Ripple Prime Revenue Triples a Year After Hidden Road

High attention and emotional sentiment detected.

The claim spread fast this week after an XRP account shared the Markets Media headline on X. So it is worth separating what Ripple has actually said from what the community added on top.

Ripple first announced the Hidden Road deal on April 8, 2025. Then it closed the acquisition on October 24, 2025 and rebranded the firm as Ripple Prime.

What Ripple Actually Reported

In its closing announcement, Ripple said its prime brokerage business had “grown by 3X” since it first revealed the deal. It repeated that figure in a December 2025 update.

Now a Markets Media article, published on July 17, 2026, has gone further. According to that piece, “revenues have since tripled year-over-year” after the rebrand to Ripple Prime.

Still, one detail matters here. Ripple has not released any baseline or current dollar figures, so the tripling is a ratio, not an audited number.

The two figures also describe different things. The October claim covered overall business growth, while the July report specifically cites revenue, and neither defines the exact time window.

Because the figures trace back to Ripple and to media citing the firm, treat them as company claims. No independent auditor has confirmed the Ripple Prime revenue growth.

The Hidden Road Deal Behind the Numbers

Hidden Road launched in 2018 under founder Marc Asch, formerly of Point72. As a non-bank prime broker, it cleared roughly $3 trillion a year for more than 300 institutional clients.

Ripple paid $1.25 billion for it, one of the largest deals in the company’s history. Afterward, Ripple folded the firm into its wider infrastructure push across custody, payments, and stablecoins.

When the deal was announced, CEO Brad Garlinghouse called it “an inflection point for the next phase of digital asset adoption.” Asch, for his part, said new resources and licenses would “unlock significant growth” in the business.

As a result, Ripple now markets Ripple Prime as the first global multi-asset prime broker owned by a crypto company. The firm also secured a $200 million debt facility in May 2026 and a BBB rating earlier that year.

How a Prime Broker Makes Money

A prime broker sits between big institutional clients and the market. It handles clearing, financing, margin lending, and settlement across many asset classes at once.

So its revenue comes from fees, spreads, and interest on the credit it extends. In short, activity and client demand drive the numbers, not a single flagship product.

That context matters for reading the growth. More clients and more leverage generally mean more revenue, especially once a bigger balance sheet backs the desk.

Where the Ripple Prime Revenue Growth Comes From

According to Markets Media, the growth followed synergies from Ripple’s balance sheet and fresh risk capital. In addition, Ripple points to RLUSD, its stablecoin, serving as collateral inside some products.

Markets Media also reported profitability in 2025 and steady balance sheet expansion. Together, these point to demand from institutions rather than a one-off spike.

Michael Higgins, international CEO of Ripple Prime, framed it as early days. He said the XRP Ledger “is designed to be extremely efficient as transaction volumes continue to grow.”

The “On XRP Ledger” Claim Needs Context

The viral tweet said the revenue tripled “on XRP Ledger.” That framing goes further than the sources support.

Ripple has announced plans to migrate post-trade activity to the XRP Ledger for lower costs and faster settlement. Yet that migration is a roadmap item, not the reported driver of the current growth.

Most prime brokerage volume still runs through traditional rails and off-chain venues today. Therefore the on-chain share of that revenue remains unquantified, and no explorer data ties XRPL flows to the tripling.

Skeptics have made this exact point. They argue the “on XRP Ledger” label reflects Ripple’s roadmap more than its current core revenue.

How the XRP Community Reacted

On X, the response leaned strongly bullish. Many XRP accounts framed the report as proof that Ripple’s institutional strategy is working.

The original @BankXRP post drew solid engagement and plenty of supportive replies. Still, the loudest voices amplified the story more than they questioned it.

Meanwhile, broader crypto forums stayed more cautious. Some users flagged the missing dollar figures and the gap between the on-chain framing and the reported mechanics.

What Ripple Prime Revenue Means for XRP

So far the milestone has not moved the market much. XRP traded near $1.06 around the July 17 report. Analysts noted no dramatic spike tied to the article or the tweet.

Instead, the story feeds a longer institutional narrative. Ripple wants to build what it calls “Wall Street 2.0,” a 24/7 stack spanning custody, payments, RLUSD, and prime brokerage.

If Ripple publishes audited figures next, the Ripple Prime revenue claim gains real weight. Until then, investors should read the tripling as a company statement and size their expectations accordingly. This article is not financial advice.