Gold just added $765 billion to its market cap in a single day; here’s how high XRP price could go if XRP saw a comparable rise in valuation.
Since dropping to a low of $3,928 per ounce (oz) on Nov. 4, gold (XAU) has recovered firmly above $4,000, posting four consecutive intraday gains. Gold’s recovery comes alongside a comparable rebound effort from crypto assets like XRP, but crypto’s push has been choppier.
Gold Adds $765B to Its Market Cap in a Single Day
Amid the 4-day run, gold saw an impressive 2.85% gain yesterday, on Nov. 10. This marked its largest single-day increase since May 6, when it rallied by 2.91% to reach $3,431. Interestingly, this recent 2.85% surge led to a massive increase in gold’s overall market, pushing it up by a whopping $750 billion.
For context, gold began Nov. 10 with a price of $4,005 per ounce. Meanwhile, according to the World Gold Council, the world’s above-ground gold reserves sit at 216,265 metric tonnes, which translates to 6.954 billion ounces.
Taking this into consideration, gold’s market cap at the beginning of Nov. 10 was $27.851 trillion with the $4,005 price. At the close of the day, the price per ounce had jumped to $4,115. Considering the above-ground supply of 6.954 billion ounces, this leads to a valuation of $28.616 trillion. Overall, gold’s market cap increased by $765.1 billion yesterday alone.
What if XRP Saw a Comparative Rise in Market Cap?
Notably, not even the entire crypto market, which currently sits at $3.48 trillion, has added even up to $500 billion within a single day.The highest the crypto market has done in the past few weeks is an increase of $203 billion on Oct. 12 amid a 5.57% rise that day.
Meanwhile, on the same day gold saw its meteoric market cap surge, XRP also witnessed an impressive run. Specifically, spiked 6.76% yesterday, outpacing gold. However, its market cap only rose by $9.6 billion to $151.82 billion. This is largely due to XRP’s lower valuation, which makes prices easier to push.
However, we recently considered the prospect of XRP ever seeing a $765 billion increase, whether in a year or across several years.For context, the largest annual growth XRP’s market cap has ever seen involved an $86.09 billion rise last year, buoyed by the upsurge in the fourth quarter.
With XRP currently boasting a market cap of $146.88 billion, if its valuation rose by $765 billion, the resulting market cap would be $911.88 billion. Considering XRP’s circulating supply of 60 billion tokens, a $911.88 billion valuation would translate to a price of $15.198 per token.
Interestingly, multiple market watchers have predicted a possible XRP rally to $15. In a recent report from The Crypto Basic, the host of the Working Money channel confirmed that market commentators Vincent Van Code, CryptoInsightUK, and EGRAG have all projected XRP to $15.
Brazil’s central bank has unveiled a sweeping regulatory framework for domestic digital asset companies.
The new rules, announced Monday, introduce authorization requirements and compliance standards similar to those applied to traditional financial institutions.
According to the central bank, the regulations aim to prevent fraud, scams, and money laundering involving cryptocurrencies. Moreover, officials emphasized that the measures will help align Brazil with global best practices in digital finance oversight.
Authorization Now Mandatory for Crypto Service Providers
Under the new framework, all Virtual Asset Service Providers (VASPs) must obtain official authorization from the Central Bank of Brazil before conducting business.
Specifically, the bank categorized providers into three groups: intermediaries, custodians, and brokers. Each category, in turn, will be required to meet distinct operational and compliance standards to secure approval.
New Compliance and Security Obligations
The updated rules extend core financial-sector safeguards to crypto firms. These include customer protection, governance, risk management, and internal control mechanisms.
Additionally, companies must also adopt cybersecurity measures, compliance programs, and incident response systems to qualify for authorization. Institutions that meet these requirements will be permitted to operate legally within the country’s regulatory perimeter.
Moreover, the central bank confirmed that transactions involving fiat-backed stablecoins and cross-border crypto transfers will now fall under Brazil’s foreign exchange laws.
Any crypto payment or transfer involving an unapproved counterparty will be restricted to a maximum of $100,000, the resolution provides.
