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Ripple (CRYPTO: XRP) has processed $95 billion in payments in total, but XRP’s performance in 2025 shows that price and adoption do not always move in lockstep.
For much of the past cycle, the XRP thesis rested on adoption.
More banks on RippleNet meant more volume, and more volume was expected to translate into higher XRP prices.
By that logic, more than 4 billion XRP Ledger transactions, roughly $95 billion in on-demand liquidity volume, and over 300 banking partners should have pushed XRP meaningfully higher.
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However, infrastructure growth alone does not guarantee token appreciation unless control and economic capture also accrue to the token itself.
The biggest gains in 2025 went to Ripple Labs, not XRP holders.
Ripple secured approval to operate Ripple National Trust Bank and raised roughly $500 million at a valuation near $40 billion.
That marked a shift from being a software provider to acting more like a regulated financial institution.
Banks paid attention to Ripple’s licenses, compliance tools, and settlement network.
Markets stayed focused on XRP’s price and those two tracks did not move together.
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RippleNet partners such as MoneyGram International and SBI Remit do not buy XRP to speculate.
They use it because it cuts costs and speeds up settlement.
Cross-border payments settle in minutes instead of days, while avoiding SWIFT fees that can reach 3% to 5% per transfer.
From a bank’s view, whether XRP trades at $2 or $20 matters far less than whether the system lowers operating costs and reduces counterparty risk.
When 300 banks connect to RippleNet, they’re not just adopting a payment rail—they’re creating switching costs.
Migrating from Ripple’s infrastructure to a competitor like SWIFT’s gpi upgrades, Stellar (CRYPTO: XLM), or a proprietary bank consortium means renegotiating with 300 counterparties.
Those switching costs are worth billions.
Ripple’s 2025 win wasn’t XRP hitting $5—it was making it structurally harder for any bank to leave the network.
