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Once branded a “zombie blockchain” by Forbes for its lack of real-world traction despite a multibillion-dollar valuation, Ripple is now aggressively reshaping itself into a legitimate crypto empire.
Private market data reveals the rapid transformation taking shape. Ripple’s shares, which traded between $135 and $170 in recent months, have surged to value the company between $22 billion and $30 billion, roughly on par with stablecoin issuer Circle, a firm Ripple once tried to acquire.
Meanwhile, XRP, the company’s native token, has skyrocketed 394% year-over-year, reaching a market cap of over $150 billion. These gains underscore a powerful narrative shift for a company that once struggled to prove its business model beyond hype.
The catalyst for this reinvention was in Ripple’s strategic acquisitions and new position in the growing digital asset treasury market. The firm recently purchased GTreasury for $1 billion, Hidden Road for $1.25 billion, and stablecoin platform Rail for $200 million, following earlier deals for custodians Metaco and Standard Custody.
 
These moves have solidified Ripple’s presence across payments, custody, and treasury management, traditionally dominated by financial heavyweights. Even companies like Evernorth are now planning to include XRP in their treasury reserves, signaling newfound institutional confidence.
Freed from its $125 million settlement with the SEC, Ripple now enjoys the clarity to execute its broader vision. Industry observers say this is where the company’s potential truly comes to life.
However, Ripple’s XRP Ledger continues to trail behind other blockchains in developer activity and user adoption. Whether this reinvention will bring sustained growth or simply another speculative cycle will depend on how well Ripple can transform the XRP Ledger into the financial backbone it has always aspired to be.