Expert Explains “Secret XRP Ledger” Where Banks Reportedly Trade XRP for $1,000+ Per Token

Well-known XRP commentator All Things XRP has triggered renewed discussion about the existence of a “secret” version of the XRP Ledger, where banks are reportedly moving billions of dollars.

While often dismissed as mere speculation, the analyst argued that this so-called “secret ledger” is not a conspiracy. Instead, he emphasized that it is real and fully documented.

Ripple’s Private Ledger

Specifically, the commentator noted that back in 2021, Ripple officially launched a CBDC Private Ledger. This ledger is a separate, closed version of the public XRP Ledger.

The private ledger is specifically for central banks. It offers privacy, compliance, and national-scale currency issuance. All Things XRP stressed that this version of the XRP Ledger does not rely on XRP and is entirely isolated from the public network.

Sources such as Ripple’s blog confirm the existence and purpose of this ledger. It offers the same core performance as the public XRP Ledger—fast settlements and scalable throughput. However, it operates behind closed doors to meet the needs of governments and financial institutions.

No, XRP Isn’t $1,000 on a Secret Exchange

Notably, speculation has long circulated within parts of the XRP community that XRP trades at $1,000 or more on the private ledger. Interestingly, one former London fund manager used this narrative to explain why XRP’s price has remained “low” for years. He even speculated about a future merger of the ledgers to unify the XRP price.

However, All Things XRP cited Ripple CTO David Schwartz, who has repeatedly debunked this narrative. Specifically, there is no dual pricing mechanism for XRP. Moreover, the CBDC Private Ledger does not use XRP at all. 

Essentially, there is no secret market where banks are buying XRP at inflated prices while retail traders are left behind.

All Things XRP added that while this may disappoint some conspiracy theorists, the existence of Ripple’s private ledger is still a significant development.

Specifically, it highlights Ripple’s real-world partnerships with central banks and positions its technology as a foundation for future CBDC infrastructure. This strengthens Ripple’s enterprise utility case, just not in the way some speculative investors might hope.

9️⃣ So What’s the Verdict?

✅ A private XRPL for CBDCs? Confirmed.

❌ XRP double-pricing scheme? Debunked.

Don’t confuse “private” with “secret”—Ripple’s been upfront about this from the start.

— All Things XRP (@XRP_investing) April 30, 2025

Makes No Sense for XRP to Sell Cheap and High Simultaneously

Ultimately, All Things XRP concluded that while a private XRP ledger exists to facilitate large institutional flows, it is not “secret,” and XRP is not trading at higher prices elsewhere. 

Moreover, it would be irrational for any entity, including banks, to pay a premium for a commodity they could easily purchase at a lower price on the public market. This argument further challenges the belief that XRP could be selling at a premium to institutions while retail investors are holding bags with lower prices.