The Crypto Basic

Last month, the XRP spot ETFs recorded their largest monthly inflow so far this year, amid renewed institutional interest.

Per SosoValue, the US XRP spot exchange-traded funds saw a monthly total net inflow of $81.59 million in April. This recent figure took the cumulative total net inflow to $1.29 billion and the total net asset to $1.04 billion.

Key Points

• The US XRP spot ETFs saw a monthly total net inflow of $81.59 million in April.
• The latest monthly figure took the cumulative total net inflow to $1.29 billion and the total net asset to $1.04 billion.
• April’s $81.59 million inflow surpassed February’s $58.09 million inflow and January’s $15.59 million inflow.
• The Bitwise XRP ETF has led proceedings, bringing in more capital than any other product, both cumulatively and in April.
• Despite these inflows, the XRP price has remained relatively weak over a broader timeframe.

XRP ETFs See Renewed Interest

The recent performance is notable, as the prior month saw a substantial institutional recession. In March, the funds saw a net outflow of $31.16 million, aligning with the cautious tone in global markets amid tensions in the Middle East. XRP also dropped nearly 3% that month, reflecting these uncertainties.

However, by April, institutions doubled down on XRP accumulation. These large players bought back more than twice as much as they sold in dollar terms the previous month. This reflects their conviction in the prominent altcoin as a good hold despite global market uncertainty.

The renewed interest produced the largest monthly ETF haul in dollar terms in 2026. April’s $81.59 million surpassed February’s $58.09 million inflow and January’s $15.59 million. Aside from the March net outflow, the data show a steady increase in exposure, with the following month outperforming the previous month in net inflow.

Despite this, XRP ETFs have not reached the monthly inflow threshold seen in their first two months of market trading. For context, the funds recorded a monthly net inflow of $666.61 million in November 2025 and approximately $500 million in December 2025, pushing cumulative inflow past $1.1 billion in two months.

XRP ETFs Flow in April

So far, the Bitwise XRP ETF has led proceedings, bringing in more funds than any other product. It has recorded a cumulative net inflow of $421 million and accounted for a significant share of the April haul. The fund brought in $44.74 million last month, more than half of the total inflows.

The Franklin XRP ETF (XRPZ) followed with a total inflow of $28.8 million in April. This took its cumulative inflow to $350 million, placing it third in the ranking. The three other funds—Grayscale’s GXRP, 21 Shares’ TOXR, and Canary Capital’s XRPC—brought in less than $5 million each to complete the tally.

Impact on Prices

Notably, the April inflow contributed to XRP’s mild 2% growth. The asset recorded its first monthly green candle in seven months, driven by a broader market recovery and increased demand from these traditional ETF corridors.

However, on a broader scale, the XRP price has remained relatively weak. Since the start of the year, it has dropped by 23%, in line with the wider market trend. XRP has also declined by 41% from its $2.38 price on the first day of the XRP spot ETF launch on November 13.

This broader mismatch between long-term price and demand has continued to draw mixed reactions from market analysts. While others continue to ask whether XRP would see the same price impact that ETFs had on Bitcoin, an analysis has projected how each fund pulling in 11 million XRP tokens daily would affect prices. Per the outlook, XRP could climb to $420 per coin in this scenario.

XRP may not need new legislation like the CLARITY Act to unlock its next major rally, according to Jake Claver, Chairman of Digital Ascension Group.

In his view, the groundwork for price appreciation is already in place. Notably, Claver shared this perspective while speaking with Abdullah “Abs” Nassif, the host of the Good Evening Crypto podcast.

He argued that regulatory clarity is already emerging through existing frameworks, reducing the urgency for Congress to pass new laws.

Key Points

• XRP may not need the CLARITY Act, as existing regulations already support growth and adoption, says Jake Claver.
• Claver argues agencies like the SEC and CFTC are building frameworks, reducing urgency for new crypto laws.
• Legal clarity from SEC v. Ripple is boosting investor confidence and attracting new interest to XRP.
• Rising institutional interest and infrastructure growth could drive XRP’s next move beyond regulation.