Timeline and Compliance Deadlines
The new rules will come into effect in February 2026. Firms will have nine months to adjust their operations and fully comply by November 2026.
Institutions that fail to meet the requirements by that deadline must halt all digital asset activities.
Gilnew Vivan, the central bank’s director of regulation, said the framework is to enhance transparency and protect consumers. He noted that the measures aim to block the use of digital assets for criminal activities and reinforce public confidence in the sector.
Brazil Leads Crypto Adoption in Latin America
Meanwhile, Brazil remains Latin America’s largest and most active crypto market. Notably, data from Chainalysis places the country fifth globally in the 2025 Global Crypto Adoption Index, rising from tenth in 2024.
Between July 2024 and June 2025, the country received approximately $318.8 billion in cryptocurrency value. This figure constituted nearly one-third of the region’s total activity, according to the research firm.
In comparison, Chainalysis observed that, while many Latin American nations still lack clear crypto rules, Brazil has moved decisively toward structured oversight.
Finally, the report added that, as regulation expands through 2025, Brazil will maintain its central position in Latin America’s digital asset landscape, driven by strong institutional engagement and rising adoption.
Crypto commentator James Waynn has expressed confidence that Shiba Inu will make many millionaires if the price reaches $0.10.
Shiba Inu, which briefly eliminated a zero from its price yesterday, has once again slipped back to trading with five zeros. The token fell below $0.00001 following a mild market-wide correction that impacted major cryptocurrencies, including Bitcoin and Ethereum.
At the time of writing, SHIB trades at $0.00000996, marking a 2.3% decline over the past 24 hours. However, on a monthly scale, the downturn remains modest, with the token down just 0.95%.
Meanwhile, it has experienced significant losses over longer time frames, such as 26.4% over the past three months, 39.1% over the past six months, and 52.9% year-to-date (YTD).
Past Success Stories Fuel Optimism in SHIB’s Prospects
Despite recording notable declines across multiple timeframes, Shiba Inu enthusiasts remain confident in the token’s long-term potential. They even see it creating new millionaires.
This optimism relies on Shiba Inu’s outstanding performance in the 2020/2021 bull run, when many holders became overnight millionaires. Among them was a truck driver whose story captivated the internet.
Shortly after Shiba Inu launched in August 2020, the truck driver invested $650 in SHIB and eventually made $1.7 million following the token’s massive rally.
Although four years have passed since the rally, enthusiasts still believe SHIB will make more people rich.
“Shiba Inu Will Make Investors Millionaires If Price Hits $0.10”
Community figure James Waynn recently echoed this sentiment in a post on X, asserting that “SHIB will make you a millionaire.”
Waynn further predicted that Shiba Inu will clinch the ambitious target of $0.10. For Shiba Inu to reach $0.10, it must rally 1,003,916% from its current price of $0.00000996.
The popular AI model ChatGPT previously estimated that Shiba Inu would attain the $0.10 level by 2029, four years from now. If Shiba Inu ever hits $0.10, investors could become millionaires so long as they hold 10 million SHIB tokens. Currently, investors can purchase these 10 million SHIB for $99.60.
Reality Check: Is $0.10 Feasible?
Skeptics often question whether SHIB can realistically reach $0.10. With roughly 589 trillion tokens in circulation, hitting this price would imply a market cap of $58.9 trillion.
This potential outcome is significantly higher than the U.S. GDP of $30.48 trillion. Even a large-scale token burn would likely have a limited impact, as most SHIB tokens are held by individual investors.
While optimism remains strong among enthusiasts, the $0.10 milestone may remain a distant and highly ambitious target.
Cardano whales and sharks have continued to increase their ADA holdings, taking advantage of the altcoin’s prolonged price dip.
Amid a largely cautious market, ADA has seen its price on a significant downtrend, mirroring moves in other major cryptocurrencies like Bitcoin (BTC). Currently trading below $0.6 at press time, ADA has dropped over 35% in the past 60 days and 7.8% in the past month.
However, on-chain data shows that deep-pocketed Cardano investors are taking advantage of the token’s dip.
