XRP carries a $84,320,757,320 market cap and ranks #5 by market capitalization, anchored by 61,829,045,420 XRP in circulating supply, representing 61.82% of the total against the 100,000,000,000 XRP maximum supply. The token sits in a structurally different position than it did during the SEC litigation years: Ripple paid a $125 million penalty in August 2025, and the SEC agreed to end any further appeals, spot ETFs entered the market, and Ripple’s escrow continues a slow drawdown. The wider regulatory context appears in the SEC and CFTC cryptocurrency rulemaking data.
Key Takeaways
- XRP holds a $84,320,757,320 market cap at a $1.36 spot price, placing it #5 by market capitalization.
- Ripple’s available holdings sit at 4,562,433,147 XRP, with 37,130,000,005 XRP still locked in on-ledger escrow as of March 31, 2025.
- Seven U.S. spot XRP ETFs collectively hold $1.53 billion in AUM and custody 769-773 million XRP tokens.
- Top 10 wallet addresses control approximately 19.5% of the circulating XRP supply.
- Fiat-pair trading climbed from 25% of XRP volume in Q4 2024 to 29% in Q1 2025.
- Validators on the XRP Ledger reach consensus every 3 to 5 seconds at fractions of a penny per transaction.
Editor’s Choice
- XRP’s all-time high reached $3.84 on January 4, 2018, leaving the current price 64.5% below that peak.
- Q4 2024 average daily volume on top-tier exchanges was $3.4 billion, with nearly $25 billion spot volume on December 2, 2024.
- Ripple holds a $40 billion valuation as of November 2025 after a $500 million funding round.
- Goldman Sachs disclosed a $153.8 million XRP ETF position in its March 2026 13F filing.
- The XRP Ledger has run for 10+ years across more than 63 million ledgers without an outage.
- Ripple Labs employed 1,120 staff in 2023, headquartered in San Francisco.
Recent Developments
- Early March 2026: Ripple confirmed 7 U.S. spot XRP ETFs at $1.53 billion AUM in its institutional-era markets update.
- April 24, 2026: Ripple’s “More Stablecoins, More Markets, More Flexibility” post detailed global payments infrastructure expansion across regional corridors.
- April 20, 2026: Ripple published “Post-Quantum Readiness on the XRP Ledger,” outlining the validator-side cryptography upgrade path.
- March 2026: Goldman Sachs disclosed a $153.8 million XRP ETF position spread across Bitwise, Franklin Templeton, Grayscale, and 21Shares.
- Early March 2026: Cumulative XRP spot ETF inflows grew to over $1.50 billion since the first launches in September 2025.
XRP Supply and Circulation
100 billion tokens were created at inception in 2012, and the XRPL founders gifted 80 billion XRP to Ripple Labs.
- Total supply: 100,000,000,000 XRP (fixed at genesis)
- Circulating supply: 61,829,045,420 XRP
- Ripple holdings (March 31, 2025): 4,562,433,147 XRP available
- Ripple escrow (March 31, 2025): 37,130,000,005 XRP subject to on-ledger escrow
- Approximately 92.6% of the circulating supply sits outside Ripple’s directly accessible wallets
| Metric | Figure | Source |
|---|---|---|
| Total supply (fixed cap) | 100 billion XRP | XRPL genesis |
| Circulating supply (Q1 2026) | 61.83 billion XRP | CoinMarketCap |
| Ripple available holdings | 4.56 billion XRP | Ripple Q1 2025 report |
| Ripple escrow balance | 37.13 billion XRP | Ripple Q1 2025 report |
| Founder allocation at genesis | 20 billion XRP | XRPL history |
Source: CoinMarketCap, Ripple Q1 2025 XRP Markets Report
Comparing XRP’s supply mechanics against the dominant proof-of-work token, Bitcoin shows a halving-based issuance schedule while XRP’s float expands through pre-allocated escrow releases.
XRP Price and Market Cap
XRP’s all-time high reached $3.84 on January 4, 2018, representing a decrease of 64.5% from that peak at current prices.
