Ripple concluded its Swell 2026 conference with substantial partnerships and regulatory approvals, though the native token XRP failed to gain ground alongside the broader market downturn.
The company expanded RLUSD stablecoin access through Coinbase across its Prime, Exchange, and retail platforms, with support on XRPL, Ethereum, and Base networks. Ripple also formalized a broader partnership with Robinhood, integrating RLUSD across Bitstamp, institutional settlement, and the main application, while Robinhood will integrate Ripple Treasury into its internal financial operations.
BNY Mellon expanded custody support to both XRP and RLUSD. The stablecoin received an investment-grade rating from Moody's, assigned an A2 long-term and P-1 short-term rating under its stablecoin framework.
Ripple announced its product revenue run rate is approaching $900 million annually and received final approval from the Office of the Comptroller of the Currency to establish Ripple National Trust Bank, a federally supervised entity designed to support RLUSD reserves and institutional digital-asset custody.
Ripple CEO Brad Garlinghouse addressed community concerns about the company's stablecoin expansion, describing XRP as the firm's "North Star" and stating Ripple pursues activities that benefit the cross-border token. He acknowledged that RLUSD or fiat currencies may be more appropriate for certain financial transactions.
Ledger and Technical Developments
XRP Ledger developers proposed four code changes to tighten restrictions on permissioned tokens such as regulated stablecoins. The proposed upgrade would close exceptions involving automated market makers and restrict unapproved holders to returning tokens to their issuer until authorization is granted.
Ripple and C2FO are working to bring the latter's Instant Pay settlement platform to XRPL, using RLUSD to enable suppliers to receive funds in seconds rather than waiting for conventional bank transfers to clear.
Flare joined the XRPL validator list, while the XRP Ledger Foundation removed Anodos Finance following a removal request ahead of the project's planned validator shutdown.
Price Performance
XRP declined sharply despite Ripple's operational progress. The token fell to $1.19, a multi-month low, following a major crypto exchange hack that triggered a market-wide crash. XRP recovered slightly but remained 4% down on the day, 6% lower weekly, and its market cap fell below $80 billion. The decline followed earlier rejection at $1.40 on October 21 and a subsequent correction to $1.25.
