CryptoSlate
Ripple says it is on track for a record year, targeting a $900 million annualized product revenue run rate as XRP falls nearly 29% in 2026. The company reported more than 1,700 institutional customers and a threefold increase in customers using multiple products. XRP, meanwhile, has extended last year's 11.6% loss and is heading toward its steepest annual decline since 2022.
Why it matters
Ripple's business now spans payments, institutional trading, financing, clearing and corporate cash management. The company said Ripple Prime and Ripple Treasury helped enable more than $16 trillion in transactions in 2025, while its payments network is approaching $150 billion in cumulative volume. Its RLUSD stablecoin has grown more than 88% this year to a $2.6 billion market capitalization.
Those figures point to expanding use of Ripple's financial infrastructure, but they do not establish equivalent demand for XRP. The company's growth and the token's performance are diverging, keeping the question of how commercial adoption supports XRP in focus.
Market impact
XRP fell from a high of $2.40 to below $1 in August before recovering to around $1.31. It remains under pressure alongside the broader crypto market: Bitcoin has lost about 8% this year and trades roughly 36% below its October 2025 record, while Ethereum is down about 20% and Solana 17% year to date.
If XRP's losses persist through December, it would post its worst annual performance since a 59.2% decline in 2022 and consecutive annual losses for the first time since 2018 and 2019. Ripple's expanding customer base and product revenue therefore offer a different measure of company growth than XRP's market performance.
Frequently asked questions
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What revenue milestone is Ripple targeting for 2026?
Ripple says it is on track for a record year, with a $900 million annualized product revenue run rate.
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How broad is Ripple's institutional customer base?
Ripple reports more than 1,700 institutional customers and businesses using its infrastructure. The number using multiple products has tripled this year.
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How is RLUSD performing as Ripple's business expands?
Ripple says RLUSD has grown more than 88% this year to a market capitalization of $2.6 billion.
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Why is Ripple's growth not the same as demand for XRP?
Ripple's expanding financial services and customer base indicate company adoption, but those figures do not establish equivalent demand for XRP. The company's growth and the token's price performance have diverged.
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What would consecutive annual XRP losses mean historically?
If XRP's losses persist through December, it would record its worst annual performance since 2022 and its first consecutive losing years since 2018 and 2019.
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