XRP kicked off Thursday on a stronger footing as Ripple unveiled a mammoth funding round and a headline partnership with Mastercard—two catalysts that put institutional adoption back at the center of the XRP story.
Key takeaways
- $500M strategic investment at a $40B valuation. Fortress Investment Group and Citadel Securities led Ripple’s new round, with participation from major funds—solidifying Ripple as one of crypto’s highest‑valued private companies. [1]
- Mastercard pilot for RLUSD settlement. Ripple, Mastercard, WebBank, and Gemini are testing stablecoin settlement for credit card transactions using RLUSD on the XRP Ledger (XRPL). [2]
- RLUSD passes $1B in circulation. Ripple’s USD‑backed stablecoin, introduced in Dec. 2024 under a New York trust charter model, crossed the $1B mark this week—fueling the payment pilot narrative. [3]
- XRP ETF watch: Issuers—including Canary Capital—have amended S‑1 filings, and market watchers see a possible mid‑November window if the process continues uninterrupted. [4]
- Legal overhang resolved. The SEC’s case against Ripple ended in August with a $125M penalty and limits on institutional sales—removing a key uncertainty for XRP. [5]
What happened today — and why it matters
1) Ripple’s $500M raise puts traditional finance on notice
Ripple confirmed a $500 million strategic investment led by Fortress Investment Group and Citadel Securities, valuing the company at $40 billion. The raise follows a year of expansion into stablecoins, custody, and prime brokerage—and it underlines deepening Wall Street participation in crypto infrastructure. [6]
Why it matters for XRP: a stronger corporate balance sheet and growing institutional relationships can translate into more payment corridors, deeper liquidity, and more consistent utility demand for XRP over time.
2) Mastercard x Ripple: RLUSD settlement pilot
At Ripple’s Swell 2025 event in New York, Mastercard, WebBank (issuer of the Gemini credit card), and Gemini joined Ripple to pilot settling fiat card transactions on a public blockchain using RLUSD (Ripple’s USD‑backed stablecoin) on the XRPL. If scaled, this would mark one of the first instances of a regulated U.S. bank testing stablecoin settlement on a public chain for card payments. [7]
Why it matters for XRP: XRPL sits at the heart of the pilot. Even as RLUSD handles dollar settlement, XRP underpins XRPL’s liquidity and payment mechanics, reinforcing its role in cross‑border and real‑time settlement networks.
3) RLUSD crosses $1B in circulation
RLUSD has surpassed $1 billion in outstanding supply less than a year after launch, signaling early traction with institutions and exchanges. That growth coincides with the Mastercard pilot and a broader institutional push highlighted at Swell. [8]
ETF watch: amended S‑1s, a potential mid‑November window
Filings for a spot XRP ETF have advanced. Canary Capital’s amended S‑1 is on the SEC’s docket, and industry reporting indicates that mid‑November is a plausible—but not guaranteed—window for the first XRP fund if the current process holds. Bottom line: filings are real; timelines remain conditional. [9]
Legal overhang: case closed in August
Regulatory clarity improved meaningfully when the SEC concluded its lawsuit against Ripple in August 2025, leaving a $125 million penalty and restrictions on certain institutional sales. For public‑exchange trading, Judge Torres’ earlier findings—that XRP itself and blind secondary‑market trades are not securities—stand, removing a major overhang for the asset. [10]
Market context & levels to watch
- Momentum: Today’s price action reflects improving risk appetite after a choppy fortnight for crypto. For XRP, $2.35–$2.40 is the near‑term ceiling to clear for a sustained push; $2.20–$2.22 remains the first line of support.
- Catalysts ahead:
By the numbers
- Ripple valuation:$40B post‑raise. [13]
- RLUSD in circulation:>$1B. [14]
- XRP intraday range:$2.21 – $2.39 (today).
- SEC case:Closed (Aug. 2025); $125M penalty stands. [15]
Editorial outlook (not investment advice)
With macro volatility still elevated, utility‑driven catalysts matter most for XRP. Ripple’s fresh capital and the Mastercard pilot speak directly to real‑world settlement—arguably the most credible path to durable demand. Near‑term price will likely track ETF headlines and pilot milestones; medium‑term trajectory hinges on how quickly enterprise payment volumes scale on XRPL.
References
1. www.reuters.com, 2. www.coindesk.com, 3. www.coindesk.com, 4. www.sec.gov, 5. www.reuters.com, 6. www.reuters.com, 7. www.coindesk.com, 8. www.coindesk.com, 9. www.sec.gov, 10. www.reuters.com, 11. www.coindesk.com, 12. www.coindesk.com, 13. www.reuters.com, 14. www.coindesk.com, 15. www.reuters.com