Cardano Whales and Sharks Accumulate 0.94% of ADA’s Entire Supply in 4 Days
According to leading market intelligence platform Santiment, Cardano whales and sharks have accumulated ADA aggressively since dropping below $0.5 last week.
For context, Cardano whales are investors who hold between 1 million and 100 million ADA tokens. Meanwhile, sharks are mid-sized ADA holders, typically holding between 100,000 – 1 million of the asset.
Between November 7-10, Santiment data shows that these key Cardano stakeholders bagged a whopping 348 million ADA tokens. Worth over $204 million at the time, this number of tokens amounts to 0.94% of the total supply of ADA.
Interestingly, this heavy accumulation coincides with the Cardano Foundation’s reported steady progress on the roadmap to global Cardano adoption.
ADA has a total supply of 45 billion tokens. According to data on CoinGecko, the Cardano native currency has a circulating supply of 36.6 billion tokens as of November 2025.
ADA Looks to Regain $0.6
Since touching $0.853 in late September, ADA has been on a steady decline to date, fueled by the market-wide correction that took BTC to four-month lows below $100,000.
ADA rebounded in early November after hitting a long-standing support level of around $0.5, where buyers had repeatedly shown strength. At the time of writing, ADA is trading at $0.582 and is down 1.1% in the past 24 hours.
With whales and sharks accumulating aggressively, ADA looks poised to break the $0.6 price level.
A recent TradingView analysis predicts an even higher rally for ADA to $3, citing a Power of Three (PO3) price pattern.
A new CNBC report highlights how Ripple is rapidly transforming from a leading crypto company into a full-scale financial services force while XRP sits at the heart of the push.
Speaking at Ripple Swell 2025 in New York, CEO Brad Garlinghouse said the company is now targeting traditional finance directly. Ripple aims to merge blockchain infrastructure with established financial systems, positioning XRP Ledger technology as a key settlement layer for institutions.
Garlinghouse noted that Ripple wants to “get ahead of where the market’s going,” with recent acquisitions to bridge the gap between crypto and global finance. The company is betting that deeper institutional adoption will define the next phase of the industry.
$4 Billion Acquisition Spree to Build a Financial Powerhouse
According to CNBC, Ripple has already spent nearly $4 billion this year acquiring major firms. Its purchases include prime brokerage Hidden Road for about $1.3 billion and treasury-software leader GTreasury for over $1 billion.
Last week, Ripple launched Ripple Prime, a U.S. institutional brokerage offering OTC access to several digital assets, including XRP. Additionally, it secured $500 million in new funding, which pushed the company’s valuation to $40 billion.
Ripple’s moves arrive at a time when the SEC and CFTC have softened their stance on digital assets under President Trump, a shift Garlinghouse calls one of the most overlooked developments in the market.
Meanwhile, major banks, including Bank of America, Citigroup, and JPMorgan, are exploring stablecoins, custody services, and blockchain-based payment rails. These moves signal a wave of institutional integration with crypto.
XRP Ledger Partnerships Could Be a Game-Changer
Beyond acquisitions, CNBC reports that Ripple wants to license XRP Ledger to major institutions for their blockchain strategies. Garlinghouse said widening XRPL utility is central to strengthening the XRP ecosystem, especially as XRP continues to trade sideways in 2025 while Bitcoin and Ethereum reach record highs.
Ripple believes real-world financial utility, namely faster, cheaper transactions, will be the catalyst that lifts XRP. High-profile partnerships could also pull the token into the next wave of institutional adoption.
Regulatory Roadblocks Still Stand in the Way
Despite accelerating progress, Ripple’s next phase hinges on regulation. CNBC notes that dealmaking in traditional finance remains difficult due to stalled U.S. crypto legislation. Hopes for the long-awaited Clarity Act have faded as the government shutdown enters its sixth week.
Garlinghouse said banks need legislative certainty before they can fully commit to blockchain integrations. Until then, the path to mass adoption of XRP-powered solutions will be slower than many expect.
In Garlinghouse’s words, “It’s going to be hard until we have that [regulatory clarity].”
Hayden Adams, the founder of Uniswap, has put forward his first governance proposal, which he calls “UNIfication.”
