XRP’s $1.37 Stalemate: A Senate Clock, a Leveraged ETF, and a Network Vote Collide

Ripple’s revenue triples and valuation hits $50B, but XRP drops 27% as partnerships bypass the token. Institutional ETFs surge, while regulatory and technical factors loom.

Ripple’s business is on a tear. The company’s revenue tripled in the first quarter of 2026, its valuation hit $50 billion, and its network now connects 13,000 banks globally, processing payments in the trillions annually. Yet its native token, XRP, languishes at $1.37 — down roughly 27% since the start of the year. This disconnect between corporate success and token performance has become the defining narrative of the current market phase.

The paradox stems partly from how Ripple’s biggest partnerships are structured. Take Convera, a payments firm handling hundreds of billions in annual transaction volume. Its planned integration of crypto-based treasury tools uses what’s called a stablecoin sandwich model: payments start in fiat, flow through Ripple’s regulated RLUSD stablecoin, and arrive as fiat on the other end. XRP is cut out of the process entirely. Similar arrangements with Deutsche Bank and Kyobo Life follow the same pattern. Without direct use as a bridge currency, the token sees no buying pressure, while profits flow exclusively to Ripple’s equity holders.

That hasn’t stopped institutional money from piling into XRP-linked products. The SEC’s recent reclassification of XRP as trust property has opened the door for regulated funds. XRP spot ETFs recorded net inflows of nearly $84 million in April — the best monthly showing since late 2025. Daily volumes jumped another 63% on May 3. Now GraniteShares is set to launch the first regulated leveraged XRP ETFs on the Nasdaq on May 7, a move the SEC had previously blocked. The new trust-asset designation has cleared the path.

Supply dynamics are also shifting. Ripple released 1 billion XRP from its escrow accounts in early May as part of its routine schedule, but 700 million tokens were locked back within a day, creating predictability in the market. Meanwhile, exchange reserves have stabilized at around 2.75 billion XRP, reducing immediate selling pressure. Large holders appear to be accumulating for the long haul.

On the development front, the XRP Ledger’s 34 validators are voting on a native credit protocol aimed at institutional borrowers. The proposal envisions fixed-rate on-chain loans that don’t require traditional crypto collateral — risk assessment would happen off-chain instead. Activation requires 80% consensus over two consecutive weeks.

Chart technicians see a token at a decision point. XRP trades just below its 50-day moving average of $1.39, trapped in a symmetrical triangle pattern. The $1.40 level serves as critical support. A breakout above resistance at $1.45 could open the door to $2.15, according to analysts. A breakdown below current support, however, risks a test of $1.20.

The biggest wild card may be Washington. The CLARITY Act, which could ease XRP’s use in payment corridors, needs to clear the Senate Banking Committee in May. But the summer recess starts on May 21, leaving committee chairman Tim Scott with only a handful of working days from mid-month. If the bill misses this window, Ripple CEO Brad Garlinghouse has warned of a delay until 2030. Prediction markets currently put the odds of passage this year at 46%.