XRP (XRP)
Ripple's payment token with SEC case mostly resolved. Institutional cross-border payment rails narrative intact but XRPL DeFi negligible.
Ranked 63rd of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
XRP scores 121 of 250 across the 25-variable framework, which places it 63rd of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
XRP is a top-10 name in the set on 3 variables. The score rests on Exchange Depth 9/10, 3rd of 251, Social Mindshare 8/10, 5th of 251, Institutional Adoption 8/10, 9th of 251 and Treasury Runway 7/10, 11th of 251.
Against the same universe, XRP sits in the bottom third on Real Staking Yield 1/10, 226th of 251, P/S Multiple 2/10, 218th of 251, Vesting Schedule 3/10, 204th of 251 and Circulating / FDV Ratio 4/10, 203rd of 251. These are the variables that would have to move for the verdict to change.
Only 63.1% of XRP's maximum supply is in circulation, so 1.58x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 36.9% of the fully diluted value sitting ahead of today's holders. That is a real but manageable overhang.
XRP is 60.8% off its all-time high of $3.65, a 2.6x round trip from here.
The framework score lost 10 points against the previous pass (131 to 121). Revisions of this size follow a change in the underlying variables, not a change in price.
$95.0M sits in the protocol. Each dollar of value locked carries 950.64 dollars of token market cap.
XRP is strong on Institutional Adoption, Exchange Depth, Catalyst Calendar and Social Mindshare, and those are variables the market demonstrably pays for across the rated universe. Most of that quality is already in the price. Its weaknesses sit in P/S Multiple, Vesting Schedule, Buyback and Burn and Real Staking Yield, none of which the market is currently punishing. A risk nobody is charging for is still a risk.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 4 | 203rd of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 3 | 111th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 5 | 83rd of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 6 | 36th of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 8 | 9th of 251 | |
| Exchange Depth | 9 | 3rd of 251 | |
| Social Mindshare | 8 | 5th of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 7 | 15th of 251 | |
| BTC Alpha Potential | 4 | 45th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 7 | 11th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Catalyst on the scorecard
Spot XRP ETF flows, with US funds trading since November 2025; RLUSD stablecoin adoption by banks
The November 2025 item has already passed. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
About 38% of supply still held by Ripple, most of it in escrow, with monthly releases diluting holders
Market and supply
| Price | $1.43 |
| Market cap | $90.31Brank 5 |
| All-time high | $3.6517 Jul 2025 |
| Circulating supply | 63,092,975,951 |
| Eventual supply (max supply) | 100,000,000,000 |
| Dilution to full supply | 1.58x |
| Total value locked | $95.0M |
| Listed on | Binance, Coinbase, Kraken, Bybit, OKX |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to XRP measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
XRP compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [Ripple Escrow Dashboard] Ripple releases 1B XRP monthly from escrow lockup
- [CoinDesk] SEC v. Ripple fully concluded on 7 August 2025 when both sides dropped their appeals, a partial win for Ripple
- [Bloomberg ETF] Spot XRP ETFs began trading in the US from 13 November 2025, with about seven funds now live
- [CoinDesk] The first US spot XRP ETF opened for trade in November 2025
Common questions
- What is the Early Thunder score for XRP (XRP)?
- XRP scores 121 out of 250 on the 25-variable framework, ranking 63rd of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are XRP's strongest fundamentals?
- XRP ranks highest on Exchange Depth 9/10, 3rd of 251, Social Mindshare 8/10, 5th of 251, Institutional Adoption 8/10, 9th of 251 and Treasury Runway 7/10, 11th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the XRP thesis?
- XRP scores in the bottom third of the universe on Real Staking Yield 1/10, 226th of 251, P/S Multiple 2/10, 218th of 251, Vesting Schedule 3/10, 204th of 251 and Circulating / FDV Ratio 4/10, 203rd of 251. The single risk carried on the scorecard is: About 38% of supply still held by Ripple, most of it in escrow, with monthly releases diluting holders
- How much XRP supply is still to enter circulation?
- 63.1% of eventual XRP supply is circulating today, leaving 1.58x the current float still to arrive. At a flat price per token that is 36.9% of fully diluted value ahead of current holders.
- How far is XRP from its all-time high?
- XRP trades 60.8% below its all-time high of $3.65. Returning to that high requires a 2.6x move from the level used in this scoring pass.
- Which tokens have a similar profile to XRP?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to XRP are OP (123), ARB (134), BTC (183) and WLD (89). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was XRP scored against?
- Spot XRP ETF flows, with US funds trading since November 2025; RLUSD stablecoin adoption by banks This was written as forward-looking when the scoring pass ran. The November 2025 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.