Ripple Prime Explained: XRP, RLUSD and the New Era of Brokerage
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Key Takeaways
Ripple Labs controls about 42% of XRP supply through escrow reserves.
The top 20 holders own more than half of the circulating supply.
Binance, Bithumb, and Uphold each hold over 1.5 billion XRP in custody.
Ownership concentration influences liquidity, price swings, and adoption.
XRP remains one of the most influential cryptocurrencies in global finance in 2025. But who owns it?
Known for enabling fast and low-cost cross-border payments, XRP has secured adoption from banks, payment providers, and investors worldwide.
However, the question of who holds the most XRP reveals a handful of holders. Ripple Labs, major exchanges, and a few wealthy individuals control large portions of the supply.
The XRP rich list, which ranks the largest wallet addresses, illustrates distribution.
This article explains who the top holders are, breaks down ownership statistics and examines what it means for investors in September 2025.
What Is XRP and Why Does Its Distribution Matter?
XRP powers Ripple’s network, enabling instant transfers for banks and financial institutions. Unlike Bitcoin, which miners produce over time, Ripple created the full supply of 100 billion XRP at launch.
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By September 2025, up to 64 billion tokens circulate in the market, while Ripple keeps about 35 billion in escrow and releases 1 billion each month to regulate supply using smart contracts.
XRP Stats | Source: CoinMarketCap
XRP Supply Snapshot – September 2025
Total Supply: 100 billion XRP
Circulating Supply: 64.66 billion XRP
Escrow (Ripple-controlled): 35.31 billion
In September 2025, Ripple unlocked 1 billion XRP, but immediately relocked 700 million XRP into escrow, leaving a net release of only 300 million XRP (0.5% of supply). This illustrates Ripple’s ongoing role in regulating market liquidity.
Top 13 XRP Holders in 2025
The XRP rich list gives a transparent look at who really controls XRP. According to XRPScan (September 2025), the largest accounts remain dominated by Ripple Labs’ escrow wallets, followed by major exchanges and custodians.
Rank
Holder (Label)
Balance (XRP)
In Escrow (XRP)
% of Total Supply
1
Ripple (11)
232
5,000,000,000
5.00%
2
Ripple (10)
220
5,000,000,000
5.00%
3
Ripple (12)
216
5,000,000,000
5.00%
4
Ripple (28)
206
5,000,000,000
5.00%
5
Ripple (9)
204
5,000,000,000
5.00%
6
Ripple (13)
201
5,000,000,000
5.00%
7
Ripple (14)
201
1,800,000,000
1.80%
8
Binance (5)
1,757,706,048
–
1.75%
9
Bithumb (12)
1,645,140,526
–
1.64%
10
Uphold (12)
1,582,434,283
–
1.58%
11
Ripple (26)
500,000,202
1,000,000,000
1.50%
12
Ripple (27)
500,000,200
1,000,000,000
1.50%
13
Ripple (15)
200
1,500,000,000
1.50%
XRP Top Balances as of September 11, 2025 | Source: XRP Scan
Ripple Labs’ Escrow Dominance
Ripple Labs continues to be the single most powerful entity in the XRP ecosystem.
Six separate Ripple wallets: Ripple (9), Ripple (10), Ripple (11), Ripple (12), Ripple (13), and Ripple (28) — each control 5 billion XRP in escrow, equal to about 5% of the total supply per wallet.
Together, these six wallets represent nearly 30% of total XRP supply, locked in escrow to regulate liquidity.
Ripple (14) holds another 1.8 billion XRP in escrow, while Ripple (26), Ripple (27), and Ripple (15) hold between 1–1.5 billion XRP each.
As seen, Ripple Labs directly controls more than 40% of XRP’s supply through escrow, giving it unmatched influence over market liquidity and stability.
Exchange Balances in the XRP Rich List
After Ripple’s wallets, the next largest holders are centralized exchanges:
Binance (5): 1.75 billion XRP (1.75% of total supply).
Bithumb (12): 1.64 billion XRP (1.64%).
Uphold (12): 1.58 billion XRP (1.58%).
These balances represent tokens held in custody for millions of users, highlighting how central exchanges remain to XRP liquidity and daily trading.
Collectively, exchanges account for 5% of total supply across their top wallets, underscoring their role as primary liquidity hubs.
Escrow + Exchanges = Concentration
If we combine Ripple’s escrow holdings with top exchange custody balances:
Ripple Labs (escrow + operational wallets): 40–45% of total supply.
Together, this means roughly half of all XRP is concentrated in fewer than 15 addresses.
Despite XRP’s global retail base (over 6 million wallets), supply is highly concentrated, with Ripple and exchanges shaping market direction.
These balances represent the tokens held in custody for traders and investors on their platforms.
