Ripple Is Heading for $900 Million in Annual Revenue. How Much of It Depends on XRP?

Ripple’s revenue is projected to reach about $900 million annually by the end of 2026, driven by its product portfolio. However, the company hasn’t specified how much of this revenue comes from XRP (CRYPTO: XRP). The $900 million figure is a run-rate that extrapolates current sales to project full-year performance, so it differs from the revenue Ripple records across all 12 months.

In 2025, Ripple claims its products facilitated over $16 trillion in transactions, boasting more than 85 licenses and serving over 1,700 institutions.

XRP trades at $1.30, down 1.3% in 24 hours and 12.8% over the past 30 days. This places XRP 64.4% below its all-time high of $3.65 from July 2025. Because Ripple’s announcement didn’t break down the $900 million by product, we can estimate that most of this revenue comes from services that don’t require the token.

Ripple’s $900 Million Is Built on Payments, Custody, RLUSD and Prime Brokerage

Ripple Payments is the company’s foundational service, enabling cross-border money movement for banks and fintech companies. The company operates in over 60 markets and expects to reach nearly $150 billion in lifetime transaction volume by year-end.

Beyond payment services, Ripple offers custody solutions that let institutions store digital assets securely without managing private keys. Custody services charge fees based on the amount of assets held.

Ripple USD (CRYPTO: RLUSD), the company’s stablecoin, is designed to maintain a $1 value and is backed by reserves. Ripple has indicated that RLUSD’s market cap stands at $2.6 billion, up more than 88% in 2026. Stablecoin issuers typically earn interest on these reserves, so RLUSD’s income will likely grow as its circulation increases.

Another feature is Ripple Prime, a brokerage service that lets hedge funds and trading firms manage trading and settlement across assets—from equities and forex to futures and digital assets—through a single account. Ripple Treasury offers cash-management software to corporate finance teams and serves over 1,000 clients across 160 countries.

Ripple has partnered with BNY (NYSE: BK) to explore tokenized trade finance on the XRP Ledger, the blockchain that XRP operates on. This collaboration aims to convert approved invoices into digital tokens, allowing suppliers to receive payments almost instantly. BNY is also integrating XRP and RLUSD into its custody services and plans to enable clients to create and redeem RLUSD, which could generate additional revenue streams for Ripple.

Ripple’s Release Ties No Revenue to XRP, and Robinhood Plans to Settle in RLUSD

Ripple’s announcement did not link any specific customer or partner to purchasing or holding XRP. CEO Brad Garlinghouse mentioned XRP only as an example of the digital assets that can facilitate faster money transfers, and the company did not relate any specific volume or revenue to XRP.

The collaboration with BNY and C2FO is based on the XRP Ledger but did not specify which asset will be used for settlements. Trade finance on the ledger could settle using RLUSD or tokenized dollars, with XRP’s main job covering network fees.

These fees are minimal and are removed from circulation after each transaction, meaning Ripple doesn’t earn revenue from them. Higher ledger activity burns a tiny amount of XRP.

A key indicator of institutional interest comes from Robinhood Markets (NASDAQ: HOOD | HOOD Price Prediction), which plans to use RLUSD for settlement on the XRP Ledger.

Ripple Payments is the only area where XRP can serve a significant function as a bridge asset. For instance, a bank can convert dollars into XRP, transfer it internationally within seconds, and swap it for pesos or another local currency, thus avoiding the need to hold cash in foreign accounts. However, XRP is usually held only briefly before being sold again.

Ripple Has Not Said How Much of Its Payments Volume Uses XRP

Ripple has not clarified how much of its projected $150 billion in lifetime payments volume involves XRP versus RLUSD or standard banking networks. This information could be crucial for linking Ripple’s growth to actual demand for XRP.

The company has also stopped its quarterly XRP Markets Reports after the second quarter of 2025, leaving a gap in understanding Ripple’s XRP sales. The $900 million figure is labeled as product revenue, which likely excludes revenue from XRP sales, but Ripple hasn’t confirmed that.

Steven McClurg, CEO of Canary Capital, which manages an XRP fund, stated that Ripple’s primary strength lies in remittances and RLUSD—areas he is particularly optimistic about. XRP’s price movement reflects this split: it has declined 29.4% this year, while Bitcoin (CRYPTO:BTC) has dropped only 7.3%, despite RLUSD’s rising supply in 2026.

How Much of Ripple’s Revenue Depends on XRP?

Only a small piece of Ripple’s revenue appears to depend on XRP, and Ripple hasn’t published a number showing otherwise. The XRP-linked revenue comes from Ripple Payments routes that bridge through XRP and custody fees on XRP that clients like BNY hold. The much larger remainder, from RLUSD reserve income to Prime lending and Treasury software, works without the token.

Ripple likely depends less on selling XRP to pay its bills, which could ease selling pressure, but XRP only benefits when a product makes someone buy and hold it, and the latest partnerships mostly send volume through RLUSD. If Ripple reports how much Payments volume settled in XRP, or if BNY and C2FO name XRP as their settlement asset, XRP’s share of the $900 million could grow from a piece to a pillar.

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