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XRP Ripple significantly expanded its global financial services business after acquiring Hidden Road for $1.25 billion in October 2025. This strategic move led Ripple to rebrand Hidden Road as "Ripple Prime," marking a revolutionary step for the company. Ripple is now the first cryptocurrency company to own a large multi-asset global brokerage firm.
How does the new structure work?
Ripple's latest acquisition further strengthens its portfolio by integrating a mature institutional client base. Prior to the transaction's completion, Hidden Road provided more than $3 trillion in settlement services annually to more than 300 institutional clients. Currently, Ripple Prime provides services such as multi-asset swaps, cross-collateralization, portfolio financing and risk-based financing, further enriching Ripple's business capabilities.
The company's business model has evolved from focusing on cross-border payments to embracing a broader financial infrastructure. This includes Ripple Payments, Custody, stablecoin settlement, treasury solutions, and key brokerage functions. As Ripple Payments focuses on value transfer, Ripple Custody supports the storage and management of digital assets. In addition, RLUSD is dedicated to clearing and collateral functions, while Ripple Prime handles execution, clearing, financing and liquidity services.
Brad Garlinghouse emphasized that the efforts of Ripple Payments, Ripple Prime, Ripple Treasury, Custody and RLUSD are aimed at building trust, practicality and liquidity around XRP and XRP Ledger.
For institutional investors, the model aims to reduce the burden of establishing independent exchanges, custodians, liquidity providers and credit relationships in a fragmented crypto market. Ripple's approach allows institutions to enter multiple markets through centralized credit and settlement infrastructure. This multi-asset structure advocates integrating digital assets with traditional markets rather than treating them as isolated.
Can XRP maintain its momentum?
After a significant rebound in recent weeks, XRP's momentum appeared to weaken in September. In early August, XRP's initial valuation was about $1.10 and soared to about $1.42 by September 6. Although it fell back to between $1.35 and $1.37 on September 11 and 12, its price is still about 24% to 25% above its early August valuation.
On-chain data highlights the increase in activity by large XRP holders. The report shows that wallets holding 1 million to 10 million XRPs increased their holdings in the early stages of the price increase, increasing their holdings by 642 million XRPs as they rose from $1.00 to $1.70.
Summary of Key Points
- Ripple Prime represents a key expansion of Ripple's financial infrastructure.
- The acquisition of Hidden Road introduces a multi-asset operating model with a mature institutional customer base. [TAG The recent price movement of XRP shows signs of recovery, although there was some volatility in September.
- Investor focus is increasingly turning to privacy-focused tools such as CryptoApps for comprehensive market analysis.
Ripple's recent moves signal a shift toward a diversified financial services structure, although XRP remains a central component of its strategy. Hidden Road's acquisition is seen not as a departure from XRP, but as a step towards building a broader digital asset infrastructure for the institutional market.