Large exchange balances reflect rising institutional demand and the growing role of regulated crypto products.
The South Korean market, led by exchanges such as Upbit and Bithumb, continues to account for a strong share of global XRP trading volume.
At the same time, speculation around a potential U.S. spot XRP ETF approval by late 2025 has fueled accumulation on major platforms, as they are viewed as the most likely custodians for such products.
The Outlier – Ripple (29)
A notable wallet this month is Ripple (29), with 1.33B XRP and 1.33% of supply. Unlike the six big 5 billion-escrow wallets, this one shows Ripple’s diverse escrow allocation structure, spreading supply across mid-sized wallets.
XRP Ownership Distribution Insights
Top 13 wallets (as per this XRPScan snapshot) control more than 50% of all XRP.
Most wallets beyond Ripple and exchanges are much smaller, with less than 1% of supply each.
The retail majority holds small balances — with 90% of XRP wallets under 5,000 XRP.
Why This Matters for Investors
Liquidity: Ripple’s escrow releases, such as the September 2025 net release of 300 million XRP, directly affect circulating supply.
Price impact: With exchanges controlling billions of tokens, shifts in custody (ETF speculation, delistings, or inflows) can swing the market.
Adoption confidence: Institutional and government adoption relies on predictable supply management. Ripple’s structured escrow unlocks provide that.
In August, Ripple released 1 billion XRP from escrow but relocked the majority. In September, it unlocked another 1 billion but relocked 700M, leaving a net 300 million XRP increase in circulation (0.5% of supply).
Exchange Balances:
Binance’s holdings went slightly up from 1.69 billion to 1.75 billion (+0.06%).
Bithumb’s holdings went slightly up from 1.64 billion to 1.65 billion (+0.01%).
Uphold’s balance went slightly up from 1.58 billion to 1.59 billion (+0.01%).
Ripple Mid-Tier Wallets:
Ripple (26) and (27) maintained 500 million balances plus escrow, unchanged from August.
Ripple (29) appeared more prominently this month with 1.33 billion XRP, compared to 1.3 billion last month — a subtle but steady increase.
Concentration Ratios:
In August, the top 50 wallets held 53.3% of circulating supply. By September, this has nudged higher, signaling slightly increased concentration among whales and Ripple-linked addresses.
XRP Top Balances as of September 11, 2025 | Source: XRP Scan
The year 2025 marks a decisive chapter for XRP. The conclusion of Ripple’s protracted legal fight with the Securities and Exchange Commission (SEC), the rollout of new regulatory frameworks across major markets, and innovation on the XRP Ledger have reshaped its position in global finance.
Together, these developments define the way XRP is used, traded, and built.
Post-Sec Lawsuit Clarity and Its Impact
Ripple’s lawsuit with the SEC ended in 2024 with a pivotal ruling. The court determined that XRP is not a security when traded on public exchanges, while institutional sales fall under securities law. Ripple agreed to pay a fine, but the decision lifted a years-long weight that had held back growth.
For the first time in its history, XRP now operates under a clear legal framework in the U.S.
This outcome has unlocked new opportunities. With uncertainty removed, banks and payment providers are more confident in adopting Ripple’s technology, while investors see fewer regulatory risks attached to the token.
The clarity also strengthens XRP’s role in regions that value compliance, making it more attractive for cross-border integration.
On-Demand Liquidity and Growing Adoption
Ripple’s On-Demand Liquidity (ODL) service directly benefits from this renewed confidence. Financial institutions and payment providers increasingly use ODL to settle cross-border payments faster and at lower cost by relying on XRP as a bridge asset. This practical utility continues to fuel demand for the token.
Partnerships are expanding as well. RippleNet has added new banks and fintech firms through 2025, each one tapping into ODL to improve international transfers.
The growing list of partners demonstrates how XRP moves beyond speculation into real-world financial infrastructure.
Innovation on the XRP Ledger
The XRP Ledger is undergoing one of its most ambitious upgrades yet, designed to attract institutional users while expanding its ecosystem.
Institutional DeFi: New features such as Permissioned DEX and Decentralized Identity (DID) standards are being introduced. These tools allow institutions to participate in decentralized finance (DeFi) while meeting compliance requirements like Know Your Customer (KYC) and anti-money laundering (AML) checks.
Asset tokenization: The XRPL now supports new token standards, enabling the creation and exchange of real-world assets such as real estate and bonds.
EVM sidechain: Developers will gain access to an Ethereum-compatible sidechain, opening the ledger to decentralized applications (dApps) from the broader crypto ecosystem.
CBDC adoption: Several central banks are already testing the XRP Ledger for central bank digital currencies (CBDCs), highlighting its role in state-backed digital money initiatives.
