Ripple Labs has recently achieved several strategic breakthroughs: the conditional approval of a national trust bank by the Office of the Comptroller of the Currency (OCC) and a partnership with Switzerland’s AMINA Bank as the first European bank to adopt Ripple’s fully licensed payment solution.
Yet while the institutional infrastructure is solidifying, XRP has lost more than 40 percent from its yearly high and is trading at around 2 dollars – despite XRP ETF inflows of nearly 1 billion dollars since trading began in November. The divergence between corporate progress and token valuation raises questions about how institutional adoption is transmitted to the spot price. The OCC decision positions Ripple alongside Circle, BitGo, Paxos, and Fidelity as the only crypto companies with a national bank license – a form of regulatory legitimization that places the stablecoin RLUSD under dual supervision by the OCC and the New York Department of Financial Services. Nevertheless, market reactions remain muted: XRP has repeatedly fallen below the psychological 2-dollar level.
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OCC approval: Ripple becomes a regulated bank
The conditional approval granted on December 12, 2025, to establish the Ripple National Trust Bank (RNTB) marks an institutional turning point. CEO Brad Garlinghouse described the step as a “massive development for our RLUSD stablecoin” and emphasized the newly applicable dual oversight at both federal and state levels. The approval obliges Ripple to apply for membership in a Federal Reserve Bank – a process previously reserved for traditional banks. Unlike conventional crypto companies, Ripple is therefore subject to the same compliance standards as traditional financial institutions.
However, the term “conditional approval” carries important implications: the launch of operational activities remains subject to further regulatory reviews. The OCC published its decision with reference to a “thorough evaluation” – standard wording that suggests additional requirements may follow. Still, the signal sets a benchmark: out of thousands of crypto companies worldwide, only five have received this approval.
AMINA Bank: European premiere for Ripple Payments
At the same time, FINMA-regulated AMINA Bank AG announced its integration of Ripple Payments – becoming the first European bank to offer cross-border real-time payments via Ripple’s infrastructure. The Swiss institution now processes transactions in fiat currencies and stablecoins, including RLUSD, without detours through multiple correspondent banks or delayed clearing cycles.
“The integration of Ripple Payments enables our clients to reduce friction between blockchain rails and traditional banking systems.” – AMINA Bank AG
Ripple Payments currently processes more than 95 billion dollars in transaction volume and covers jurisdictions representing over 90 percent of global foreign exchange markets. The partnership builds on an existing relationship: AMINA has supported RLUSD with custody and trading services since early 2025. The move underscores Ripple’s strategy of expanding through licensed financial institutions rather than direct retail channels – a lesson drawn from the years-long SEC legal dispute that ended in August 2025 with a mutual withdrawal of appeals.
XRP ETF inflows without price impact: the paradox of institutional demand
Since trading began in November 2025, XRP spot ETFs have recorded cumulative inflows of nearly 1 billion dollars, with the seven tradable products reaching combined assets under management (AuM) of 1.18 billion dollars. The ETFs posted 30 consecutive trading days of net inflows – a remarkable streak that contrasts with Bitcoin and Ethereum ETFs, which experienced outflows during the same period.
Nevertheless, XRP fell from 2.50 dollars to around 2 dollars over the same timeframe – a loss of 20 percent within one month. The all-time high of 3.65 dollars from July 2025 is now more than 45 percent away. Analysts point to structural factors: unlike Bitcoin ETFs, which intensify supply scarcity, XRP faces a circulating supply of more than 60 billion tokens, of which Ripple Labs itself still holds around 35 billion in escrow.
RLUSD growth and institutional infrastructure
Ripple’s stablecoin RLUSD is meanwhile developing into a quiet success: since its launch in December 2024, market capitalization has risen to 1.3 billion dollars – an increase of more than 1'200 percent in 2025. The multi-chain strategy across the XRP Ledger and Ethereum, combined with partnerships such as Gemini and Mastercard, is driving adoption. Gemini integrated RLUSD for card settlements, while Mastercard uses the stablecoin for cross-border payments.
The pursued trust bank license is likely to provide RLUSD with additional institutional access. Unlike unregulated stablecoins, RLUSD will be subject to the strictest US compliance standards going forward – a competitive advantage over rivals such as Tether (USDT), whose reserves are subject to less transparent audits. Ripple’s strategy is clear: regulatory excellence as a differentiator in an increasingly supervised market.
Nevertheless, it remains questionable whether this infrastructure directly benefits XRP. RLUSD runs natively on the XRPL, but transactions do not necessarily require XRP as a bridge asset. The original vision – XRP as a liquidity bridge for banks – is materializing more slowly than hoped. Most RippleNet partners use the software without integrating XRP.
Institutional fundamentals meet weak price performance
Ripple’s recent successes solidify its position as a regulated financial infrastructure company – a transformation from a controversial crypto project into a licensed banking service provider. The OCC approval, European banking partnerships, and RLUSD adoption demonstrate that Ripple is gaining traction in the B2B segment.
For XRP investors, however, the central question remains unanswered: when will institutional adoption translate into sustained price pressure? The ETF structure alone is insufficient – Bitcoin’s scarcity and Ethereum’s DeFi utility create organic demand. XRP currently lacks a comparable mechanism. As long as Ripple’s achievements primarily benefit RLUSD and licensed services, XRP is likely to remain under technical selling pressure. For now, the 2-dollar level remains a psychological battleground between the institutional narrative and a weak market structure.