CLARITY Act Not a Requirement for XRP Growth

XRP is currently trading at $1.40, up 1.63% today and 6.63% over the past month. However, over a longer time frame, the coin remains down 36% in the past year.

Amid this discouraging performance, some commentators have argued that the passage of the CLARITY Act could be the defining moment for XRP.

However, Claver disagrees with the idea that XRP’s price depends on this piece of legislative breakthrough. He noted that regulatory agencies are already laying the foundation needed for adoption.

Specifically, he pointed to recent guidelines tied to the GENIUS Act and oversight developments as signs that the U.S. is moving toward functional crypto regulation without waiting for Congress. Moreover, the SEC and CFTC have issued guidelines that categorize XRP as a digital commodity.

According to Claver, what matters most now is implementation, not additional legislation. This suggests XRP’s trajectory could remain intact even if the CLARITY Act stalls.

Meanwhile, this stance contrasts with popular market narratives that tie price growth directly to new laws.

Ripple’s Legal Clarity Driving Renewed Interest

Claver also highlighted a noticeable shift in sentiment toward XRP, especially following the resolution of SEC v. Ripple.

With that legal uncertainty removed, he noted that more investors, including Bitcoin-focused participants, are beginning to explore XRP and allocate capital to its ecosystem.

At the Bitcoin Conference 2026, Claver observed stronger visibility from Ripple and growing openness among attendees who were previously skeptical of XRP.

2026 Is the Year of Institutional Adoption

Claver echoed comments from Ripple leadership that 2026 is shaping up to be a defining year for institutional adoption.

He pointed to increasing engagement from major financial players, including leadership at Nasdaq and the New York Stock Exchange, who have publicly discussed tokenization and blockchain integration in traditional markets.

According to Claver, these developments mean XRP and the XRP Ledger are positioning themselves at the center of institutional finance in areas such as payments and settlement infrastructure.

In sum, XRP’s path forward may rely less on new legislation and more on execution, adoption, and macro conditions.

With legal clarity achieved, institutional interest rising, and infrastructure steadily developing, XRP is entering a phase where fundamentals, not just regulation, could define its next move.

A new update from Ripple is reshaping how some market participants view XRP, following confirmation of the scale of its banking network.

The company recently described its platform as “the world’s most adaptable treasury platform”. Specifically, it highlighted key figures, noting that Ripple Treasury has full cash visibility, 13,000 connected banks, and $12.5 trillion in payment volume moving through its system.

Notably, Ripple acquired GTreasury in 2025 for $1 billion. This has opened access to a vast number of financial institutions handling trillions of dollars in flows.

Key Points

• Ripple says its network spans 13,000 banks and $12.5T in annual payment flows.
• Meanwhile, it remains unclear how much of that volume actually uses XRP vs Ripple’s broader system.
• Speculative models suggest an XRP value of over $600 but rely on uncertain assumptions.
• Ripple’s CTO says NDAs don’t hide major XRP breakthroughs or secret plans.

From NDA Speculation to Confirmed Scale

Interestingly, XRP supporters quickly connected Ripple’s announcement to details that surfaced during the SEC v. Ripple Labs case. Court documents revealed that Ripple had signed around 1,700 non-disclosure agreements with various entities.

At the time, many in the crypto community believed those agreements were tied to banking partnerships. The latest disclosure appears to go much further, suggesting Ripple’s infrastructure is connected to a significantly larger network of financial institutions.

Veteran investor Patrick L. Riley attempted to put the scale into perspective. He noted that there are roughly 4,000+ banks and a similar number of credit unions in the United States alone.

The 13,000 figure, therefore, implies a broad international footprint, particularly across Western financial systems. Now, the conversation has shifted toward what this level of adoption could mean for XRP.

What It Could Mean for XRP

Riley pointed to a stock-to-flow-style framework, suggesting that if 20 billion XRP were responsible for facilitating $12.5 trillion in annual flows, the implied value per token could be $625.

