Ripple News: Banks Are Using XRP Right Now – Evernorth Manages 400M Tokens, Analyst Explains

The crypto market is getting slaughtered. Sentiment is horrible. Bitcoin price crashed below $60,000 this week, down over 50% from its October 2025 highs. Ethereum sits below $1,800 for the first time since May 2025. Total crypto market cap has erased roughly $2.5 trillion since October.

XRP is no exception. The token now trades in the $1.10–$1.15 range, down from its recent highs above $1.30. Leveraged longs got wiped. Retail traders panic. The mood on X and Telegram is pure despair.

But in the middle of this bloodbath, a crypto influencer named CheekyCrypto published two long‑form breakdowns arguing that the real story is happening out of sight. His claim: banks are using XRP right now, and Wall Street quietly accumulated 775 million XRP in Q1 2026 while retail was distracted by price volatility and regulation.

Let us walk through what he said, the evidence he presented, and whether any of it holds up in a bear market.

775M XRP Bought by Wall Street in Q1 2026

CheekyCrypto’s first video focuses on institutional accumulation. His core claim is that Wall Street‑backed vehicles and funds quietly bought 775 million XRP in the first quarter of 2026. Retail traders were too busy watching price swings and regulatory headlines to notice.

His narrative goes like this. Traditional finance is slow, expensive, and full of intermediaries. The XRP Ledger offers fast, cheap settlement – thousands of transactions per second for fractions of a penny. Unlike most blockchains that were built for retail speculation and later retrofitted for enterprises, the XRP Ledger was designed from day one for value transfer between institutions.

XRP acts as a neutral bridge asset. It allows different tokenized assets – bonds, real estate, commodities – to interact seamlessly without friction. That makes it a candidate for the multi‑trillion‑dollar migration of traditional assets onto blockchains via tokenization.

CheekyCrypto points to several metrics. Tokenized assets on the XRP Ledger grew over 124% in Q1 2026. Spot ETFs removed the custody and private key friction for institutions. And because institutions do not day‑trade, they lock up tokens in vaults, creating a structural supply crunch.

He calls it a “silent squeeze.” Liquid supply shrinks while long‑term holders accumulate. Retail stays focused on price. Institutions build infrastructure.

Banks Using XRP – The Evernorth Example

The second video is more direct. Its title: “They said banks would never use XRP. They lied.”

CheekyCrypto argues that global banking networks are actively deploying XRP despite years of skepticism. Traditional systems are broken – idle capital sitting in Nostro/Vostro accounts, slow cross‑border settlements, high fees. Ripple’s technology and the XRP Ledger solve those problems.

He highlights Evernorth as the spearhead. Evernorth manages a massive corporate treasury of over 400 million XRP tokens. The company is going public via Nasdaq. It uses XRP for lending, collateralization, and generating institutional yield. That is not speculation. That is live production use.

Other themes in the video include improving regulatory clarity, the XRP Ledger’s native capabilities for cross‑border payments and real‑world asset tokenization, and the shift in perception from “high‑risk token” to “institution‑grade financial instrument.”

CheekyCrypto’s overall arc is consistent. Public attention is stuck on “regulatory theater” and price action. Behind the scenes, infrastructure is being rebuilt on decentralized tech. Institutions are positioning for the future of global wealth transfer while retail argues about court cases and daily candles.

Read more XRP news: Ripple Launches XRPL EVM Sidechain

Our Take: Does Any of This Matter at $1.10 XRP?

We have watched CheekyCrypto’s content before. He is a long‑term XRP bull who produces polished, dramatic videos. His claims about exact accumulation figures (775 million XRP) are tied to real on‑chain metrics, but he frames them for maximum bullish impact. That is what influencers do.

That said, two parts of his thesis deserve serious attention.

First, the Evernorth example is real. A corporate treasury managing 400 million XRP and going public via Nasdaq is not a meme. That is actual institutional adoption. Whether that scales to hundreds of banks remains to be seen, but the model exists.

Second, the tokenization trend is real. RWA (real‑world asset) tokenization is one of the few crypto sectors that still attracts serious institutional interest. The XRP Ledger has technical advantages for settlement speed and cost. If tokenized assets continue growing at 124% per quarter, the demand for XRP as a bridge asset could outstrip available supply.

But here is the counterargument. The market is crashing. Bitcoin down 50%. The XRP price down from $1.30 to $1.10 this week. Sentiment is the worst since 2022. In a bear market, even the best fundamentals get ignored. Institutions that accumulated at $1.00–$1.10 are sitting on losses. Some may reduce exposure if macro conditions worsen.

CheekyCrypto dismisses retail price focus as a distraction. That is fine for a YouTuber with a long‑term horizon. But for traders who bought at $1.20 and now watch their portfolio bleed, the price matters. A structural supply squeeze does not help if the entire risk asset class is in a downtrend.

Our opinion is split. Long‑term, the Evernorth example and tokenization growth give XRP a stronger fundamental base than many altcoins. Short‑term, XRP will continue following Bitcoin. At $1.10, the risk‑reward for a multi‑year hold looks reasonable. But expecting a quick rebound ignores the macro reality of rate hikes, ETF outflows, and a $75 billion SpaceX IPO absorbing liquidity.

FAQs

Is this a good time to buy XRP

At $1.10, XRP is 15% below its recent highs and down over 50% from its 2025 peak. Long‑term buyers may see value, but short‑term momentum remains bearish. Waiting for a macro bottom confirmation carries less risk.

Is Evernorth really using XRP

Yes. Evernorth manages over 400 million XRP tokens in its corporate treasury and uses them for lending, collateralization, and yield generation. The company is going public via Nasdaq.