Researcher Says Real XRP Value Will Be Revealed After Ripple IPO

Crypto researcher SMQKE claims that financial giant SBI Holdings hinted at XRP's true value being revealed only once Ripple goes public. This claim was based on SBI Holdings’ financial report for the quarter ending June 30, 2025, which was published on July 31. According to SMQKE, SBI connected XRP’s future price to Ripple’s much-awaited public offering, although ambiguity in the report raises doubts about this accuracy.

To support his claim, SMQKE shared two screenshots from the financial report, highlighting specific areas that he interpreted as evidence for his argument. Notably, he reminded readers that SBI Remit launched Japan’s first money transfer service using XRP in 2021 in collaboration with the SBI Ripple Asia joint venture. This highlights SBI’s historical association with Ripple’s XRP ecosystem.

The second screenshot delved into SBI’s private equity (PE) investment business, which saw a sharp year-over-year growth in revenue. SBI credited this improvement to higher valuations of publicly listed securities like Circle Internet Group and eToro Group. SBI explicitly mentioned that it would not include the value of Ripple’s unlisted shares or the XRP in Ripple’s escrow until a concrete market price is established, potentially through an IPO or another significant defining event.

SMQKE specifically emphasized portions of the report discussing potential gains if SBI’s 9% ownership stake in Ripple receives a defined valuation through an IPO or similar event. However, upon closer examination, SBI’s statements actually referred to its equity stake in Ripple, not to XRP’s market price. SBI clarified that as a major shareholder holding a 9% stake in Ripple, it would await Ripple’s public valuation before reflecting this stake’s worth in its records.

Although SMQKE’s interpretation extended beyond the report's intent, it resurfaces during a period of growing optimism about Ripple’s use of XRP. Many community members, who previously feared Ripple’s focus would shift towards RLUSD, are now reassured of the company’s commitment to XRP. CEO Brad Garlinghouse reaffirmed that XRP remains central to Ripple’s operations following their $1.25 billion acquisition of Hidden Road, a prime brokerage platform.

Ripple's recent initiatives further underscore its focus on XRP. The firm collaborated with Gemini to launch an XRP credit card and introduced Ripple Prime's spot brokerage in the U.S., allowing clients to trade both RLUSD and XRP over-the-counter. Despite these moves, Ripple clarified it has no immediate plans to go public, citing strong financial stability and an emphasis on strategic partnerships and acquisitions rather than pursuing an IPO.