.25 by October 31. The downturn pushed its losses for 2026 to roughly 32%, even as Ripple expanded its reach into sectors such as banking, custody, stablecoins, and enterprise treasury solutions.
Ripple’s update on October 28 indicated that more than 1,700 institutional clients are now using its services, with annualized product revenue poised to reach $900 million by year-end.
Ripple’s October 28 report highlighted that the firm expects to approach a $900 million annualized product revenue run rate with over 1,700 institutional clients by the end of the year.
U.S. Bank Approval Strengthens Ripple’s Position
On October 26, Ripple received final approval from the Office of the Comptroller of the Currency granting it the right to establish Ripple National Trust Bank.
Once operational, this federally regulated trust bank will manage reserves backing Ripple USD (RLUSD), serve as collateral trustee, and provide fiduciary custody for digital assets. The institution is structured differently from traditional commercial banks and will not offer standard deposit or lending functions. Instead, the focus lies in reinforcing Ripple’s regulatory framework for digital asset management.
This approval comes as Ripple deepens relationships with key players in the financial sector, building on existing and new alliances.
Ripple strengthened its partnership with BNY, integrating both XRP and RLUSD into BNY’s digital asset custody offerings.
Robinhood separately announced it would make RLUSD available to its retail clients, potentially increasing its reach among the platform’s more than 28 million funded accounts.
Cooperation with C2FO will allow RLUSD to be utilized for supplier payments in invoice financing, leveraging the XRP Ledger as part of these transactions.
Mini dictionary: Office of the Comptroller of the Currency (OCC): An independent bureau within the U.S. Department of the Treasury that oversees and regulates national banks and federal savings associations, ensuring their safety and compliance with laws and regulations.
| Metric | September 30 | October 31 | Annualized Target |
|---|---|---|---|
| XRP Price | $1.49 | $1.25 | – |
| XRP Year-to-Date Loss | – | 32% | – |
| Annualized Product Revenue | – | – | $900 million |
| Institutional Clients | – | 1,700+ | – |
| RLUSD Market Cap | – | $2.6 billion | – |
Clarifying Ripple, XRP, and RLUSD Roles
Ripple, founded in 2012, develops global payment, custody, and treasury solutions for institutional customers. XRP is the native digital asset of the XRP Ledger and serves as a bridge currency, while RLUSD is Ripple’s stablecoin designed for seamless institutional transactions.
Ripple disclosed that its revenue comes from services such as payments processing, digital asset custody, treasury management, and institutional trading. Ownership of XRP does not represent an investment in Ripple itself, nor does it entitle holders to a share in Ripple’s revenues. RLUSD’s market capitalization rose to nearly $2.6 billion in October.
The adoption of Ripple’s stablecoin solutions does not obligate clients to acquire equivalent amounts of XRP. While transacting on the XRP Ledger consumes small amounts of XRP as network fees, this activity alone does not directly drive broad investment demand for the cryptocurrency. Some operations require XRP to be held as a reserve in accounts on the ledger.
Ripple previously cited a $16 trillion figure as the cumulative value of transactions enabled by its products during 2025, but these volumes are not composed solely of payments utilizing XRP.
The differentiation between Ripple’s business milestones and XRP price performance illustrates why even positive corporate developments may occur alongside reduced cryptocurrency values.
