XRP价格升至1.39美元，Ripple Prime以8%资金投资杠杆ETF：费用去向详解

XRP price stable at $1.39: Ripple's Wall Street business has nothing to do with token value

XRP price was $1.39 late Friday, up about 1.9% from 24 hours ago. However, the focus of the day's news was not on chart data. Ripple recently began earning fees by financing Wall Street leveraged funds, a business that has been monopolized by banks for decades. If you own XRP, you need to first clarify one key fact: these fees do not flow to the token itself.

Ripple Prime funds leveraged funds through total income swaps

Ripple Prime is Ripple's investment banking arm that provides financing to multiple leveraged ETF issuers through so-called "Total Return Swaps." The service is expected to expand to hedge funds and other asset managers. The Wall Street Journal first reported the news on October 7, and CoinDesk followed up on October 8.

Total income swap is an exchange agreement between two parties. One party promises to pay the other party the full performance of the underlying asset (i.e. price increase plus dividends) in exchange for a continued return on payment. So a fund that aims to track the daily fluctuations of a stock twice does not need to buy the stock itself at twice the size, but instead buys its price movement and pays a fee for this financing. Counterparties usually hedge their own risk by purchasing stocks or other transactions and retain the fee.

Ripple Prime is now acting as a counterparty to this transaction. This business has nothing to do with payments, stablecoins or XRP ledgers. This is the classic prime broker business for U.S. equity funds.

Tradr2X Long SNDK funds pay an overnight interest rate plus four percentage points

A specific example of terms appears in the report. The Tradr 2X Long SNDK Daily ETF, which is designed to track daily fluctuations of memory chip maker SanDisk, pays Ripple an overnight bank financing rate plus a fee of four percentage points. At current interest rates, this equates to an annual gain of about 8%.

This figure applies only to a single fund and is not a company average. But this clause still shows how generous profit margins are for this niche business. For comparison: German savers currently earn only a fraction of that interest on overnight deposits, and the fund pays this rate not out of distress, but because its product structure cannot function without external financing.

593 leveraged ETFs and US$256 billion in assets: The market behind business

According to Morningstar data quoted in the report, there are 593 leveraged ETFs in the United States, with total assets under management exceeding US$256 billion. All of these products require rolling financing and all of them require payment for it.

Large banks have long handled this business. Tighter capital and risk requirements have made the business more costly for them, and non-banks such as Jane Street and Clear Street and today Ripple Prime are filling the gap. Ripple laid the foundation a year ago: in April 2025, it announced its $1.25 billion acquisition of prime broker Hidden Road, which will be completed in October 2025. Since then, Hidden Road has been operating as Ripple Prime, covering foreign exchange, derivatives, bonds, stocks and digital assets. Since May, the unit has reportedly raised up to $475 million through credit lines and corporate bonds, with bonds rated BBB. Hedge fund Brevan Howard was one of the clients mentioned.

Swaps are denominated in U.S. dollars rather than run through XRP ledgers

This is where the company story diverges from the token story. Total income swaps on U.S. stocks are priced in U.S. dollars, collateralized in U.S. dollars and settled in U.S. dollars. No step in the chain requires XRP and no demand for tokens will arise. Ripple earns revenue, while tokens are excluded.

We can illustrate this with rough numbers. Applying 8% of the single fund recorded in the filing to the $475 million raised by Ripple Prime since May yields a rough cap on total annual revenue of approximately $38 million. This is a rough estimate based on disclosure methods rather than official company data: there is no evidence that all funds lend at this rate without deducting refinancing costs. Compared with XRP's market value of approximately US$87 billion, even this figure only accounts for about 0.04%. The leveraged ETF market, with $256 billion in assets, is itself almost three times the value of the entire XRP market, but it does not drive token prices.

One myth worth clarifying here: the U.S. XRP spot ETF is a completely different matter. Among these ETFs, funds actually buy and hold XRPs. The Ripple Prime Fund is an equity fund. Both bear the word "ETF", but there is only one situation that will affect token demand.

XRP prices are quoted at US$1.39, with US$1.36 and US$1.41 framing the day's range.

On Friday night, XRP was quoted at US$1.39. The intraday low is $1.36 and the high is $1.41, so the intraday fluctuation range is less than 4%. Trading volume in the past 24 hours was approximately $1.88 billion, with a market value of approximately $87.4 billion. That means prices are still about 62% below their all-time high of $3.65. These data are from CoinGecko, as of the evening of October 9.