The plan was developed in collaboration with Uniswap Labs and the Uniswap Foundation. It aims to reshape the protocol’s revenue model and strengthen its position as the leading decentralized exchange (DEX).
According to Adams, the proposal would activate protocol fees, implement a UNI token burn mechanism, and create a more unified ecosystem structure.
Activating Protocol Fees and Token Burns
The UNIfication proposal introduces protocol-level fees for both Uniswap v2 and the primary v3 pools on Ethereum. In Uniswap v2, liquidity providers receive 0.25% of each transaction, of which 0.05% is allocated to the protocol.
For Uniswap v3, the governance framework will appropriate a fraction of LP fees, either one-quarter or one-sixth, based on the selected fee tier. All fees collected under this structure will be utilized to burn UNI tokens. This, in turn, establishes a deflationary model for the token’s circulating supply.
Moreover, the proposal calls for a one-time burn of 100 million UNI from the treasury, representing tokens that would have been burned if fees had been in place since Uniswap’s inception.
Integration with Unichain Ecosystem
The proposal also highlights Unichain’s role in the new system. Unichain, launched nine months ago, processes around $100 billion in annual DEX trading volume. Consequently, it generates roughly $7.5 million in annualized sequencer fees.
Under the plan, all Unichain sequencer fees, after layer-one data costs and a 15% share to Optimism, will be redirected to the UNI burn mechanism.
To further enhance efficiency, Uniswap will introduce Protocol Fee Discount Auctions. Through these auctions, users and liquidity providers can bid for fee-free trading periods.
Furthermore, Uniswap v4 will integrate aggregator hooks, allowing it to collect fees from external liquidity sources. In this way, it can function effectively as an on-chain aggregator.
Structural and Governance Reforms
Beyond tokenomics, the UNIfication proposal brings significant organizational changes. Uniswap Labs will stop collecting fees from its app, wallet, and API, effectively setting them to zero, to align its incentives with Uniswap governance and focus entirely on protocol growth and adoption.
Additionally, the plan proposes moving Uniswap Foundation employees to Labs under a new growth fund financed by the treasury. This consolidation aims to accelerate expansion and create a unified operational structure.
Moreover, governance-owned Unisocks liquidity will be migrated to Unichain’s v4 platform and then permanently burned.
The proposal will undergo a 22-day governance process, including a 7-day comment phase, a 5-day snapshot vote, and a 10-day on-chain execution period.
Adams on Regulatory Shifts
In his tweet, Adams stressed the importance of the UNIfication plan and reflected on regulatory challenges faced by Uniswap Labs. He noted that, since UNI’s launch in 2020, the company had been limited in its ability to engage in governance due to legal concerns.
However, Adams said recent regulatory changes have made it possible for Labs to take a more active role in governance.
“This marks the end of years of restrictions on building value for the Uniswap community,” he stated.
Investor Reaction and Market Impact
The proposal announcement immediately boosted investor sentiment. Following Adams’ post, UNI price surged to reach $10, its highest level since September.
At the time of reporting, the token is trading at $8.73, reflecting a 31% gain over the past 24 hours.
The surge underscores renewed confidence among investors and community members as Uniswap prepares for what could be its most transformative update to date.
Cardano saw significant growth in Q3 2025, with a 28.7% increase in DeFi TVL to a peak last seen in 2022, and a successful transition to fully decentralized governance.
According to Messari’s state of Cardano report for the third quarter of the year, the ecosystem demonstrated impressive growth across various sectors.
Notably, Cardano recorded a surge in market capitalization, along with improvements in network and app usage metrics. Specifically, ADA’s market cap increased by 42.5%, reaching $29.5 billion.
Cardano key metrics
Similarly, Cardano saw an increase in decentralized finance (DeFi) adoption, a successful transition to fully decentralized governance, and substantial activity in the non-fungible token (NFT) sector.
DeFi Growth Drives Cardano’s Ecosystem Forward
One of the most notable achievements for Cardano in Q3 2025 was the remarkable growth in its decentralized finance ecosystem. The total value locked (TVL) in Cardano’s DeFi protocols surged by 28.7%, reaching $423.5 million.
