XRP hits $1bn in tokenised assets. But price is stalling despite Ripple’s big plays

XRP is crossing fresh milestones despite the token trading 60% below its July peak, according to Asheesh Birla, CEO of Evernorth, a $1 billion crypto treasury firm accumulating the asset.

The network is now approaching eight million active wallets and processing roughly three million transactions a day, Birla said in an investor note shared with DL News.

XRP has also accumulated more than $1 billion in tokenised commodities within the past three months, as crypto traders rush to place bets on real-world assets like oil and gold amid geopolitical chaos stemming from the US-Israeli war on Iran, Birla said.

Evernorth is also preparing an initial public offering this year, according to the firm. On Wednesday, the firm said it has filed a registration statement on Form S-4 with the Securities and Exchange Commission. Form S-4 is a document where companies tell the SEC that they intend to register new securities.

Ripple surges

Ripple, the company that developed XRP, has also made big moves in capital markets recently.

Last week, it announced it is seeking to repurchase up to $750 million of shares from investors and employees in a buyback that values the company at a staggering $50 billion.

Ripple last raised $500 million at a $40 billion valuation in November from investors including Citadel Securities and Fortress Investment Group.

Ripple has also deployed billions of dollars on acquisitions to broaden its footprint beyond payments into areas such as prime brokerage and stablecoin infrastructure, notably through its $1 billion acquisition of Hidden Road in October.

Adding to the momentum, Ripple is in the final stages of securing a financial services licence in Australia through the acquisition of BC Payments, a subsidiary of European payments group Banking Circle, as it looks to deepen its presence in the region.

The transaction is expected to close in April 2026. It would give the US-based crypto company regulatory approval to expand its payments operations in one of its fastest-growing markets.

The deal marks Ripple’s second acquisition this year, following its purchase of Sydney-based Solvexia in January, and reflects a strategy that has relied heavily on M&A to build out capabilities over the past decade.

ETFs also down

Still, Ripple’s capital markets successes aren’t helping out XRP’s price, which has been on a downtrend since peaking at $3.65 in July.

Investors ploughed over $1 billion into US spot XRP exchange-traded funds shortly after they launched in November.

Canary Capital’s blockbuster XRP ETF debut on November 13 was the top launch of 2025, drawing in $250 million in investment. CEO Steven McClurg initially predicted $5 billion to flow into XRP ETFs in their first month.

But cumulative inflows hit $1.3 billion in January and have flatlined around that level ever since, SoSoValue data shows.

Crypto market movers

• Bitcoin is down 5.1% over the past 24 hours, trading at $70,461.
• Ethereum is down 6.3 over the past 24 hours at $2,184.

What we’re reading

• Here’s what the CFTC’s Phantom letter really means for DeFi — DL News
• Libra scandal: Argentine forensics reveal years of payments from lobbyist to President Milei — DL News
• Kraken Freezes IPO Plans as 2026 Crypto Listing Market Loses Steam — Unchained
• How a Trump fan snagged $2m betting on president’s second memecoin gala dinner — DL News
• Nigel Farage Cameo videos backed cryptocurrencies that collapsed in value — The Guardian

Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email him at lance@dlnews.com.