What Happened to XRP (cryptocurrency) and Ripple Labs?
XRP, the digital asset designed for fast global payments, and Ripple Labs, the company behind it, have navigated a tumultuous period marked by a multi-year legal battle with the U.S. Securities and Exchange Commission (SEC). Following a landmark partial victory for Ripple in 2023 and the eventual settlement and dismissal of the lawsuit in 2025, both XRP and Ripple Labs have gained significant regulatory clarity, enabling Ripple to expand its enterprise solutions, launch a stablecoin, and pursue global partnerships into 2026.
Quick Answer
XRP and Ripple Labs have emerged from a protracted legal dispute with the SEC, which concluded in August 2025, establishing that XRP is not a security when sold on public exchanges. This regulatory clarity, further bolstered by the Digital Asset Market Clarity Act advancing in Congress in 2026, has allowed Ripple to aggressively expand its On-Demand Liquidity (ODL) service, launch its USD-backed stablecoin (RLUSD), and pursue strategic acquisitions. As of June 23, 2026, XRP trades around $1.13-$1.14, with institutional interest growing through new partnerships and the launch of spot XRP ETFs.
📊Key Facts
📅Complete Timeline15 events
RipplePay Concept Developed
Ryan Fugger conceives RipplePay, a decentralized monetary system that predates Bitcoin, aiming to empower individuals to create their own money.
XRP Ledger (XRPL) and XRP Launched
Jed McCaleb, David Schwartz, and Arthur Britto launch the XRP Ledger, creating XRP as a faster, more energy-efficient alternative to Bitcoin for cross-border payments. All 100 billion XRP tokens were pre-mined at inception.
OpenCoin (later Ripple Labs) Founded
Chris Larsen and Jed McCaleb co-found OpenCoin (later renamed Ripple Labs) to manage the development of the Ripple protocol and network.
OpenCoin Rebrands to Ripple Labs Inc.
The company officially changes its name from OpenCoin to Ripple Labs Inc., solidifying its identity as it focuses on enterprise solutions.
Ripple Labs Rebrands to Ripple
The company simplifies its name from Ripple Labs to Ripple, a name it has largely maintained since.
SEC Files Lawsuit Against Ripple
The U.S. Securities and Exchange Commission (SEC) files a high-profile enforcement action against Ripple Labs, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen, alleging unregistered securities sales of XRP.
Judge Torres Rules Programmatic XRP Sales Not Securities
U.S. District Judge Analisa Torres issues a partial summary judgment, ruling that programmatic sales of XRP on public exchanges do not constitute investment contracts, a significant victory for Ripple.
Ripple Launches RLUSD Stablecoin
Ripple launches its enterprise-grade, USD-backed stablecoin, Ripple USD (RLUSD), aiming to provide a compliant and liquid asset for institutional use.
Ripple Acquires Hidden Road
Ripple announces the acquisition of Hidden Road, a multi-asset prime broker, for $1.25 billion, significantly expanding its institutional offerings. This was part of a larger $2.45 billion acquisition spree in 2025.
SEC and Ripple Dismiss Appeals, Lawsuit Officially Ends
Both the SEC and Ripple dismiss their appeals, formally ending the multi-year lawsuit. Ripple agrees to a $125 million civil penalty, later negotiated to $50 million paid to the SEC.
First Spot XRP ETFs Approved and Launched
Following regulatory clarity, the first spot XRP Exchange-Traded Funds (ETFs) are approved and begin trading in U.S. markets, attracting significant institutional investment.
SEC + CFTC Classify XRP as 'Digital Commodity'
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issue a joint statement classifying XRP as a 'Digital Commodity,' further solidifying its regulatory status.
CLARITY Act Passes Senate Banking Committee
The Digital Asset Market Clarity Act, aiming to codify XRP's status as a digital commodity under CFTC oversight, passes the Senate Banking Committee with bipartisan support.
RLUSD Stablecoin Expands to Türkiye
Ripple announces new partnerships with BiLira, Bitexen, and Bitlo, making its RLUSD stablecoin available to institutions in Türkiye, marking a milestone in its global expansion.
XRP Price and Market Sentiment
As of today, XRP is trading around $1.13-$1.14, reflecting ongoing market consolidation. Analysts note technical signals suggesting potential for a short-term relief rally, while institutional adoption continues to grow.
🔍Deep Dive Analysis
The journey of XRP and Ripple Labs has been defined by its ambition to revolutionize global payments and its protracted legal battle with the U.S. Securities and Exchange Commission (SEC). Founded in 2012 (initially as OpenCoin) by Chris Larsen and Jed McCaleb, Ripple Labs developed the XRP Ledger and its native digital asset, XRP, with the goal of enabling fast, low-cost cross-border transactions for financial institutions.
The most significant turning point came on December 22, 2020, when the SEC filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse, and Executive Chairman Chris Larsen, alleging that they conducted an unregistered securities offering by selling XRP. This led to widespread delistings of XRP from U.S. exchanges and a significant drop in its price, casting a long shadow over the asset and the company.
A pivotal moment arrived in July 2023, when U.S. District Judge Analisa Torres ruled that programmatic sales of XRP on exchanges did not constitute investment contracts and thus were not securities, while direct institutional sales did. This partial summary judgment was widely seen as a significant victory for Ripple and the broader crypto industry, providing much-needed regulatory clarity for XRP's secondary market. The lawsuit officially concluded in August 2025, with both parties dismissing their appeals and Ripple agreeing to a $125 million civil penalty, later negotiated down to $50 million paid to the SEC.
With the legal overhang removed, Ripple Labs has aggressively pursued its business strategy. In late 2024, Ripple launched its USD-backed stablecoin, Ripple USD (RLUSD), which has seen rapid institutional adoption, reaching $1.7 billion in market capitalization by June 2026. The company also embarked on a major acquisition spree in 2025, acquiring Hidden Road (a prime brokerage), Rail (a stablecoin payment firm), and GTreasury (a treasury management system) for a combined $2.45 billion, significantly expanding its reach into institutional finance. Furthermore, 2025 saw the approval and launch of the first spot XRP ETFs in U.S. markets, attracting substantial inflows.
As of June 23, 2026, the regulatory landscape for XRP continues to improve. In March 2026, the SEC and CFTC issued a joint statement classifying XRP as a 'Digital Commodity.' The Digital Asset Market Clarity Act, which would codify XRP's status as a digital commodity under CFTC oversight, passed the Senate Banking Committee in May 2026, with a signing expected around July 4, 2026. Ripple is actively involved in over 20 Central Bank Digital Currency (CBDC) pilots globally and continues to expand its On-Demand Liquidity (ODL) corridors, leveraging XRP for efficient cross-border payments. While discussions about a potential Ripple IPO have surfaced, the company has indicated it is not an immediate priority. XRP's price on June 23, 2026, hovers around $1.13-$1.14, reflecting a market that is increasingly focused on utility, institutional adoption, and the ongoing legislative progress.
What If...?
Explore alternate histories. What if XRP (cryptocurrency) and Ripple Labs made different choices?