XRP

The XRP Ledger server software, rippled, is open source and maintained in the XRPLF repository on GitHub. Ripple Labs, the main company behind XRP, raised $500 million in November 2025 at a $40 billion valuation and made six acquisitions in two years, including prime broker Hidden Road (now Ripple Prime). Upgrades keep shipping: Credentials (September 2025), multi-purpose tokens (October 2025), PermissionedDomains, TokenEscrow and PermissionedDEX (February 2026), and fixes in July and September 2026. Changes need at least 80% of validators. The weak point is concentration of trust: the two default validator lists come from the XRP Ledger Foundation and Ripple and are very similar or identical.

• Ripple announces $500 million strategic investment led by Fortress and Citadel Securities
• XRPLF/rippled releases
• XRPScan API: amendments
• XRP Ledger docs: Unique Node List

Regulated access exists. The Canary XRP ETF (XRPC) began operations on 12 November 2025 and the Bitwise XRP ETF listed on 20 November 2025, with XRP held by Gemini, BitGo and Coinbase Custody. On 3 September 2026 the SEC approved a Nasdaq Texas listing-rule change whose filing names XRP as an asset that presently qualifies under generic listing standards. Ripple itself drew Fortress and Citadel Securities as lead investors in its November 2025 round. Ownership is concentrated: at the end of March 2025 Ripple's escrow and wallets held about 41.7% of all XRP, and Ripple stopped publishing quarterly figures on its holdings after that report.

• Canary XRP ETF: Form 10-K for fiscal year 2025
• Bitwise XRP ETF: Form 10-K for fiscal year 2025
• SEC Release No. 34-106268; File No. SR-NasdaqTX-2026-039
• Q1 2025 XRP Markets Report (Ripple)

All 100 billion XRP were created at launch in 2012, and there is no mining or staking issuance; fees are destroyed, about 14.4 million XRP so far. On 27 September 2026 about 62.88 billion XRP circulated. The overhang is Ripple's escrow: since 2017 it can release up to 1 billion XRP a month to Ripple, which decides how much to use and re-locks the rest. After the 1 September 2026 release about 31.28 billion XRP stayed locked. Ripple no longer reports how much XRP it distributes each quarter, so dilution from these releases is hard to measure. Holding XRP pays nothing, as there are no staking rewards.

• Bitwise XRP ETF: Form 10-K for fiscal year 2025
• XRP Ledger docs: Transaction cost
• CoinGecko API: ripple
• Ripple unlocked a billion XRP and the price kept climbing (crypto.news)
• Q1 2025 XRP Markets Report (Ripple)

Measured on-chain activity is modest. On 27 September 2026 DefiLlama showed about $46 million of value locked in XRP Ledger DeFi and about $1.18 billion of dollar stablecoins on the ledger, helped by Ripple's RLUSD, which is issued under a New York trust charter. The ledger has a native exchange and AMM, but native lending was still not enabled. Ripple reported more than $95 billion of Ripple Payments volume by November 2025, but it did not say how much settled in XRP. Data on daily transactions and active accounts is insufficient in the verified facts. Transactions normally confirm in 3–5 seconds.

• DefiLlama API: chains
• DefiLlama: stablecoins by chain (API)
• Ripple USD (RLUSD) stablecoin (Ripple)
• XRP Ledger: Known amendments