However, such projections remain highly speculative and depend on assumptions around liquidity usage and token velocity. Moreover, XRP’s price is currently $1.37, with an extraordinary journey toward the hoped-for triple-digit range.

Nonetheless, the key idea is that XRP’s value may depend more on real-world financial use than short-term market trends.

Market Still Weighing Reality vs Speculation

Despite the excitement, it remains unclear how much of the $12.5 trillion actually uses XRP, since Ripple’s payment system can sometimes operate without the token.

That said, having a large network of banks supports Ripple’s goal of becoming a major enterprise payments provider. If adoption deepens, XRP could benefit over time.

Schwartz: No Secret XRP Breakthroughs Hidden in NDAs

Meanwhile, Ripple executive David Schwartz has clarified that there are no major hidden XRP adoption plans behind Ripple’s 1,700 NDAs.

He explained that such agreements are standard business practice and not evidence of “earth-shattering” developments. According to Schwartz, most partners simply require confidentiality, and the idea of secret, game-changing XRP initiatives is misguided.

He also dismissed theories about coordinated government plans or hidden catalysts that could suddenly boost XRP, warning investors against relying on such narratives.

Schwartz reinforced that while NDAs do involve confidentiality, claims of massive undisclosed events are “almost always completely false.”

The cumulative XRP leverage ratio on Binance has dropped to historically low levels, while the XRP price remains above the $1.3 support area.

According to verified CryptoQuant author Pelinay, this indicates that real spot demand, not speculative trading, is keeping the price up. She believes a rally could follow once leverage starts climbing again.

Key Points

• XRP is holding the $1.3 support level while its leverage ratio on Binance has dropped to a historic low of 0.1.
• In October 2024, a leverage ratio of 0.1 corresponded with an XRP price of just $0.5.
• Pelinay warns that a low leverage ratio alongside a high price rarely lasts long without a quick resolution.
• Between late June and mid-July 2025, XRP surged from $1.9 to $3.66 as the leverage ratio climbed from 0.3 to 0.6.
• Pelinay believes the current low-leverage environment could trigger a rally once leverage re-enters the market.

Historical Context Shows How Unusual This Setup Is

Pelinay pointed out that what makes this situation particularly interesting is the growing gap between the leverage ratio and the price itself. She explained that when this gap widens, the market becomes unstable and usually snaps back with a sharp move in one direction. 

Right now, XRP sits at $1.3 while the estimated leverage ratio stands at just 0.1, a combination she says is too stretched to last without a major resolution.

For perspective, when the leverage ratio was at a similar level of around 0.1 in October 2024, XRP was trading at roughly $0.5. Today, XRP holds $1.3 at that same leverage level, which means the price is sitting much higher than it was the last time conditions looked like this. 

This alone tells us the market has changed, and spot demand is now doing the heavy lifting that leverage once handled.

Meanwhile, XRP’s rally to $3.6 in July 2025 shows what the opposite scenario looks like. During this run, the leverage ratio jumped from around 0.2 to nearly 0.6, meaning a massive wave of leveraged positions pushed the price higher. When the leverage unwound, the price crashed from $3.6.

XRP Eyeing a Sharp Move

Pelinay clarified that the market is no longer being fueled by leverage, and she sees this as an important signal. As the leverage ratio stays low and moves sideways while the price remains relatively high, the conditions for a move higher may already be forming beneath the surface.

The market analyst noted that historically, a low leverage ratio alongside a high price does not stay that way for long. At some point, one of two things happens: either the price falls to catch up with the ratio, or the ratio rises, and the price follows it upward.

Pelinay also pointed out that when leverage is already at low levels, any rally that begins tends to pick up speed quickly as fresh leverage flows back into the market. To her, the market is in a quiet but loaded phase right now. 

According to Pelinay, if the leverage ratio starts trending upward from here, the rise will not be slow and steady. Instead, she expects a fast, squeeze-driven move that could catch many traders off guard.

Historical data supports this theory. Notably, between late June and mid-July 2025, the leverage ratio climbed from below 0.3 to just under 0.6 in about four weeks, and over the same period, the XRP price jumped from $1.96 to $3.66.