- Spot price: $1.36
- Market cap: $84,320,757,320
- Market cap rank: #5 by market capitalization
- 24-hour spot volume: $1,780,275,949
- ATH: $3.84 on January 4, 2018
- Drawdown from ATH: 64.5%
| Price metric | Value |
|---|---|
| Current price | $1.36 |
| All-time high | $3.84 |
| ATH date | January 4, 2018 |
| Years from ATH | 8 years |
| 24-hour change | -0.26% |
Source: CoinMarketCap
XRP surged 280% in Q4 2024, reaching approximately $2.70 by November-end after rising over 500% from early November.
Top XRP Holders and Wallet Distribution
- Top 10 wallets: control approximately 19.5% of the circulating supply
- Wallets ranked 11-50: hold approximately 24.9% of the circulating supply
- Remaining wallets (50+): hold approximately 55.6% of the circulating supply
- U.S. spot XRP ETF custody pool: 769-773 million XRP tokens are locked across ETF custody arrangements
Major crypto exchange custody wallets at Binance, Bithumb, and Uphold anchor the top of the rich list, with Bitwise, Franklin Templeton, Grayscale, and 21Shares custody addresses materially shifting the distribution.
Ripple’s XRP Holdings and Escrow Drawdown
- June 30, 2024: 4,682,112,997 XRP available holdings and 39,500,000,005 XRP in escrow-locked amounts
- September 30, 2024: 4,436,713,796 XRP available and 38,900,000,005 XRP in escrow
- December 31, 2024: 4,485,366,320 XRP available and 38,030,000,005 XRP in escrow
- March 31, 2025: 4,562,433,147 XRP available and 37,130,000,005 XRP in escrow
- Net escrow drawdown across three quarters: 2.37 billion XRP
Ripple does not have access to that XRP until the escrow releases it to Ripple on a monthly basis. The remaining XRP released is put back into the escrow each month.
By the numbers: Ripple’s escrow has shed 2.37 billion XRP across nine months between June 2024 and March 2025. Available holdings ranged from 4,436,713,796 XRP in September 2024 to 4,682,112,997 XRP in June 2024, signaling active distribution rather than accumulation.
XRP Trading Volume by Quarter
- Q3 2024 ADV: $600-700 million on top-tier exchanges
- H1 2024 ADV: $750 million daily
- Q4 2024 ADV: $3.4 billion on top-tier exchanges
- December 2, 2024, record day: nearly $25 billion in spot volume across CCData’s top-tier exchanges
- Mid-November through December 2024: $5 billion daily spot trading, compared to $500 million the previous month
- Q1 2025 ADV: $3.2 billion on top-tier exchanges
| Period | Average daily volume |
|---|---|
| H1 2024 | $750 million |
| Q3 2024 | $600-700 million |
| Q4 2024 | $3.4 billion |
| Q4 2024 peak (Dec 2) | $25 billion (single day) |
| Q1 2025 | $3.2 billion |
Source: Ripple XRP Markets Reports Q3 2024, Q4 2024, Q1 2025
What’s changed: XRP’s average daily volume grew roughly 5x between Q3 2024 ($600-700 million) and Q4 2024 ($3.4 billion), then held nearly flat into Q1 2025. The plateau suggests the rally absorbed a structural increase in market depth rather than a one-quarter spike.
Exchange Share for XRP Spot Trading
- Q3 2024: Binance, Bybit, and Upbit accounted for well over 65% of the total traded volume
- Q4 2024 share: Binance 36% of spot volume, Upbit Korea 20%, Coinbase 9%
- Q1 2025 share: Binance approximately 40% market share, Upbit 15%, Coinbase 12%
- Upbit’s share contracted from 20% in Q4 2024 to 15% in Q1 2025, a 5 percentage point drop
- Binance’s share expanded from 36% to approximately 40% quarter-over-quarter, a 4 percentage point increase
The Upbit drawdown matters because Korean retail flow historically drives XRP price discovery in high-volatility periods.
