Ripple (XRP) - Project Memo Primer

(Informational only – not investment advice)

Executive Summary

At the core of that vision is the XRP Ledger (XRPL), a public, high-throughput blockchain optimized for payments and asset transfers. It settles transactions in 3–5 seconds, with fees typically a fraction of a cent, making it suitable for cross-border payments, remittances, and tokenized assets. Ripple builds enterprise products on top of this ledger including RippleNet for bank-to-bank messaging and settlement, and newer offerings around stablecoins, CBDCs, and tokenization while XRP functions as the network’s native currency and bridge asset, providing liquidity between different fiat currencies and digital assets.

XRP Price as of 11/25/2025

Big Picture: What Ripple Is Trying To Be Now

Ripple isn’t trying to be “just another crypto coin”, it's trying to look and act more like a regulated financial infrastructure company basically, crypto-powered plumbing for banks, fintechs, and institutions.

What Ripple (the company) does

• Payments (RippleNet + ODL) Ripple connects banks and payment companies so they can send money across borders in seconds, not days. Their system uses XRP as the bridge asset: one currency → XRP → another currency, all in one fast hop.

• Stablecoin (RLUSD) Ripple launched its own USD-backed stablecoin called RLUSD. Think of it as tokenized dollars that big trading firms and institutions can use for payments, trading, and collateral.

• CBDCs & Tokenization: Ripple also sells a CBDC platform to governments and central banks. They’ve helped run pilots like tokenized assets in Hong Kong’s e-HKD program. This is Ripple’s “government and real-world asset” side of the business.

• Bank Network Over 300+ banks and financial institutions are plugged into RippleNet, using it to make international payments faster and cheaper than traditional SWIFT wires.

What XRP (the token) is

On the token side:

• Size & Supply

  • XRP is a top-5 cryptocurrency by market cap.

  • Around 60 billion XRP are already in circulation.

  • The maximum supply is fixed at 100 billion, and no new XRP can ever be minted.

CoinGecko Market Cap Top 10 Cryptos

• What XRP is used for

  • As a bridge asset in Ripple’s On-Demand Liquidity payments.

  • As “gas” on the XRP Ledger (you pay tiny amounts of XRP in fees to use the network).

  • Inside the XRP Ledger’s own ecosystem: the built-in DEX, tokenized assets, and NFTs.

  
  

Regulation: Where things stand

• In 2023, a U.S. court said that XRP itself is not a security when traded on public exchanges. Some of Ripple’s older deals with institutions, however, did break securities rules.

• In 2025, the SEC dropped its appeal. The case wrapped up with Ripple paying about $125 million in penalties and agreeing to restrictions on how it sells XRP to institutions going forward.

For everyday investors, that means:

• XRP trading on exchanges has much more legal clarity than it did a few years ago.

• Ripple the company still has to be careful and compliant in how it handles large institutional sales.

  
  

Simple Investment Angle (and the Catch)

Owning XRP is basically a bet that:

1. Cross-border payments move away from slow SWIFT wires and toward real-time crypto rails.

2. Stablecoins and tokenized assets (like RLUSD and tokenized bonds/real estate) become part of normal banking and trading.

3. Ripple actually turns its big bank and institution relationships into heavy, ongoing usage of XRP and RLUSD on-chain.

But it’s not a free lunch. The big risks include:

• Regulation (laws and rules can still change).

• Concentrated supply (Ripple and early holders still control a lot of XRP).

• Competition (other blockchains, bank rails, and payment networks).

• Execution risk (Ripple has to prove it can turn hype into real, sustainable adoption).

• Normal crypto volatility (prices can swing wildly in both directions).

That’s the simplified picture: Ripple wants to be the crypto-powered plumbing behind global money movement; XRP is the token that rides on top of those rails.

Strategic Push: Stablecoins & Institutional Finance

• Enterprise‑grade USD stablecoin launched on exchanges and multiple

• Acquisition of Metaco (2023) and Hidden Road (2025)

  • Metaco: Crypto custody firm acquired for $250M, strengthening institutional custody offerings.

  • Hidden Road: Multi‑asset prime broker with $3T annual volume and 300+ institutional clients acquired for $1.25B–$1.3B.

  • Hidden Road plans to use RLUSD as collateral and migrate post‑trade activity to XRPL, directly tying XRP + RLUSD to institutional trading flows.

• Bank Charter Application (2025)

  • Ripple applied for a U.S. national bank charter and a Federal Reserve master account to hold RLUSD reserves at the Fed and access payment systems directly.

• Major Funding Round (2025)

  • Ripple raised $500M at a $40B valuation, with investors including Citadel Securities, Fortress, and leading hedge funds.

• Network Growth

  • Over 300 banks and institutions now on RippleNet, spanning six continents.

Ripple is clearly trying to evolve from “XRP the payments token” into a full‑stack digital asset bank: payments, stablecoin, custody, CBDCs, and prime brokerage.

Sources:

1. An Explanation of Ripple’s XRP Escrow

2. SEC.gov | Statement on the Agency’s Settlement with Ripple Labs, Inc.

3. Brad Garlinghouse - Wikipedia