Ripple joins ESMA register as XRP trades 70% below all-time high

Ripple's MiCA registration gives XRP a regulatory foothold in Europe's 27-nation bloc, but the token's price remains disconnected from the company's legal wins.

Ripple was officially listed on the European Securities and Markets Authority's MiCA register on July 17, cementing its compliance under the European Union's crypto regulatory framework after securing a full license earlier this month.

"This registration confirms Ripple can offer its full suite of crypto services across all 27 EU member states under a single regulatory framework," a Ripple spokesperson said. The MiCA regime, which took full effect in December 2024, requires crypto asset service providers to register with ESMA to operate across the bloc.

The listing follows Ripple's receipt of a full MiCA license in early July, which lets the company offer crypto services across the entire EU without needing separate approvals in each member state. Ripple also secured approval for its RLUSD stablecoin in Japan in late June, and SBI Holdings, the company's largest outside shareholder, is building institutional XRP lending infrastructure there.

The registration removes a key regulatory overhang for XRP in one of the world's largest economic blocs, potentially opening the door for European banks and payment firms to integrate the token for cross-border settlements. However, XRP trades around $1.10, roughly 70% below its all-time high of $3.84 set in January 2018, and the token has not responded to Ripple's recent regulatory wins.

Ripple's MiCA registration comes as the company builds parallel regulatory infrastructure across multiple jurisdictions. In the US, the SEC and CFTC classified XRP as a commodity in March, though that classification could be reversed by a future administration. The CLARITY Act, which would codify XRP's commodity status into federal law, is advancing through the Senate with a floor vote targeted before the Aug. 7 recess.

The gap between Ripple's regulatory momentum and XRP's price performance has widened through 2026. XRP ETF inflows dropped to $59 million in June from $131.94 million in May, and have fallen to near zero in July, according to Farside Investors data. New wallet creation on the XRP Ledger fell to 2,130 on July 11, the lowest single-day count since November 2024, signaling weak retail engagement even as Ripple signs institutional deals.

Of the more than 300 institutions on Ripple's payment network, only about 40% use XRP to settle transactions, according to company disclosures. The rest run Ripple's software without touching the token. If MiCA registration encourages European financial institutions to begin settling payments in XRP itself, the token would gain the kind of steady, structural demand that could support a higher valuation.

Ripple is also pursuing a Federal Reserve master account that would let it move money through the US central bank directly, and it is working with the Depository Trust and Clearing Corp. to build a tokenization service for stocks and Treasuries starting in October 2026.

This article is for informational purposes only and does not constitute investment advice.