The company's business metrics are climbing while XRP sits nearly 29% lower on the year
Ripple says it expects to hit an annualized product revenue run rate of about $900 million by the end of 2026. That is a big number for a company still best known to many people as the firm behind XRP.
The timing is awkward in an interesting way. Ripple’s business is posting growth across nearly every line it reports, while its associated token has spent the year going the other direction.
What Ripple actually announced
The projection came at Ripple’s Swell conference on October 28, 2026. The company put the figure at approximately $900 million by year-end.
A run rate is not the same as booked revenue. Think of it as taking your best recent month and asking what a full year would look like if every month matched it.
The $900 million figure is forward-looking. It describes the pace Ripple expects to reach, not cash already collected for 2026.
According to the company, the growth is spread across several businesses. Those include payments, custody, the RLUSD stablecoin and prime brokerage services.
Customer data supports the narrative. Ripple says it serves more than 1,700 institutions, and the number of customers using more than one Ripple product tripled in 2026.
The supporting numbers
RLUSD, Ripple’s dollar-backed stablecoin, has reached a market capitalization of $2.6 billion. That is up more than 88% year-to-date.
Ripple’s payments network is also forecast to reach $150 billion in lifetime volume by year-end. The company describes real-time settlement as central to its pitch for both traditional and digital finance.
The broader activity figure is larger still. Ripple says its products enabled more than $16 trillion in transactions in 2025.
On the partnership front, Ripple pointed to an expanded relationship with BNY focused on tokenized trade finance on the XRP Ledger. New partners also include Robinhood and DriveWealth.
The regulatory backdrop
The revenue projection landed alongside a notable regulatory win. Final approval for Ripple National Trust Bank from the Office of the Comptroller of the Currency was announced around October 27, 2026.
The OCC is the federal regulator for national banks in the US. A national trust charter gives a crypto firm a recognized place inside the traditional banking framework.
For a company selling custody and stablecoin services to institutions, that charter is more than a trophy. Large financial firms generally prefer counterparties with a regulator they recognize.
The XRP disconnect
Here is where the story gets less tidy. While Ripple’s operating metrics climb, XRP has declined nearly 29% year-to-date.
Revenue up, stablecoin up, customers up, token down. Holders hoping company growth would translate directly into price have had a frustrating year.
Part of the explanation may be structural. Ripple’s revenue comes from products like payments, custody, prime brokerage and RLUSD, and none of those require token holders to share in the proceeds.
RLUSD’s growth is a good example. A dollar stablecoin succeeding helps Ripple’s business, but it does not necessarily create demand for XRP itself.
What this means
For institutional clients and partners, the projection signals a vendor with scale and momentum. A firm approaching a $900 million run rate, with a federal trust charter, is a more comfortable counterparty than a startup chasing its next funding round.
There are caveats worth watching. A run rate is a snapshot, and it can shift with transaction volumes, client activity and market conditions in the months that follow.
Key markers to track include whether RLUSD keeps growing its market cap, whether the payments network crosses $150 billion in lifetime volume as forecast, and how quickly the new trust bank turns its approval into active business.
