Ripple CEO Brad Garlinghouse revealed that the company is poised for an unprecedented first quarter, highlighting a significant tripling of prime brokerage revenue following the acquisition of Hidden Road. Additionally, with major financial institutions leveraging Ripple’s infrastructure through GTreasury, the total processed payment volume has exceeded $100 billion. Despite these achievements, XRP, the associated cryptocurrency, has seen a sharp decline, dropping 23.7% over the same period and currently trading around $1.34. This stark contrast between Ripple’s impressive business performance and the XRP price has created frustration among investors.
A deep dive into the factors surrounding this disconnect reveals insights into the drivers of token prices compared to corporate revenue. Ripple’s standout quarter can largely be attributed to the substantial investments made in 2025, amounting to around $3 billion in acquisitions, which are now starting to bear fruit. A significant contributor to this growth is Ripple Prime, which emerged from the $1.25 billion acquisition of Hidden Road. This segment processes approximately $3 trillion annually for over 300 institutional clients, with its revenue tripling since the acquisition. Meanwhile, Ripple Treasury, previously GTreasury, allows Fortune 500 treasury teams to optimize fund transfers from five days to just one minute following its $1 billion purchase.
Ripple’s valuation has surged to $50 billion, bolstered by a recent $750 million share buyback, marking a significant increase from its previous valuation of $40 billion just four months earlier. This growth occurred against a backdrop where the broader cryptocurrency market saw over a 40% decline. Additionally, Ripple’s dollar-backed stablecoin, RLUSD, has reached a market cap of $1.56 billion since its launch in December 2024.
Garlinghouse referred to XRP as the company’s “northstar,” emphasizing that all Ripple products aim to enhance utility for XRP and the XRP Ledger. Yet, this sentiment stands in stark contrast to the current state of the XRP price, which fails to reflect these successes.
The crux of the issue lies in the separateness of Ripple the company and the XRP token. Ownership of XRP does not equate to an ownership stake in Ripple. Consequently, while Ripple has experienced a valuation increase of 25% from November 2025 to March 2026, XRP’s value has plummeted over 60% from its cycle high. Revenue gained from Ripple Prime, GTreasury, and Rail translates directly to Ripple’s balance sheet, leaving XRP unaffected.
Institutional giants such as Deutsche Bank, Aviva Investors, and Société Générale have begun utilizing Ripple’s infrastructure, yet XRP’s value has continued to decline, losing roughly 30% in February 2026. These banks are opting for faster cross-border payments through Ripple, but relying more on RLUSD and fiat currencies rather than XRP. RLUSD’s market cap reflects this trend, with 88% of its supply operating on the Ethereum network compared to a mere 12% on Ripple’s own XRPL.
This trend underscores a significant issue: Ripple’s products lack sufficient integration of XRP, limiting its use case in revenue-generating activities. As long as this dynamic persists, Ripple’s corporate victories will remain disconnected from the token’s price performance.
For XRP’s price to experience a meaningful increase, a higher adoption rate among banks is essential. Currently, the most effective product for creating demand for XRP remains On-Demand Liquidity (ODL), predominantly used by remittance firms rather than major financial institutions.
The Clarity Act could potentially change the landscape for XRP adoption. Garlinghouse expressed optimism about its passage, though timelines indicate it may extend into late May. If enacted, the bill would provide U.S. banks with a permanent legal framework for stablecoins, potentially removing compliance hurdles that restrict the use of XRP in ODL corridors. This regulatory clarity could become a vital catalyst for increasing XRP demand, thereby aligning Ripple’s business success with the cryptocurrency’s price trajectory. Until such developments occur, the current disconnect between Ripple’s achievements and the XRP market will likely continue.
