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The $XRP Ledger real-world asset market has quietly exploded over the past year, growing from roughly $50 million to more than $5 billion. Now, one Ripple executive says the next phase of growth could be dramatically larger.
Speaking in a recent interview, Ripple executive Luke Judges argued that the industry is moving beyond tokenization experiments and into real financial infrastructure. According to him, Ripple is now having conversations with institutions about settlement systems and asset issuance at a scale that could dwarf what currently exists on-chain.
“We’ve gone from like $50 million in RWAs to $5.1 billion,” Judges said. “That’s a 100x growth in a year. I expect that 100x growth to continue.”
$XRP Ledger: The Next 100x
The most striking part of Judges’ comments was not the growth that has already happened but what he expects next.
According to him, the $XRP Ledger’s current $5.1 billion RWA market could eventually expand another 100x, pushing the ecosystem toward the $500 billion range. He pointed to growing engagement from financial institutions and deeper infrastructure discussions as key reasons for his optimism.
The rapid expansion comes after years of uncertainty surrounding Ripple’s legal battle with the SEC. With much of that regulatory overhang now removed, institutions appear increasingly comfortable exploring the $XRP Ledger.
Banks Are No Longer Just Exploring
A similar message came from Ripple UK Managing Director Cassie Craddock during Money20/20 Europe.
Rather than asking whether they should engage with blockchain technology, Craddock said banks, fintech firms, and payment providers are now focused on how quickly they can implement it.
“What struck me was the shift,” she explained. “Less asking should they engage with crypto and more on how quickly they can get on board with the technology.”
She described discussions around tokenization, stablecoins, custody, and treasury management as signs that institutions are moving from exploration to execution.
The Infrastructure Is Ready
While the $XRP Ledger’s RWA market continues to grow, other parts of the ecosystem are also expanding. Stablecoin activity has surged, RLUSD supply has climbed sharply, and institutional interest in $XRP-related investment products continues to increase.
For Ripple, the bigger takeaway is that financial institutions appear increasingly ready to use blockchain infrastructure rather than simply study it.
“The infrastructure is ready and the moment is now,” Craddock said.
If Ripple’s view is correct, the $XRP Ledger’s current $5 billion RWA market may end up looking very small compared to what comes next.