Ripple expands RLUSD to Japan as XRP slides 28% YTD

Ripple’s RLUSD stablecoin has been introduced in Japan, yet XRP is still trading near $1.14, down about 28% year‑to‑date【1】. The move highlights Ripple’s focus on expanding utility‑driven services while the token’s price remains muted amid broader market weakness.

RLUSD expansion and revenue outlook

Ripple announced that its USD‑pegged stablecoin, RLUSD, will be offered to Japanese users, adding another jurisdiction to the ledger’s growing stablecoin ecosystem. The stablecoin already supports a multi‑billion‑dollar asset base, with RLUSD and other on‑ledger stablecoins together exceeding $1.7 billion in locked value【2】. Ripple’s CEO Brad Garlinghouse said the company aims to hit a $1 billion revenue run‑rate by the end of 2026, a figure that excludes any upside from its XRP holdings【1】. The projection underscores a strategic shift toward enterprise payments, stablecoin fees and acquisitions rather than reliance on token price movements.

Ledger upgrades vs. token price

While the RLUSD rollout is a concrete product launch, the XRP Ledger is undergoing its biggest technical overhaul in years. Upgrades include quantum‑resistant security, built‑in lending and a more efficient on‑chain exchange, with a contest allocating 50,000 XRP to developers who launch live apps【2】. Despite these improvements, XRP’s market price has not responded; the token remains largely decoupled from ledger activity, as most new value accrues to RLUSD rather than XRP itself【2】. The ledger’s deeper liquidity and institutional‑grade security are intended to attract banks over the longer term, but they have not yet translated into price appreciation.

Market context

XRP’s price action reflects broader crypto weakness. The token’s 28% YTD decline mirrors the sector’s downturn, even as market structure shows signs of stabilization【1】. Support levels around $1.10‑$1.14 have held over recent sessions, but no clear breakout has emerged. Meanwhile, the bulk of on‑ledger DeFi activity remains modest—under $50 million locked in XRPL apps—compared with the $1.7 billion in stablecoin value, indicating that most on‑chain activity is still routed through RLUSD rather than XRP【2】.

What to watch

• Price thresholds: $1.00 (key support) and $1.30 (near‑term resistance).
• Ledger upgrade milestones: Completion of the quantum‑readiness roadmap by 2028 and progress on the Make Waves developer contest.
• Regulatory signals: Any Japanese regulatory decision on stablecoin usage that could affect RLUSD adoption.

Ripple’s expansion of RLUSD into Japan demonstrates a tangible growth path for its stablecoin business, while XRP’s price remains stuck in a market‑wide slump. The key question is whether the upgraded ledger and expanding stablecoin ecosystem will eventually drive demand for the token itself, or if XRP will continue to lag behind the utility it underpins.