TLDR
- XRP daily futures volume surged from $1B to over $10B post-settlement.
- XRP’s open interest rose over 1,000% year-over-year on major venues.
- Evernorth plans $1B Nasdaq listing to offer regulated XRP exposure.
- Ripple acquired four firms and applied for a U.S. bank charter.
After years of market uncertainty, XRP is experiencing a sharp turnaround. Following the settlement of Ripple Labs’ legal case with the U.S. Securities and Exchange Commission (SEC) in August 2025, the digital asset has returned to mainstream exchanges and institutional portfolios. Trading activity has surged, new investment vehicles are emerging, and market depth is growing at a pace not seen since XRP’s early years.
XRP Trading Volumes and Market Structure Rebound
Since the lawsuit was settled, XRP’s futures and spot markets have seen a rise in activity. According to Coinglass, average daily futures volumes grew from under $1 billion to over $10 billion. Open interest has increased over 1,000% compared to last year. This suggests that institutional and retail traders are returning to the asset.
Spot trading has also increased. XRP’s price rose 443% over the same period, outperforming Solana and Cardano. Analysts at Kaiko noted that XRP’s 1% market depth on vetted exchanges surpassed that of Solana by $4 million in March. This shift has positioned XRP among the most actively traded altcoins in the market.
Market participants attribute the surge to improved regulatory clarity. Exchanges have relisted XRP, and liquidity providers have returned. The market is showing renewed confidence now that the token can be traded freely in the U.S.
Evernorth’s $1B Nasdaq Listing and Institutional Entry
XRP’s institutional use case is expanding with the announcement of a $1 billion SPAC merger involving Evernorth. The XRP treasury firm plans to list on Nasdaq under the ticker “XRPN.” If approved, this would be the first public company offering direct and regulated exposure to XRP.
The deal includes $200 million in capital from SBI Holdings, with participation from Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Evernorth is structured to buy XRP from public markets, provide liquidity, and launch yield programs targeting institutions.
The company has described its initiative as a market utility and stabilization effort. Crypto researcher Ripple Bull Winkle stated, “When a public company buys from the open market, it applies real market-rate demand that tightens available supply.” Evernorth’s public listing is expected to open a new path for pensions and funds to indirectly gain XRP exposure.
Growing ETF Interest and Projected Inflows
XRP’s ETF momentum is also increasing. Several asset managers have filed for spot XRP ETFs, following the SEC’s settlement with Ripple. Although U.S. government operations have slowed review processes, filings remain active.
Analysts estimate that XRP ETFs could attract between $5 billion and $8 billion in inflows during their first year if approved. This would place XRP among the top digital-asset funds. Approval would also enable broader investor access through regulated channels.
These filings follow a broader trend of digital assets entering public markets. The industry has seen similar moves with Bitcoin and Ethereum ETFs earlier in the year. XRP could be the next asset to gain formal fund representation.
Ripple’s Strategic Moves Toward Financial Integration
Ripple has spent around $3 billion acquiring financial infrastructure companies over the past two years. These include Metaco, Hidden Road, Rail, and GTreasury. The goal is to build a regulated system that integrates custody, liquidity, and cross-border payments.
Ripple has also applied for a U.S. national bank charter and has secured licenses in over 60 countries. Its Ripple Payments network now supports financial institutions across Europe, Africa, and the Gulf region. These moves aim to bring XRP closer to financial services compliance.
According to Ripple CEO Brad Garlinghouse, “Payments are where Ripple first started. The infrastructure is siloed, slow, and ready for change.” XRP Ledger activity has grown by 430% in under two years. Ripple plans to continue expanding XRP’s utility within the global banking and fintech sectors.
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