Ripple Labs has joined the UK HM Treasury's Wholesale Digital Markets taskforce, a 54-firm initiative that estimates tokenized wholesale finance could add up to £33 billion to annual UK economic output by 2035. The move places Ripple alongside major institutional players, signaling the program is anchored in traditional finance rather than crypto advocacy. Ripple is a taskforce member, not a lead or pilot operator, meaning it has a seat at the table but does not control the direction.
What the Taskforce Is Building
The £33 billion figure comes from HM Treasury's own strategy documents, not from Ripple, which cited it in a public statement. On X, Ripple noted that onchain funds, bonds, and repurchase agreements are already in use, settling faster and at lower cost than traditional systems. The company highlighted the UK's developed capital markets and trusted regulatory framework as reasons the country could become a leading market for tokenized wholesale finance.
Regulatory Momentum and US Context
The taskforce alignment matters for market positioning: if UK and US tokenization standards converge, cross-border repo and collateral settlement could become primary use cases, making Ripple's existing institutional infrastructure for cross-border payments more directly applicable. Industry feedback on taskforce priorities remains open through September 4. Separately, Ripple disclosed new details about the pressure it faced after the SEC's December 2020 lawsuit. CEO Brad Garlinghouse confirmed leadership discussed shutting down Ripple within days of the filing, including distributing XRP holdings to shareholders. CTO David Schwartz said outside lawyers told executives the business could not be saved and advised them to seek personal deals. Garlinghouse disclosed Ripple spent about $150 million on legal fees during the four-year battle. Schwartz later clarified that reports misunderstood his comments, stressing he never meant to suggest Ripple was close to shutting down.
XRP Price and Outlook
XRP is holding above the $1.04–$1.11 support band. The recent rally and pullback formed three-wave structures, not yet a confirmed bullish pattern. A sustained hold above support opens the path to $1.19 and then $1.25; a break below would reinforce the broader downtrend. XRP is up 3.89% year-to-date in 2026, extending a streak of positive annual returns: 47.6% in 2023, 31.2% in 2024, and 35% in 2025. The UK taskforce announcement adds a concrete regulatory-institutional data point but does not alter near-term technicals. The more durable question is whether Ripple's early presence in a government-backed tokenization program translates into protocol-level adoption when the spring 2027 pilot goes live.