Record commercial growth masks token weakness
Ripple announced on October 28 what it called its strongest year on record, reporting a $900 million annualized product revenue run rate and over 1,700 institutional customers using its infrastructure. The company also disclosed a threefold increase in multi-product adoption among existing clients.
The performance milestone arrives as XRP, Ripple’s native token, has declined 28.8% year-to-date. The token peaked at $2.40 earlier in 2026 before falling below $1 in August, closing at $1.31 as of press time.
Brad Garlinghouse, Ripple’s CEO, framed the company’s strategy in a statement: “Ripple is bringing all of that together, with our partners, to enable the Internet of Value.” The company’s approach integrates financial services traditionally offered by separate providers onto a single blockchain-based infrastructure.
Monica Long, Ripple’s president, called 2026 the “best year ever” for the company.
Acquisitions reshape service portfolio
Ripple’s commercial expansion follows $2.4 billion in acquisitions completed in 2025. The company acquired Hidden Road, a prime brokerage firm now operating as Ripple Prime, for $1.25 billion; GTreasury, a treasury management provider, for $1 billion; and Rail, a stablecoin payments platform, for $200 million.
These acquisitions reflect Ripple’s strategy to consolidate financial services onto integrated infrastructure. Ripple’s products enabled more than $16 trillion in transactions in 2025. The company’s payments network has processed $150 billion in cumulative transaction volume.
Ripple’s RLUSD stablecoin has grown 88% this year to a market capitalization of $2.6 billion. The company operates across 85 licenses secured throughout its business.
Bank charter approval expands custody services
The Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank on October 26, 2026. The charter authorizes the bank to manage RLUSD reserves and provide fiduciary digital asset custody services.
Major financial institutions using Ripple’s infrastructure include Standard Chartered, DBS, HSBC, Robinhood, and BNY Mellon.
Token performance diverges from business metrics
XRP’s 2026 decline follows gains of 82.5% in 2023 and 235.7% in 2024. The token fell 11.6% in 2025. If losses persist through December, 2026 would mark XRP’s worst annual performance since a 59.2% decline in 2022, and the token’s first consecutive losing years since 2018 and 2019.
The broader crypto market has faced headwinds. Bitcoin fell from an October 2025 record high of approximately $126,000 to below $60,000 at one point in 2026, wiping out more than half its value. Bitcoin has declined 8% year-to-date; Ethereum is down 20% and Solana down 17% over the same period.