Ecosystem Analysis
This marks the highest level since early 2022, demonstrating the growing appeal of Cardano for DeFi projects. Cardano founder Charles Hoskinson has earlier criticized the ADA community for hindering DeFi growth, stating it could reach seven to eight digits if users embraced Cardano’s native platforms.
Importantly, this increase is attributed to the success of key protocols like Liqwid, which saw its TVL rise by 50.8% to $101.6 million, cementing its position as a leader in the space. Other decentralized exchanges (DEXs), like Minswap, also played a key role in this rise, single-handedly accounting for 74.7% of DEX volume in Q3.
Cardano’s DeFi sector benefited from a higher diversity of protocols, with the total number of protocols contributing to TVL growing.
Financial Analysis: Treasury Growth and Market Performance
Cardano’s financial metrics also showed strong growth. The network’s treasury balance saw a notable increase of 24.7%, reaching $1.3 billion in USD, despite a 10.9% drop in the treasury balance in ADA.
Treasury balance
Transaction fees in USD rose by 16.1%, while in ADA, they declined slightly by 2.2%. This increase in transaction fee revenue reflects the continued use of the Cardano network despite slight declines in activity. The network also benefited from a 41% rise in ADA’s price, pushing the overall market cap to new heights.
Network and Ecosystem Analysis
Also, Cardano continued to expand its network activity in the third quarter of 2025. Average daily app transactions rose by 16.7%, and daily active addresses increased by 19.2%. Despite this growth, the reports for the last two quarters were more impressive.
TVL value
However, application transaction volume showed signs of softening, with a 14.7% decline in daily application transactions, reflecting a slight contraction in on-chain activity. Despite this, Cardano’s DEX volume rose 6.1%, reaching an average of $3.8 million daily in Q3.
NFTs and Stablecoins Show Robust Growth
The NFT sector in the Cardano ecosystem also experienced a notable rebound. Notably, average daily trading volume for NFTs on the platform increased by 561.7%, reaching $262,450.
NFT data
This uptick points to a growing interest in Cardano’s NFT ecosystem, with jpg.store remaining the dominant marketplace.
Similarly, stablecoins on Cardano saw significant growth as well. The market cap of stablecoins on the network rose by 21.5%, reaching $38.1 million.
DJED, an over-collateralized stablecoin developed by Input Output Global, contributed to this rise, seeing increased adoption across DeFi and other platforms. New entrants, such as the USDA, also expanded Cardano’s stablecoin landscape.
Another key milestone for Cardano in Q3 2025 was the successful transition from an interim governance structure to a fully decentralized one. In September 2025, Cardano completed its first election for a fully community-elected Constitutional Committee.
This body will oversee governance decisions and represents a significant step toward fully decentralized control, with no major institutions, such as Input Output Global (IOG), Emurgo, or the Cardano Foundation, holding governance positions.
This transition aligns with the broader goals of the Voltaire phase of Cardano’s roadmap, which aims to give ADA holders a direct say in the network’s future.
The newly elected committee replaces an interim structure, ensuring that the governance process is now fully community-driven.
Technical and Ecosystem Advancements
Cardano also made significant technical advancements in Q3 2025, particularly in the areas of privacy, scalability, and interoperability. A major highlight was the release of the Halo2-Plutus verifier, a new tool that enables Cardano to verify zero-knowledge proofs directly on-chain.
This functionality will facilitate the development of privacy-preserving applications and support Cardano’s push toward creating secure and scalable decentralized applications (dApps).
Additionally, updates to the Mithril and Lace wallets enhanced user experience and security, making it easier for users to manage their assets and interact with the Cardano network.
Mithril’s update improved compatibility with the latest Cardano node software, while Lace extended hardware wallet support, offering a smoother experience for users transitioning between wallets.
Cardano’s Expanded Roadmap Points to the Future
Meanwhile, the Cardano Foundation’s updated roadmap, revealed in Q3 2025, outlines a more aggressive approach to ecosystem expansion. The Foundation will focus on expanding DeFi liquidity, supporting venture development, and facilitating the adoption of real-world assets (RWAs) through tokenization.
