Summary of SBI CEO Kitao’s comments on XRP and Ripple from the Nov 2, 2026 earnings briefing Kitao highlighted the following points: • Building a business ecosystem (28:06–28:38) XRP isn’t just something to hold like Bitcoin. It’s critically important for building a real “business ecosystem” where actual demand is generated through payments and remittances. • Ripple’s value and influence (32:00–32:21) SBI Group holds roughly 9% of Ripple’s shares. He noted that any increase in Ripple’s value directly translates into higher value for the SBI Group. • Evernorth (31:26–31:50) Regarding the XRP treasury company Evernorth, he clarified that the group’s voting rights stand at 36.1%. • Expansion in the U.S. market (58:47–59:12 / 1:14:05) He touched on the regulatory environment for financial infrastructure in the U.S. and the importance of cross-border payments using stablecoins (such as JPYC or dollar-pegged stablecoins). • Future outlook (28:49–29:05 / 57:27–58:47) He reaffirmed the group’s commitment to continuing efforts toward the potential future public listing of XRP and the broader adoption of on-chain finance backed by real demand. Source: SBI Holdings Q2 FY2027 earnings briefing https://t.co/jXsC4j0Znv

What is Ripple actually doing? ⬇️⬇️⬇️

The cryptocurrency is about to surge—just waiting now. 🚀🚀

SBI President Kitao summarized remarks on XRP and Ripple from the earnings briefing (November 2, 2026). President Kitao emphasized the following points: • Building a business ecosystem (28:06–28:38): XRP is not merely an asset to hold, like Bitcoin, but is critically important for building a business ecosystem involving real-world use cases such as payments and remittances. • Ripple’s value and influence (32:00–32:21): The SBI Group holds approximately 9% of Ripple’s shares; Ripple’s value growth directly contributes to the SBI Group’s value growth. • Evernorth (31:26–31:50): The SBI Group holds a 36.1% voting interest in Evernorth, the XRP treasury company. • Expansion in the U.S. market (58:47–59:12 / 1:14:05): The regulatory landscape for U.S. financial infrastructure and the importance of cross-border payments utilizing stablecoins such as JPYC and USD-backed tokens. • Future outlook (28:49–29:05 / 57:27–58:47): Continued commitment to exploring the potential future public release of XRP and advancing the adoption of on-chain finance driven by real-world demand. Source: SBI Holdings Q2 Earnings Briefing for the Fiscal Year Ending March 2027 https://t.co/jXsC4j0Znv

The lawsuit resolution, RLUSD, the ETF, Evernorth’s listing and the start of its operations, and the final approval for the national trust bank—all of these were repeatedly called “the catalysts that should push the price higher,” even by people on the finance side. But the actual price action, especially around the recent bank approval, has been soft. There’s a clear gap between what professionals expected (“structural demand should increase”) and what’s actually happening in the market. Most participants aren’t trading based on a day-to-day assessment of whether XRP is being used. A large portion of the market moves on narratives, expectations, relative performance versus other coins, macro conditions, or simply a gut feeling of “this might go up / this might go down.” If you ignore that and stick to the assumption that “Ripple has done so much, so the price should rise,” you’ll keep missing the mark. Ripple improving the infrastructure or clearing regulatory hurdles doesn’t automatically create direct, sustained buying pressure for XRP. Growth in RLUSD doesn’t mechanically translate into XRP demand, and the trust bank approval is primarily about custody and reserve management—not a reason to buy XRP itself. In the end, the price is determined by who wants to buy how much at any given moment, and that group includes a significant number of non-professionals. Redirecting your frustration doesn’t change the underlying logic of how the price is formed. It makes more sense to look realistically at who is actually buying and which groups are generating sustained demand. That at least helps adjust expectations. If that doesn’t sit right with you, then leave. The damage is still shallow at this point.

Isn’t it interesting that Ripple, despite being a blockchain company, still generates revenue from so many off-chain activities? Payments, liquidity, custody, prime brokerage, and other traditional financial services. Why is that? Because traditional finance hasn’t fully moved on-chain yet. Tokenization is now beginning to take shape, and we’re starting to see traditional financial institutions gradually move toward blockchain-based infrastructure. Ripple’s real counterpart is the traditional financial system. We’re only at the beginning of this financial transition. So, naturally, in these early stages, not everything is going to operate on-chain. Off-chain and on-chain activities will coexist for some time. Isn’t that obvious? You have to understand the transition we’re witnessing, rather than expecting the entire financial system to change overnight.

Ripple’s escrow unlock is a scheduled monthly process, right? Yet I can’t help but laugh at crypto media outlets that treat it as a major news story every single month. 😂 What truly matters isn’t just the amount unlocked—but how much XRP was returned to escrow, how much actually entered the market, and what impact that has on supply and demand. Yet no one ever explains any of this. Let’s be clear: an escrow unlock does not equal a market sale. Instead of sensationalizing the monthly unlock as a supply concern, media should track where the funds go afterward. Reporting news and accurately conveying its meaning are two entirely different things. What’s the point of having media like this? They’re utterly incompetent.

The story of Ripple and XRP began with a simple desire: to eliminate as much friction as possible when money crosses borders. In 2004, Ryan Fugger developed RipplePay, a system that settled debts through chains of trust without moving cash—no tokens were involved.

Their vision for the future is as follows: XLS-65 is a Single Asset Vault. XLS-66 is a Lending Protocol. Together, these two components will build a native lending infrastructure on the XRPL. Institutional investors are not simply seeking asset tokenization—they require an environment where assets can be held, lent, used as collateral, and generate liquidity. Moreover, the XRPL is increasingly developing native compliance mechanisms. This is critical. I view the XRPL as evolving from merely a payment network into a comprehensive financial infrastructure capable of attracting institutional investors. XRP is not only positioned as a settlement and bridge asset but also holds potential as a source of liquidity and collateral. RLUSD will serve as the frontend for payments and financial transactions, while XRP underpins the backend by providing liquidity. Lending, tokenization, and compliance will be seamlessly interconnected. The financial ecosystem centered on XRP is still under development—making what comes next all the more important. The XRPL Lending Protocol: Bringing Credit Infrastructure Onchain https://t.co/E2rh4ydTmO

The decrease in XRP exchange reserves does not necessarily indicate buying pressure or long-term holding, as funds may also be moved or transferred to custody. XRP has demand as a settlement and liquidity bridge asset. It also has demand as a financial asset or collateral held by institutional investors. If both of these demands grow simultaneously, XRP’s supply and demand structure will shift in ways unlike anything we’ve seen before. Beyond price, what matters is where XRP is used, who holds it, and how it integrates into financial infrastructure. I believe XRP’s true value will only become clear within the financial system being built from here on out.