这两个水平并非分析师的目标价，而是当前的实际转折点。只要 1.36 美元支撑位不破，本周暴跌后的复苏态势就保持完好。如果价格跌破该位置，下一个参考点是周四至周五的夜间低点，根据数据来源不同，介于 1.32 美元至 1.33 美元之间。

自昨日委托报告以来，1.34 美元支撑位保持稳固

本周四，本专栏探讨了 XRP 账本上的权限委托问题，以及 1.34 美元水平能否守住的问题。结果是守住了。在该文章发布时，价格处于与今天相同的区间，且在白天甚至夜间弱势期间，从未持续跌破 1.34 美元。

自那时起，有两件事发生了变化。委托功能自 10 月 8 日起已上线，因此功能更新已完成，不再作为价格驱动因素。此外，融资故事现在提出了一个叙事，提升了 Ripple 公司的形象，而不影响代币。如果你从周四的文章中得出“协议进展推动价格”的预期，那么今天则提供了其对立面。

日历上只剩下一个日期值得关注。持有约 4.73 亿枚 XRP 的工具 Evernorth，定于 10 月 12 日以 XRPN 代码在纳斯达克上市。cryptoticker 已于 10 月 2 日报道了这一消息。该日期直接影响代币；而互换融资则不然。

我们对收入和代币价格的评估

In the opinion of this editorial office, the financing story is good for Ripple, but it makes almost no sense to XRP as an investment. The above evidence suggests that swaps are settled in U.S. dollars, record revenue of tens of millions of dollars, accounting for only approximately 0.04% of the token valuation, and that XRP is not required at any stage of the transaction chain.

There is one rebuttal argument worth taking seriously. Ripple itself holds a certain amount of XRP custody and has historically raised funds in part by selling custody tokens. A company with continued revenue from banking has less pressure to release tokens. This indirectly affects supply, which in turn affects prices slightly and lags, and can only be confirmed in future custody reports. Trading this news as a direct price driver means fighting your own arithmetic logic.

U.S. spot ETFs lack key information documents for German retail investors

Whenever U.S. cryptocurrency ETFs make headlines, German readers face the same practical questions, and the answers are sobering. The PRIIPs Regulation (EU Regulation No. 1286/2014) requires the distribution of standardized key information documents (KIDs) to retail investors in the European Economic Area. U.S. fund companies typically do not produce the document for their domestic products because European retail distribution is not important to them. Without the document, EU-regulated securities firms are not allowed to sell the securities to retail customers.

In practice, this means that U.S. XRP spot ETFs cannot be opened to German retail investors through ordinary brokerages. Individual institutions make it available to professional clients; for others, there are only two routes: direct purchase on the exchange and European ETP. For more information on which products can actually be traded in Germany, see our overview of German cryptocurrency ETFs.

XRP products listed on European exchanges are called ETP, ETN, or ETC, and are in most cases legally collateralized debt securities rather than funds. For example, ISIN is the 21Shares XRP ETP of CH0454664043, which, according to the issuer, is fully physically supported by XRP and stored in the cold wallet of the institutional custodian. Its total annual cost ratio is 2.50%. The Market Overview lists other issuers that can be traded through Xetra and SIX.

The delivery proposition distinguishes Article 23 from Article 20

In Germany, direct purchase and ETP are two different worlds in tax terms, with differences depending on the length of holding, which may save or generate significant taxes. Article 23 of the Income Tax Law applies to direct purchases. If you hold XRP for more than one year, you will be exempt from tax. If you hold it for less than one year, a personal tax rate will apply and you will enjoy a tax exemption of 1000 euros per year. Lawmakers recently rejected an attempt to repeal the rule, confirming the twelve-month rule.

For ETP, classification depends on a single contractual issue, the delivery claim. If a product is granted rights and can require delivery of the underlying coin, there are strong reasons for treating it as direct ownership, i.e. Article 23 and the twelve month period apply. Without this claim, it would look more like another form of capital claim, where Article 20 would apply, with a withholding tax rate of 25% plus a solidarity surcharge, no holding period requirement, but a saver tax exemption, and can be offset against other investment income.

This classification belongs to tax assessment and has not yet formed established case law. Whether a specific XRP product is granted a delivery claim is only stated in the prospectus and key information documents, no where else. For meaningful amounts, this issue should be consulted with a tax adviser rather than discussed in a forum.

For decision-making, this translates into specific recommendations for action: If you plan to hold it for more than a year, direct purchases using your own custody are often the better tax route. If you are considering holding for the short term, or treating withholding taxes as a cap, despite continuing fees, ETP may be a more peaceful option. The annual fee of 2.50% cannot be ignored: during the three-year holding period, it already accounted for about 7% of the capital used.

Ripple Prime: Fees flow to companies, not tokens

Today's news is a company-level story. 1.39 The price of the dollar still depends on the supply and demand of tokens, not the profit margins of the main broker department. In this regard, there are three-step suggestions for action in the coming days:

• Determine your access route before the next pulse comes. US spot ETFs are not open to retail investors. Please check which broker prices European ETP and which prices lower for direct purchases; see our broker comparison for terms and spreads.
• Read the delivery proposition and weigh your holding period against it. Get key information files about the product and look for paragraphs about delivery rights. See our overview of tax tools and combination trackers for software that clearly records deadlines and acquisition dates.
• For direct purchases, resolve hosting issues. If coins are deposited on the exchange and an unexpected event occurs, the twelve-month period will be of no use. Which devices are suitable for this task, see Hardware Wallet Comparison.

October 12, with Evernorth listed on NASDAQ, becomes the next date to directly affect tokens. Until then,$1.36 and $1.41 remain the benchmark levels for measuring the day.

(As of October 9, 2026. This article does not constitute investment advice. Price and fee structures are subject to change; please check terms with your provider before purchasing.)