Ripple’s future: SEC appeals, RLUSD expansion, and ODL growth

SEC appeal proceeds through normal channels

The SEC spokesperson confirmed the appeal against Ripple proceeds normally. This follows speculation that the regulator missed the October 18 deadline to file Form C. While market participants debated whether the SEC missed its October 18 deadline to file the Form C document, a regulator spokesperson confirmed the agency continues to proceed with the appeal despite the intense social media speculation regarding the timeline. Ripple and the SEC await the decision on a revised joint motion to reduce civil penalties from $125 million to $50 million. This motion cites "exceptional circumstances" under Rule 60(b)(6) to correct procedural errors from the initial May attempt. The SEC seeks to challenge the ruling that Ripple’s programmatic and institutional sales of XRP were not securities offerings. Although legal expert Bill Morgan dismissed fears that the lawsuit would drag on into 2026, the legal battle continues over the application of the Howey test. The SEC argued that interlocutory appeal under Section 1292(b) provides the most efficient path to resolve the case, rejecting Ripple’s contention that a provisional appeal must end a case. The SEC does not contest the $125 million monetary penalty or the decision by Judge Torres to deny disgorgement. Brad Garlinghouse reacted to the update on X, noting that the agency often makes up its own rules. BlackRock ruled out an XRP ETF filing, while the SEC continues to delay decisions for 21Shares, Bitwise, Grayscale, and Canary Capital. The SEC officially prolonged its review of the 21Shares Core XRP Trust, moving its decision beyond the initial August 20 deadline by an additional 60 days to October 19, 2025.

RLUSD scales via NYDFS approval

NYDFS approval of the RLUSD stablecoin provides a foundation for Ripple’s payment expansion. This 1:1 USD-pegged asset operates on the XRP Ledger and Ethereum blockchains. Ripple maintains a NYDFS Trust Company Charter, which supports the issuance of RLUSD. The stablecoin currently sits on platforms such as Bitso and MoonPay. Ripple plans to expand distribution to Bullish and Mercado Bitcoin soon. RLUSD provides predictable value for institutions that want to avoid crypto volatility during cross-border transfers, as the asset remains pegged to the U.S. dollar. The stablecoin provides low-cost, instant settlement for payments, and Ripple has integrated the Chainlink standard to deliver high-quality pricing data for RLUSD on Ethereum. This announcement caused a 7% boost in the value of XRP. The asset relies on cash and Treasury bill reserves to maintain its 1:1 peg. It provides an enterprise-grade, USD-denominated solution for payments. Will the stablecoin gain wider adoption on major exchanges like Coinbase?

ODL volume shows real utility

ODL volume grew by 32% in 2024, reaching $15 billion in cross-border payments. Cumulative Ripple Payments volume exceeded $95 billion by January 2026. Despite this growth, only 40% of the 300+ financial institutions using RippleNet use XRP for ODL. The remaining partners use the network for messaging or settlement infrastructure. You should focus on these transaction volumes rather than price speculation. XRP settles transactions in 3 to 5 seconds with fees averaging $0.0002. This process removes the need for pre-funded accounts in foreign currencies. The XRP Ledger handles 1,500 transactions per second, which far exceeds the seven transactions per second of Bitcoin. SWIFT requires $27 trillion in parked liquidity across correspondent banks, but Ripple allows liquidity to be pulled at the exact second a payment is made. Brad Garlinghouse projects that XRP could capture 14% of SWIFT’s global cross-border payment volume within five years. The system utilizes the XRP Ledger to move value directly between sender and receiver, bypassing the chain of intermediary banks that add time and cost.