Ripple CEO Takes Aim at JPMorgan as XRP Ledger Prepares for Stablecoin Debut and Network Overhaul

Brad Garlinghouse accuses Jamie Dimon of misrepresenting the CLARITY Act; Ripple launches MXNB stablecoin, pushes into AI payments, and eyes $1.14 XRP support.

Brad Garlinghouse has stepped up his war of words with the banking establishment. The Ripple chief used a US television appearance to accuse JPMorgan CEO Jamie Dimon of deliberately misrepresenting the CLARITY Act, a proposed piece of legislation designed to clarify which US regulators oversee digital assets. Dimon has warned the bill could weaken anti-money-laundering standards. Garlinghouse countered that the real motive is protecting JPMorgan's traditional payments business, which generates roughly $20 billion annually.

The regulatory spat is unfolding against a busy stretch of technical and commercial developments for Ripple and its XRP token. On June 11, Ripple and Latin American crypto exchange Bitso expanded their partnership with the launch of MXNB, a stablecoin pegged 1:1 to the Mexican peso and issued on the XRP Ledger. The token targets the US-to-Mexico remittance corridor, one of the world's most active. MXNB will trade alongside Ripple's dollar-pegged stablecoin RLUSD on the ledger's permissioned decentralized exchange, allowing institutions to swap regulated peso and dollar tokens without correspondent banks.

Ripple is also pushing into machine-to-machine payments. The company released a tool that lets autonomous AI programs settle payments in XRP, and it joined a Mastercard-backed alliance of more than 30 firms, including Stripe and Coinbase, aimed at building mass-market infrastructure for this segment. Ripple sees long-term revenue potential in the billions.

Institutional interest in XRP exposure has been steady despite the token's price weakness. The five US-based spot ETFs have attracted roughly $1.44 billion in cumulative net inflows since their launch late last year. On June 12 alone, XRP ETFs pulled in about $2 million, while their Ethereum equivalents saw outflows of nearly $16 million. Retail sentiment tells a different story: the Santiment sentiment gauge dropped to its lowest reading since October 2025 on June 12, a level that historically has preceded price rebounds. The relative strength index, currently near 36, points to oversold conditions.

The XRP Ledger's next major upgrade arrives June 15. Version 3.2.0 will reduce node storage requirements by 30% to 40% and rename the core software from "rippled" to "xrld." Validators and node operators must update their systems before the activation deadline; for regular users the change is invisible. The upgrade follows a milestone on June 5, when daily active addresses on the network hit 215,399, the highest since March.

XRP traded at $1.14 at the time of writing, down roughly 39% year to date and miles from its 52-week high. The coin is clinging to support just above $1.13, with 24-hour volume at about $1.68 billion. Chart watchers see the 50-day moving average near $1.34 as a critical resistance. A sustained break above $1.20 would be needed to flip the recent downtrend, but for now technical signals are mixed. The CLARITY Act, which the crypto lobby hopes to pass by July 4, could provide a broader regulatory catalyst — but first Garlinghouse will have to win the battle with Dimon.