XRP–Chainlink partnership: Ripple’s collaboration with Chainlink is aimed at improving cross-chain interoperability and real-world data integration, further strengthening its utility in institutional settings.
Together, these innovations show how the XRPL is evolving from a payments network into a platform for institutional finance and digital asset services.
Who Holds the Power in XRP’s 2025 Ecosystem?
While on-chain data clearly identifies who owns the most XRP, a few key groups hold the power within the ecosystem. Their actions and decisions significantly impact XRP’s future utility, price, and adoption.
Despite its goal of building a decentralized network, Ripple Labs remains a powerful entity. The company’s influence stems from its massive XRP holdings, its control over the escrow release schedule, and its role as a primary developer for the XRP Ledger.
Ripple Labs drives the strategic direction of the ecosystem by developing new products, securing partnerships with financial institutions and governments, and guiding the technical evolution of the XRP Ledger through proposed amendments.
Validators: The Network Guardians
The validators who process and confirm transactions on the XRP Ledger hold the technical power to maintain the network. The XRPL relies on a consensus mechanism where validators agree on the order of transactions.
While Ripple operates some nodes, the network relies on over 150 independent validators, including universities, exchanges, and community operators, ensuring resilience and decentralization.
Institutional Investors and Strategic Partners
A growing class of institutional investors and strategic partners now holds considerable influence.
The potential entry of prominent asset management firms into the crypto space, with the possibility of launching XRP-focused investment products, could introduce immense capital and legitimize XRP as a mainstream digital asset.
Similarly, global financial institutions and governments that partner with Ripple to use its technology are power brokers in their own right, as their adoption creates tangible demand for XRP and influences its role in the global financial system.
SWIFT CIO & ZachXBT on Ripple & XRP
SWIFT Chief Innovation Officer Tom Zschach has raised a critical point about XRP’s institutional viability: “Surviving lawsuits isn’t resilience. Neutral, shared governance is. Institutions don’t want to live on a competitor’s rails.”
He questioned whether banks would ever outsource settlement finality to a token that isn’t regulated, doesn’t appear on their balance sheets, and carries legal uncertainties. He pressed the case that trust, not just technology, underpins adoption in global finance.
Tom Zschach’s Ripple critique. | Source: Tom Zschach on LinkedIn
Blockchain investigator ZachXBT didn’t hold back. He labeled XRP holders as nothing more than “exit liquidity for insiders”, accusing them of offering no real value to the broader crypto industry.
He even emphasized, “I do not currently assist the XRP community and will make fun of anyone who sends me a DM.” His critique extends to Ripple’s centralized supply and what he sees as a hype-driven, defensive community.
ZachXBT on Ripple being ‘exit liquidity.’ | Source: @zachxbt on X.
Conclusion
XRP’s ownership structure in 2025 reflects the balance between Ripple’s dominance and the role of major exchanges. Ripple Labs still controls about 42% of the supply through escrow, while its monthly release schedule shapes liquidity and market stability.
Exchanges such as Binance, Bithumb, and Uphold are key in managing billions of XRP for traders and institutions. Their custody positions highlight the strong demand for liquidity, especially as speculation grows around a possible U.S. spot XRP ETF by the end of 2025.
Together, Ripple’s escrow control, exchange custody, and significant private holdings define how XRP is distributed. This concentration of power shapes liquidity, investor confidence, and the path forward for XRP’s role in global finance.
Over 5 million XRP wallets exist, though only a fraction hold large balances.
Which non-exchange wallet holds the most XRP besides Ripple?
Several early investor wallets rank among the top holders with billions in XRP.
How much XRP does Binance hold compared to Ripple?
Binance holds about 1.69 billion XRP, far less than Ripple’s 41–42 billion.
Can private individuals appear on the XRP Rich List?
Yes, wealthy individuals with early holdings appear among the top 100 wallets.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Dr. Lorena Nessi is an award-winning journalist and media technology expert with 15 years of experience in digital culture and communication. Based in Oxfordshire, UK, she combines academic insight with hands-on media practice.
She holds a PhD in Communication, Sociology, and Digital Cultures, and an MA in Globalization, Identity, and Technology.
Lorena has taught at Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. She is a former producer for the BBC in London, with additional experience creating television content in Mexico and Japan.
Her research focuses on digital cultures, social media, technology, capitalism, and the societal impact of blockchain innovation.
She has written extensively on digital media and emerging technologies, with her work featured in both academic and media platforms. Her Web3 expertise explores how blockchain technologies shape culture, economics, and decentralized systems.
Outside of work, Lorena enjoys reading science fiction, playing strategic board games, traveling, and chasing adventures that get her heart racing. A perfect day ends with a relaxing spa and a good family meal.
Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
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