Fiat-Pair Migration in XRP Markets
- Q2 2024: 10% fiat-pair share
- Q3 2024: 14% fiat-pair share
- Q4 2024: 25% USD and USD stablecoin volume traded through fiat pairs
- Q1 2025: 29% fiat-pair share
Why it matters: Fiat-pair migration from 10% to 29% over three quarters signals that XRP is increasingly priced directly against USD, EUR, and KRW rather than routed through USDT or USDC as an intermediate liquidity layer. Direct fiat pairing usually correlates with deeper institutional market access and cleaner regulatory positioning.
XRP Spot ETF Launches and AUM
- On September 18, 2025, REX-Osprey’s XRPR launched, offering the earliest spot exposure
- On November 13, 2025, Canary Capital’s XRPC debuted on Nasdaq, becoming the most successful ETF launch of 2025 by first-day trading volume
- On November 20, 2025, Bitwise’s XRP ETF launched
- On November 24, 2025, Grayscale’s GXRP launched on NYSE Arca
- Franklin Templeton’s XRPZ and 21Shares’ TOXR followed in November and December 2025
- On December 16, 2025, cumulative inflows crossed $1 billion
- By early March 2026, inflows grew to over $1.50 billion
- Seven U.S. spot ETFs now hold $1.53 billion in AUM
- 769-773 million XRP tokens are locked across ETF custody arrangements
| Issuer | Ticker | Launch date |
|---|---|---|
| REX-Osprey | XRPR | September 18, 2025 |
| Canary Capital | XRPC | November 13, 2025 |
| Bitwise | (XRP ETF) | November 20, 2025 |
| Grayscale | GXRP | November 24, 2025 |
| Franklin Templeton | XRPZ | November/December 2025 |
| 21Shares | TOXR | November/December 2025 |
Source: Ripple “XRP ETFs: The Institutional Era Has Begun” (April 2026)
Despite a challenging overall crypto market, we’ve seen consistent inflows into XRP ETFs, including hundreds of millions from institutional and professional investors. (Matt Hougan, Bitwise CIO)
Institutional XRP ETF Holdings
- Goldman Sachs (March 2026 13F): $153.8 million position spread across Bitwise $40 million, Franklin Templeton $38.5 million, Grayscale $38 million, and 21Shares $36 million
- Top 30 institutions collectively: $211 million in XRP ETF exposure
- ARK Invest allocation: nearly 20% of its CoinDesk 20 ETF is allocated to XRP
The takeaway: Goldman Sachs’s $153.8 million position is the single largest disclosed institutional XRP ETF holding, and its near-even split across four issuers suggests the bank is benchmarking issuer-level liquidity rather than betting on any single sponsor’s product structure.
XRP Ledger Network Performance
- Independent validators reach consensus every 3 to 5 seconds, enabling rapid transaction settlement
- The XRP Ledger settles thousands of transactions in seconds
- Transaction costs run at fractions of a penny per transaction
- The XRP Ledger has delivered 10+ years of error-free, uninterrupted performance over more than 63 million ledgers
- The platform uses much less electricity than Bitcoin, about as much electricity as it costs to run an email server
- On-chain transactions declined 37.06% quarter-over-quarter in Q1 2025
- DEX volume decreased 16.94% to $832 million in Q1 2025
- New wallet creation fell 40.28% quarter-over-quarter in Q1 2025
| Network metric | Value | Source |
|---|---|---|
| Consensus interval | 3-5 seconds | XRPL Wikipedia |
| Transaction cost | Fractions of a penny | xrpl.org |
| Total ledgers closed | 63 million+ | xrpl.org |
| Uptime track record | 10+ years | xrpl.org |
| Q1 2025 DEX volume | $832 million | Ripple Q1 2025 |
| Q1 2025 transaction QoQ change | -37.06% | Ripple Q1 2025 |
| Q1 2025 new wallet QoQ change | -40.28% | Ripple Q1 2025 |
Source: XRPL.org, Ripple Q1 2025 XRP Markets Report, Wikipedia XRP Ledger entry
The XRP Ledger’s gas-free consensus mechanism contrasts with the gas-auction model captured in Ethereum, where transaction fees vary with network demand. XRPL fees stay flat regardless of throughput, which is a structural advantage for high-frequency payment workloads.
How fast does XRP settle?
