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Ripple has placed its treasury business at the center of a new XRP price narrative after promoting Ripple Treasury as a platform offering “full cash visibility,” citing figures that an analyst says imply a substantially higher valuation for XRP.
During the SEC v. Ripple case, filings revealed 1,700 NDAs between Ripple and other companies, prompting speculation within the XRP community about the nature of those counterparties. Ripple later confirmed publicly that its treasury platform is connected to 13,000 banks and supports $12.5 trillion in payment volume.
In a post on X, Ripple described Ripple Treasury as the “world’s most adaptable treasury platform,” stating it can deliver 100% cash visibility to institutions. Ripple also said it acquired GTreasury in 2025 for $1 billion, and that it rebranded the existing enterprise treasury platform as Ripple Treasury rather than building a new system from scratch.
Analyst Patrick L. Riley highlighted the scale of the 13,000 connected institutions relative to the size of the U.S. banking sector. Riley cited roughly 4,336 registered banks and savings institutions in the United States, along with approximately 4,287 credit unions that operate across Western economies. Based on those figures, Riley argued that Ripple’s connected network extends beyond the United States.
Riley said a network of 13,000 institutions suggests meaningful penetration across the Anglosphere financial system.
Riley’s core point is that investors may be underestimating the significance of Ripple’s treasury footprint. He referenced the $12.5 trillion payments figure and connected it to an XRP utility thesis, suggesting XRP could serve as a conduit for payments.
He then applied a Bakkes Pipeline approach, described as a stock-to-flow-style model, to the network’s payment volume. In his example, if 20 billion XRP were used to move $12.5 trillion annually, the implied average value would be $625 per XRP.
Riley’s projection is likely to resonate with XRP holders who expect large-scale bank adoption to drive a major repricing of XRP.
Ripple’s announcement, however, only confirms the size of the treasury network and the payment volume associated with the platform. It does not state that $12.5 trillion is currently being settled through XRP.
Even so, the figures are positioned by supporters as relevant to the future outlook for XRP.
At the time of writing, XRP is trading at $1.39.
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