Ripple Processes $95B in Volume; But Its $40B Valuation Debated

• Ripple says its payments network has processed more than $95B, helped by new stablecoin and prime additions.
• The $500M raise at a $40B valuation has traders asking how much of that number comes from XRP holdings rather than current payment revenue.
• On-chain data still shows XRP Ledger fees below $200,000 a month, so investors are pricing future growth, not today’s fees.

Ripple reported that its payments network has now processed more than $95 billion, confirming 2025 as the company’s strongest year for blockchain-based cross-border activity. 

The company said the growth comes after it integrated the stablecoin infrastructure firm Rail into Ripple Payments, allowing enterprises to move funds using Ripple USD (RLUSD) and XRP as liquidity. With 75 regulatory licenses, Ripple can move money directly for corporates and financial firms, cutting out intermediaries and shortening settlement cycles.

Related: Ripple Raises $500M at $40B Valuation to Scale RLUSD, Prime With Fortress, Citadel

Valuation Question Tied To XRP And Low Fee Capture

Blockchain analyst Vincent Van Code noted that the $95 billion in processed payments equates to an estimated $400 million in network fees, all settled using the XRP Ledger. He described the growth as a sign of scalable adoption of crypto-based payments.

Despite the growing transaction data, some investors question whether Ripple’s recent $40 billion valuation reflects the company’s operational fundamentals. The firm recently secured $500 million in new funding from investors, including Brevan Howard, Citadel Securities affiliates, Marshall Wace, Galaxy, and Pantera.

Related: Ripple Labs Targets $1 Billion SPAC to Seed an XRP Treasury

However, it is believed that the investment round may be primarily linked to Ripple’s XRP holdings, which investors could be acquiring at a discount relative to market prices. 

Acquisitions Build A Broader XRPL Financial Stack

Ripple has continued to expand its network through acquisitions such as Hidden Road, a $1.25 billion prime brokerage, and Palisade, a digital asset custody platform. The company also launched RLUSD, its proprietary stablecoin, which has reportedly surpassed $1 billion in circulation.

While the company pursues a national bank charter with the U.S. Office of the Comptroller of the Currency, it also faces scrutiny over network activity levels. Current XRP Ledger data indicates that on-chain fees generate less than $200,000 per month, suggesting that much of Ripple’s valuation may be tied to projected growth rather than existing usage metrics.