XRP transactions settle in 3 to 5 seconds on the XRP Ledger, which is the time it takes independent validators to reach consensus on each block. The fee per transaction stays at fractions of a penny regardless of network load, and the ledger has processed more than 63 million transactions without an outage.
RLUSD Growth on the XRP Ledger
- RLUSD market cap surpassed $90 million in Q1 2025
- Cumulative RLUSD DEX volume exceeded $300 million in Q1 2025
| RLUSD metric | Q1 2025 value |
|---|---|
| Market capitalization | >$90 million |
| Cumulative DEX volume | >$300 million |
Source: Ripple Q1 2025 XRP Markets Report
RLUSD’s presence augments XRPL’s role as a payments rail rather than a pure speculative venue. Stablecoin issuance on XRPL is also material for Ripple’s cross-border, where USD-denominated settlement reduces reliance on intermediate XRP conversions.
Ripple Labs Corporate Profile
- Founded in 2012 and headquartered in San Francisco, California
- Originally named OpenCoin before rebranding in 2015
- Co-founders Chris Larsen and Jed McCaleb
- Brad Garlinghouse is CEO, and Monica Long is President
- Employed 1,120 staff in 2023
- In November 2025, Ripple achieved a $40 billion valuation after a $500 million funding round
- In August 2025, the SEC agreed to end any further appeals, with Ripple paying a $125 million penalty for securities violations
- In May 2023, Ripple acquired Swiss custody firm Metaco for $250 million
- In June 2023, Ripple received a Singapore payments license
- In March 2018, a Japanese bank consortium launched MoneyTap
| Corporate fact | Value |
|---|---|
| Founded | 2012 |
| Headquarters | San Francisco, California |
| Original name | OpenCoin |
| Rebrand year | 2015 |
| CEO | Brad Garlinghouse |
| President | Monica Long |
| Employees (2023) | 1,120 |
| November 2025 valuation | $40 billion |
| Funding round size | $500 million |
| SEC settlement (August 2025) | $125 million |
| Metaco acquisition (2023) | $250 million |
Source: Wikipedia (consolidated public reporting), Ripple Labs corporate disclosures
Key finding: Ripple’s $40 billion November 2025 valuation arrived three months after the $125 million SEC settlement, marking the close of the regulatory uncertainty period that had constrained the company’s enterprise-deal velocity since the December 2020 complaint.
Common Questions
Who holds the most XRP?
As of March 31, 2025, Ripple holds 4,562,433,147 XRP available and 37,130,000,005 XRP subject to on-ledger escrow, a combined balance of approximately 41.69 billion XRP. Ripple’s combined holdings are roughly 54 times the size of the combined U.S. spot ETF custody pool of 769-773 million XRP. Exchange custody wallets at Bithumb, Binance, and Uphold, plus the 7 U.S. spot ETF custodians, are other publicly identified concentrations.
How much XRP is in Ripple’s escrow?
As of March 31, 2025, Ripple’s on-ledger escrow held 37,130,000,005 XRP, down from 39,500,000,005 XRP as of June 30, 2024, a net drawdown of 2.37 billion XRP across nine months.
How big is the XRP ETF market?
The U.S. spot XRP ETF market holds $1.53 billion in AUM across 7 funds, with cumulative inflows that crossed $1 billion on December 16, 2025, and grew to over $1.50 billion by early March 2026. Funds custody 769-773 million XRP tokens, equal to approximately 1.25% of the circulating supply.
What is Ripple Labs valuation?
Ripple Labs reached a $40 billion valuation in November 2025 after raising $500 million in a funding round. The valuation milestone followed the August 2025 close of the SEC litigation, in which Ripple paid a $125 million penalty and the SEC agreed to end any further appeals.
Conclusion
XRP enters this year with a $84,320,757,320 market cap and 61,829,045,420 tokens in circulation against the 100,000,000,000 XRP maximum supply, plus a structurally cleaner regulatory backdrop after the August 2025 SEC settlement. The ETF custody pool now absorbs roughly 1.25% of the circulating supply into institutional vehicles that did not exist a year earlier. Whether ETF inflows compound or plateau will determine how quickly the next 5 billion XRP of escrow release is absorbed by the market.