A major liquidity package will be injected into leading stablecoin projects to deepen DeFi on the platform. Additionally, Cardano aims to strengthen its partnerships in the Web3 and enterprise sectors, with a particular focus on supporting startups and tokenized assets.
The Internal Revenue Service (IRS) has introduced a new safe harbor framework for exchange-traded products (ETPs) that engage in staking digital assets.
The guidance, released under Revenue Procedure 2025-31, outlines how such activities will be treated for federal tax purposes. Moreover, it aims to clarify and remove longstanding uncertainty surrounding staking by institutional investors.
Treasury Secretary Scott Bessent announced the decision on X, describing the guidance as a milestone for the crypto industry. He said the update gives ETPs a “clear path to stake digital assets and share staking rewards with retail investors.”
Bessent added that the measure strengthens investor benefits, encourages innovation, and reinforces America’s global leadership in digital asset and blockchain technology.
The IRS announcement follows a related statement issued earlier this year by the Securities and Exchange Commission (SEC). In that statement, the SEC affirmed that activities related to proof-of-stake are not considered securities transactions.
Together, these developments create a more consistent regulatory environment for institutional participants in digital assets.
Safe Harbor Conditions for ETPs
The IRS guidance outlines several requirements for trusts or funds seeking to qualify under the new safe harbor:
They may stake tokens only on permissionless proof-of-stake networks.
Assets must be limited to a single digital currency type and cash.
A qualified custodian must hold the assets.
The trust must maintain an SEC-approved liquidity plan.
Independent staking providers must operate under arm’s-length agreements.
Activities must remain confined to holding, staking, and redemption.
These conditions, therefore, aim to ensure both regulatory compliance and investor protection while allowing participation in staking rewards.
Legal Experts See Regulatory Clarity
In a post on X, Bill Hughes, Senior Counsel at Consensys, stated that the guidance delivers much-needed tax and regulatory clarity for institutional investors.
Hughes explains that the safe harbor elevates staking from a compliance issue to an acknowledged activity. Consequently, this development makes it feasible for regulated investment vehicles, including crypto ETFs and trusts, to engage in staking.
Furthermore, Hughes noted that this framework could accelerate mainstream participation across proof-of-stake blockchains.
By lowering compliance barriers and standardizing tax treatment, the policy expands institutional engagement in crypto staking and strengthens confidence in U.S. digital asset regulation.
Cardano founder Charles Hoskinson highlights the importance of ADA alignment with the global financial messaging standard ISO 20022.
In a recent X post, Hoskinson shared an infographic spotlighting cryptocurrencies that could benefit from the ISO 20022 financial messaging standard. The list included leading assets such as XRP and XLM, recognized for their focus on cross-border payments.
ADA stood out as the only token identified as a smart contract–capable asset. Meanwhile, other tokens, such as HBAR, ALGO, and QNT, were noted for their focus on institutional applications, scalable payment infrastructure, and interoperability solutions, respectively.
Cardano Founder Highlights Benefits of ISO 20022
Reacting to the development, the Cardano founder emphasized that ISO 20022 support is crucial for advancing open banking. This envisions a system where traditional banks connect with third parties, including blockchain networks, through standardized APIs and messaging formats.
Hoskinson pointed out that ISO 20022 support is imperative in bridging the gap between the traditional and decentralized finance worlds. Essentially, he views ISO 20022 as a bridge that enables blockchain-based assets to interact with traditional financial systems more seamlessly.
ISO 20022 support is essential to open banking and combining the tradFi and DeFi worlds. Ada is Glad to be holding the line with XRP, HBAR, ALGO, and others pic.twitter.com/9uZX4xgeQ3
For context, ISO 20022, often referred to as the new global banking language, is an international standard for the electronic exchange of data between financial institutions, such as banks. It defines how payment messages and related financial data are transmitted, structured, and interpreted across different systems.
The financial messaging standard offers numerous benefits, such as greater interoperability between systems, more detailed transaction data, and faster settlement capabilities.
Several financial institutions are already compliant with the messaging standard, including Ripple, which joined ISO 20022 in 2020.
Earlier this year, the United States Federal Reserve fully embraced ISO 20022, allowing financial institutions that utilize its FedWire Funds Service to send and receive messages using the standard.
