Under Wash's 'Interest Rate Cuts + Balance Sheet Reduction' monetary policy, funds will flow into more efficient industries.
For cryptocurrency, projects/tokens that are friendly to the U.S. tend to perform better.
XRP is likely one of the ecosystems with strong potential, after all, XRP is a project that has won against the SEC.
┈┈➤ The Potential of the XRP Ecosystem
╰┈✦ Underestimated in the Chinese-speaking region
The trading volume and depth of XRP on Binance are relatively average, but XRP is more active in the Coinbase and Upbit markets. Especially on Upbit, the trading depth and volume of XRP in the last 24 hours are about 10 times that of Binance.
╰┈✦ ETF Capital Inflow
Many friends may not have noticed that the US XRP ETF has already been approved and was listed last November. The issuers include Canary, Franklin, 21Shares, Grayscale, and Bitwise.
Moreover, the net inflow of funds into the XRP ETF is second only to BTC and ETH, surpassing SOL. As of February 5, the net inflow of funds into the US XRP ETF is 1.21 billion dollars. Since its listing on November 14, even as the market continues to decline, the XRP ETF has maintained a net inflow of funds overall, with only 4 days of net outflow and the rest of the time being net inflow.
╰┈✦Potential of TVL
XRP Ledger (XRPL), as a decentralized open-source ecological chain under Ripple, was developed by Ripple's founder in 2012. The core positioning of XRPL is to provide rapid, low-cost infrastructure for global financial payments.
From 2024 to 2025, the TVL of XRPL began to grow significantly.
Even when compared to EVM-compatible chains like Ethereum and BSC, or the thriving MEME ecosystem of Solana, the TVL share of the XRP Ledger ecosystem is still quite low compared to Cardano (ADA).
This indicates that there may be certain potential in the on-chain ecosystem of XRP.
According to Defillama, there are a total of 19 DeFi protocols on the XRP Ledger. Among them are RWA, DeFi, CeDeFi, and cross-chain bridges.
It can be seen that the on-chain infrastructure of XRP has begun to take shape, especially with RWA applications gaining a higher market share.
┈┈➤Demand for XRPfi
DeFi is essentially a decentralized, transparent, and fair liquidity derivative market based on blockchain.
Yili Hua, in 2026, pledged ETH loans through protocols like AAVE, then used the proceeds to buy ETH, creating a cycle of leverage. Although it is a high-risk behavior, it also reflects the market's demand for DeFi products.
╰┈✦General liquidity demand
The DeFi ecosystems of EVM chains like Ethereum and BSC have become very mature. Meanwhile, BTCfi is also rising rapidly.
Since Babylon went live at the end of 2024, the TVL has grown rapidly, currently at 3.801B, accounting for 0.2887% of BTC's market cap.
Lombard currently has a TVL of 1.027B, accounting for 0.0779% of BTC's market cap.
The insights from BTCfi data indicate that for high market cap and liquid tokens, there is indeed a DeFi demand on-chain. BTCfi allows BTC holders to obtain short-term financing while holding BTC. This type of demand has been confirmed across many value tokens or public chain coins like BTC, ETH, BNB, and SOL.
As the 4th largest by market cap and the 3rd in ETF rankings, XRP has trading demand in both the secondary market and the ETF market, with a greater liquidity demand in the secondary market. This indicates that there is also a demand for XRPfi.
╰┈✦Payment-related demand
The biggest difference between XRP and other tokens is that XRP has not only the decentralized XRP Ledger public chain but also an institutional payment system—RippleNet.
Approximately 300 institutions globally use RippleNet, covering countries and regions such as Japan, Malaysia, Thailand, the United States, Canada, the United Kingdom, Spain, France, Brazil, and the UAE. Among them, about 40% of institutions use XRP for payments and settlements.
Dune data shows that in 2025, the average daily XRP payments will be around 1.5 billion dollars. Total payments for the year 2025 will be about 600 billion dollars.
