How much of Ripple's payment volume actually uses XRP?

The full answer

What did Ripple report about ODL’s share of RippleNet?

Ripple’s On-Demand Liquidity (ODL) service is the part of its payment business that uses XRP. Ripple’s Q3 2021 XRP Markets Report described ODL as leveraging XRP to eliminate pre-funding [1]. The same report said legacy customers such as SBI Remit, once using RippleNet for fiat-only payments, had switched on ODL [1].

For Q3 2021, Ripple reported that ODL transactions accounted for about 25% of total volume. It said dollar volume over RippleNet had more than doubled from a year earlier and ODL transactions were up 130% from the previous quarter [1].

For the full year 2022, Ripple’s Q4 2022 XRP Markets Report, published January 31, 2023, said approximately 60% of RippleNet payments were sent through ODL [2].

The two figures do not measure the same thing. The 2021 number is a share of total volume; the 2022 number is a share of payments. Without Ripple’s underlying counts and dollar totals, the rise from 25% to 60% cannot be read as a dollar-share trend.

What do Ripple’s current payment figures say about XRP?

Ripple now reports the total size of Ripple Payments, not an XRP share. On November 5, 2025, Ripple said total Ripple Payments volumes had passed $95 billion and that its Rail acquisition made Ripple Payments a cross-border platform using RLUSD and XRP [3]. On March 3, 2026, Ripple said Ripple Payments had more than $100 billion in processed volume, was live across more than 60 major markets, and let customers collect, hold, exchange and pay out in fiat and stablecoins [4]. The same release said the platform moves liquidity “for the right price across assets,” and that Corpay uses Ripple’s managed custody and liquidity management to settle positions across Asia-Pacific with RLUSD [4]. Ripple’s XRP page, checked September 29, 2026, describes Ripple as a technology company whose solutions use XRP, RLUSD and other digital assets [5].

Neither release states how much of the volume moved through XRP. The 2022 share of 60% cannot be applied to the $100 billion cumulative figure, because the product now settles in several assets. Whether a payment needs XRP at all is covered in do banks actually need XRP, or just Ripple’s software.

Why did Ripple stop publishing route-share figures?

The most recent share figure I found is from 2022 [2]. No Ripple statement explaining the change was found as of September 30, 2026. Ripple’s XRP page still reports holdings on the last day of each quarter; it gave 37,656,053,914 XRP held by Ripple as of June 30, 2026 [5]. That page gives holdings totals, not ODL volume.

After the 2025 and 2026 changes, Ripple Payments moves money in fiat, stablecoins and XRP [3][4]. An “ODL share” of the kind reported in 2021 and 2022 would need a new definition to fit that product. This is a reading of the product descriptions, not a reason Ripple has given.

Can ODL payments be traced on the XRP Ledger, and what do independent trackers show?

Public reports on the ledger cover ledger-wide activity such as total transactions, payment volume, DEX volume and stablecoin transfer volume. Yahoo Finance reported that the XRP Ledger processed 222.4 million transactions in Q2, its second-highest quarterly total, while payment volume fell by 27% [7]. It found stablecoin transfer volume rose 208% to about $10 billion, with RLUSD accounting for about $9 billion [7]. Evernorth’s Q2 2026 report, published September 2, 2026, counts the XRP side of each swap on the ledger’s exchange, rebuilt from Dune’s native xrpl tables, as a measure of turnover [8].

These counts cover all payments and trading, so they do not separate ODL from other activity. A trace between known exchange addresses would also pick up transfers that are not customer payments, such as the short-term XRP leases to market makers that Ripple described in 2021 [1].

Was ODL volume the same as new demand for XRP?

Ripple’s Q3 2021 report attributed all of that quarter’s XRP sales to ODL: $491.74 million net of purchases, against $157.92 million in the previous quarter [1]. Ripple put those net sales at 0.26% of global XRP volume, using CryptoCompare TopTier figures [1]. The report also said certain wallets used for XRP sales provide short-term leases to market makers [1].

Sales into the ODL channel measure XRP that Ripple supplied, not distinct customer payments. How much of that flow was inventory moving round again is taken up in what MoneyGram’s use of XRP proved.

What is the strongest case against reading these figures as XRP use?

24/7 Wall St. reported on April 1, 2026 that most of the Ripple-connected banks Swift named use RippleNet for messaging without touching XRP [6]. He wrote that for XRP to benefit, banks already on RippleNet need to shift from messaging-only to On-Demand Liquidity [6]. A Yahoo Finance article stated that billions of dollars can move across the XRP Ledger without creating substantial fee demand or meaningfully reducing XRP’s supply [7]. That gap between network use and XRP demand is the subject of XRP’s value-capture problem, and bank adoption itself is examined in do banks actually use XRP.

What would a useful current measure look like?

Some measures would describe XRP’s economic role better than a count of payments. They are the gross dollar value bridged through XRP, the share of best-priced routes sourced through XRP, the turnover of XRP inventory held by payment market makers, and the capital saved against pre-funded accounts. As of September 30, 2026, I could not find any of these published by Ripple or by any independent source. The measures, and what each would show, are set out in how to measure how much XRP is actually used.