Ripple (XRP) has processed $95 billion in payments, logged over 4 billion transactions on the XRP Ledger, and secured more than 300 banking partners. By every adoption metric, this should be the moment XRP holders have been waiting for. Instead, 2025 has delivered a reality check: infrastructure growth and token appreciation are two entirely different things.
The Adoption Thesis Just Hit a Wall
For years, the XRP pitch was simple. More banks join RippleNet, more volume flows through the system, and XRP's price climbs accordingly. It made sense on paper. If hundreds of banks are using your network to move billions of dollars, shouldn't the token powering that network appreciate?
Turns out, no. At least not automatically. Infrastructure growth only lifts token prices if the economic value actually flows to token holders. In Ripple's case, most of that value stayed with Ripple Labs.
Ripple Won Big. XRP Holders Didn't.
The big winner in 2025 wasn't XRP—it was Ripple Labs. The company secured approval to operate Ripple National Trust Bank and raised roughly $500 million at a valuation near $40 billion. That's a massive shift. Ripple went from being a software provider to operating as a regulated financial institution with real banking licenses.
Banks paid attention to Ripple's compliance tools, settlement network, and regulatory standing. Markets kept watching XRP's price chart. Those two narratives ran on parallel tracks, and they never converged.
Banks Want Efficiency, Not Upside
Here's the thing about RippleNet partners like MoneyGram International and SBI Remit: they're not buying XRP to speculate. They're using it because it cuts costs and speeds up settlement. Cross-border payments that used to take days now settle in minutes. SWIFT fees that can hit 3% to 5% per transfer get slashed to a fraction of that.
From a bank's perspective, whether XRP trades at $2 or $20 doesn't really matter. What matters is whether the system lowers operating costs and reduces counterparty risk. The token's price is a footnote, not the headline.
The Real Moat Is Switching Costs, Not Token Value
When 300 banks plug into RippleNet, they're not just adopting a payment rail—they're locking themselves into an ecosystem. Migrating away from Ripple's infrastructure to a competitor like SWIFT's gpi upgrades, Stellar (XLM), or a proprietary bank consortium isn't a simple flip. It means renegotiating with 300 counterparties.
Those switching costs are worth billions. Ripple's 2025 victory wasn't about XRP hitting $5. It was about making it structurally harder for any bank to leave the network. That's the real moat, and it belongs to Ripple Labs, not XRP holders.
Silver's Rally Tells a Different Story
Silver recently rallied 150% to $72, which looks like a demand explosion. But here's what didn't change: how silver gets used. The metal didn't gain new infrastructure or utility. Supply just shifted to whoever could pay more. Companies still buy silver at market prices, and solar manufacturers still consume about 25 million ounces annually, then pass higher costs to customers.
XRP operates differently. Banks using RippleNet cut cross-border payment costs to roughly one-tenth of SWIFT fees, and those savings compound over time. Silver prices can crash when demand slows. Payment infrastructure doesn't reset. Each new bank makes the network more valuable—even if XRP's price stays flat.