Institutions calculate the number of XRP paid based on the real-time price of XRP when using XRP for payments based on USD.
Therefore, institutions may buy XRP for payment or may purchase XRP in advance before making payments. Regardless of the situation, although XRP's volatility is relatively smaller compared to other tokens, there is still an arbitrage opportunity, and this arbitrage motive creates new demand for XRPfi.
╰┈✦RWA demand
Compared to several ecosystems with high RWA TVL, XRPL is one of the two ecosystems where RWA TVL exceeds DeFi TVL.
This is because XRP, as a global financial ecosystem, is very suitable for developing RWA products.
On-chain RWA products also bring new demand dimensions to RWAfi.
┈┈➤XRPfi ecosystem—Doppler
Doppler is precisely such an XRPfi product, filling the gap in the XRP ecosystem and providing more possibilities for XRP's liquidity.
╰┈✦XRP and RLUSD yield products
Doppler is a native protocol on the XRP Ledger chain, built around XRP and XRP Ledger ecological assets, currently supporting XRP and RLUSD (Ripple USD).
Currently, the total TVL of the Doppler protocol is approximately 61.87 million dollars, with an annualized return of 3.4% for XRP and 8.5% for RLUSD, making it one of the higher-yielding stablecoin financial products on the market.
╰┈✦The source of income for XRP and RLUSD
The Doppler protocol provides returns to users who deposit XRP and RLUSD, but the source of income is not solely from loan users.
Doppler uses a delta-neutral strategy, which simply means implementing a low-risk profit strategy through risk hedging, thus providing returns to users who deposit XRP and RLUSD. As analyzed earlier, XRP as a payment tool presents arbitrage opportunities, which is one of the chances for Doppler to generate returns for users.
╰┈✦Doppler's demand point
Currently, the main income of the Doppler protocol is achieved through a delta-neutral strategy for arbitrage. The XRP ETF was listed at the beginning of the bear market, and in the future, the XRP ETF market itself may bring growth to XRP, indirectly creating potential for revenue growth for the Doppler protocol.
Second, the XRPfi ecosystem is still in its early development stage, and there will be future demand for XRP loans, which may lead to growth in demand for the Doppler ecosystem.
Third, RWA is currently one of the hot topics in Web3. CZ previously expressed optimism about the prospects of RWA in his speech at Davos. As a payment network, XRP has a significant institutional market globally, making it very suitable for the development of RWA. Users can deposit XRP into Doppler and take out stablecoin loans to participate in the RWA ecosystem, which also represents a potential loan demand.
╰┈✦The only major prince of the XRP ecosystem—Doppler's explosion point
Observing the XRPL ecosystem protocols, all are cross-chain, with Doppler being the only protocol focused on XRPL.
Doppler will successively collaborate with SBI Ripple Asia and Evernorth from December 2025 to January 2026.
◆Doppler + SBI Ripple Asia
SBI Ripple Asia was jointly established by Ripple and SBI Holdings in 2016 to develop fintech solutions based on blockchain technology in the Asia-Pacific region. Doppler collaborates to develop the RWA ecosystem.
SBI (SBI Holdings) is Japan's largest comprehensive online financial group, and the deep cooperation between Ripple and SBI is beneficial for exploring the potential of XRP in Asia and even the Chinese-speaking regions.
◆Doppler + Evernorth
Evernorth is a company supported by Ripple and SBI, and it is the largest publicly listed company holding XRP. In simple terms, Evernorth is the XRP version of MicroStrategy, acquiring AACI for listing, with the stock code XRPN).
Doppler collaborates with it, aiming to achieve a structured approach for institutional liquidity deployment. In simple terms, it means scientifically and systematically deploying XRP from the Evernorth treasury into the Doppler protocol.
Before its listing, Evernorth already held 388 million XRP, which, based on the current price of 1.45 dollars, means Evernorth holds at least 550 million dollars worth of XRP.
Such a structured injection of funds into Evernorth... the explosive potential is imaginable.