According to reports, more than 80% global financial institutions are also expected to adopt ISO 20022 before the end of this year.
Hoskinson Says Cardano Fully Supports ISO 20022
Following Cardano’s inclusion among tokens poised to benefit from the ISO 20022 standard, Hoskinson remarked that ADA is proud to “hold the line” alongside other supported assets such as XRP, XLM, and HBAR, among others.
In a follow-up comment, Hoskinson reaffirmed that the Cardano development team fully supports the ISO 20022 standard and welcomes ADA’s inclusion among the tokens positioned to benefit from it.
In a report, global investment bank Houlihan Lokey linked the valuation of blockchain technology firm Ripple directly to the XRP price.
Notably, the February 2024 report, titled “Digital Assets: How Can Valuation Differ From Traditional Assets?”, recently re-emerged in the XRP community after researcher SMQKE called attention to its findings.
Valuing Blockchain Firms Contrasts with Traditional Methods
The report discussed how valuing blockchain companies like Ripple contrasts with traditional methods and concluded that most of Ripple’s true valuation lies in its XRP holdings rather than corporate equity.
In the report, Houlihan Lokey explained that crypto assets have changed how investors think about value because tokens often carry the main economic upside.
The firm noted that many investors pulled back from the crypto market after the 2022 crash, exchange failures, and fraud cases. However, several events that followed, such as banking instability, favorable rulings like Ripple’s court victory, the launch of spot Bitcoin ETFs, and a rebound in crypto prices, helped restore confidence.
The bank highlighted that in blockchain projects, investors often hold both equity and token warrants since tokens tend to capture most of the project’s value. It then used Ripple as its primary example of how this structure works.
Houlihan Lokey Ties Ripple Valuation to XRP Price
For context, Ripple built its payment network on the blockchain technology of theXRP Ledger (XRPL). Since XRP serves as the gas token of the network, Houlihan Lokey suggested that this makes the token the primary source of economic value in Ripple’s ecosystem. At the time of the report, XRP traded around $0.60 per token.
Houlihan Lokey estimated that Ripple held about $1 billion in cash and securities and roughly 46 billion XRP tokens, assuming no liabilities. Notably, though they had no affiliations with Ripple, markets like Linqto and EquityZen traded Ripple’s shares, and the company had revealed a share buyback program in January 2024.
Using its valuation model, the report presented three different scenarios. In the first, secondary-market pricing valued Ripple at $4.5 billion, which implied an XRP price of $0.076 and an 84% equity discount.
Houlihan Lokey Ties Ripple Valuation to XRP Price
The second, based on Ripple’s tender offer, valued the company at $11.3 billion, equal to an implied XRP price of $0.224 and a 60% discount. The third, which used XRP’s actual market price of $0.60, placed Ripple’s full theoretical value at $28.6 billion, considering its XRP holdings.
Houlihan Lokey noted that this wide range shows how much token prices can affect equity valuations. The firm also called attention to new accounting standards, specifically FASB ASU 2023-08, that require companies to report crypto assets at fair market value.
If Ripple applied that rule, it would need to record its XRP holdings at their market price, pushing its balance sheet closer to the $28.6 billion theoretical valuation rather than the $4.5 billion to $11.3 billion figures reflected in private equity trades.
Possible Ripple Valuation Today Using Same Methodology
Interestingly, using the same method today creates a much higher estimate. Specifically, Ripple currently holds about 40 billion XRP, with 5 billion spendable and 35 billion in escrow.
With XRP trading at $2.30, those tokens are worth about $92 billion. Adding $1 billion in cash and securities brings Ripple’s updated theoretical valuation to around $93 billion, more than three times the level Houlihan Lokey estimated in early 2024.
Meanwhile, at the Ripple Swell 2025 conference, the company revealed a $500 million investment that raised its private valuation to $40 billion.
Notably, CEO Brad Garlinghouse said earlier in the year that an IPO remains possible but is not a focus right now. However, Ripple President Monica Long has recently confirmed that the company has no plans for an IPO anytime soon and has set no timeline for it.
