XRP is down 2.9% over the past 24 hours, trading near $1.28, even after Franklin Templeton added roughly $150 million of its tokenized money market fund to the XRP Ledger this week. The reason is structural: the fund shares, called sgBENJI, are paired with Ripple’s RLUSD stablecoin rather than XRP, so the deposit creates almost no direct buying pressure on the token. XRP only pays transaction fees and an account reserve — costs small enough that moving $150 million burns about as much XRP as moving a single dollar.
What Franklin Templeton Actually Moved
On-chain records show Franklin Templeton issued two subscriptions of 72,184,793 sgBENJI shares each, lifting the XRP Ledger balance from roughly 48 million shares to nearly 193 million. At the $1.039 share price recorded in the ledger, the two batches are worth about $150 million in total, and the full position now sits near $200 million. RWA.xyz, a tokenized-asset data platform, lists Franklin’s XRP Ledger position at about $193 million.
Every share landed in a single wallet that uses the same authorized signers as Franklin’s issuing account, so the entire supply currently sits in one controlled address rather than in end-investor wallets. That is normal for a tokenized fund at this stage: the issuer mints shares into a wallet it controls, then delivers them when investors subscribe or request personal custody. One wallet can therefore hold shares for multiple clients, and the on-chain balance alone does not reveal how many investors have actually received tokens.
Why $150 Million Does Not Buy XRP
The key to the price reaction is the pairing. Under the structure Franklin, DBS and Ripple announced in September 2025, sgBENJI trades against Ripple USD (RLUSD) on the DBS Digital Exchange, not against XRP. Investors move between a dollar stablecoin and a dollar-denominated money market fund, which means the $150 million moves through RLUSD — not through XRP. XRP’s role is limited to network fuel: a small per-account reserve and a fraction of a token burned per transaction.
The arithmetic makes the point. The XRP Ledger’s transaction cost is a fraction of a cent, so settling two $75 million subscriptions costs the same negligible amount of XRP as settling two $1 transfers. If the $150 million were instead exchanged into XRP at the current $1.28 price, it would represent about 117 million XRP — but no such conversion happened, because the fund is dollar-backed and dollar-settled. That is the difference between tokenization news and demand news, and it explains why a headline-grabbing deposit did not move the price.
XRP Price: Where the Token Stands
XRP is changing hands around $1.28, down 2.9% over 24 hours, within a $1.27 to $1.32 daily range, according to CoinGecko. Market cap is about $80.8 billion with $1.2 billion in 24-hour volume, and about 63.1 billion of the 100 billion maximum supply is circulating. The longer view is heavier: XRP is down about 12.2% over 30 days but still up 47.9% over the past year.
Technically, the $1.27 level that held as the 24-hour low is the first support to watch, with the $1.32 intraday high as the immediate ceiling. A decisive break below $1.27 would open room toward the $1.22-to-$1.25 zone, while a push back above $1.32 would need to clear the token’s broader downtrend from its recent highs before any sustained recovery is on the table. None of these levels are forecasts; they are the live boundaries of the current range, and the deposit itself does not change them.
The Bigger Tokenization Story
The deposit matters more for tokenized real-world assets than for XRP’s spot price. It roughly quadruples Franklin’s footprint on the XRP Ledger and makes the network a live venue for an institutional money market fund, next to the tokenized funds already running on other chains. RWA.xyz now ranks Franklin as the second-largest tokenized asset platform on the XRP Ledger, behind RLUSD and ahead of Ondo.
The partnership that set this up traces to a September 18, 2025 memorandum of understanding between DBS, Franklin Templeton and Ripple. The three parties framed the XRP Ledger as the settlement layer for a fund that could be rebalanced around the clock. “Digital asset investors need solutions that can meet the unique demands of a borderless 24/7 asset class. This partnership demonstrates how tokenised securities can play that role while injecting greater efficiency and liquidity in global financial markets,” said Lim Wee Kian, CEO of DBS Digital Exchange.
Franklin Templeton’s head of digital assets, Roger Bayston, positioned the move as an extension of the firm’s tokenization work. “We believe that blockchain and tokenisation unlock powerful new use cases that have the potential to reshape the global financial ecosystem. Leveraging Franklin Templeton’s expertise in blockchain technologies and digital assets, we are excited to partner with DBS and Ripple to introduce cutting-edge trading and lending solutions for investors,” Bayston said.
Ripple’s Nigel Khakoo, VP and global head of trading and markets, tied the deal to the stablecoin’s role as the exchange medium. “Investors can also seamlessly rebalance their portfolios between a stablecoin and a yield-generating money market fund, all within a single, trusted ecosystem, unlocking real-world capital efficiency, utility and liquidity that institutions demand,” Khakoo said. The comments are from the 2025 announcement and describe the partnership’s design, not the size of this week’s deposit.
Franklin has been extending the same fund across networks for over a year. Bybit already accepts Franklin Templeton’s tokenized money market fund shares as off-exchange collateral, and rival asset managers are building on the same playbook — J.P. Morgan recently expanded its own tokenized money market funds to Solana. The XRP Ledger entry is one more chain in that same race.
What to Watch Next
Two signals would turn this from an on-chain curiosity into a demand story. The first is distribution: if sgBENJI shares begin moving from Franklin’s single wallet into investor-controlled addresses, that would show the fund is reaching actual buyers. The second is collateral use — DBS has said it will explore letting clients pledge sgBENJI for credit, including repurchase agreements, and a filing or statement that names XRP or the XRP Ledger for settlement would be a different kind of catalyst.
For now, the deposit is best read as tokenization progress, not XRP demand. Franklin Templeton has not formally announced the allocation, and the single-wallet structure means the $150 million is staged on-chain rather than confirmed as investor money in circulation. The next check is Ripple Swell, running October 27 to 29 in New York, where the companies are expected to discuss the partnership further.
Frequently Asked Questions
Why is XRP down today?
XRP is down about 2.9% over 24 hours, trading near $1.28, as part of a broader crypto pullback. Franklin Templeton’s $150 million tokenized fund deposit did not lift the price because the shares pair with RLUSD, not XRP.
What is Franklin Templeton’s sgBENJI?
sgBENJI is the XRP Ledger token for Franklin Templeton’s Singapore-domiciled OnChain U.S. Dollar Short-Term Money Market Fund. Each token represents a share of the fund, which holds short-term dollar debt.
Did Franklin Templeton buy $150 million of XRP?
No. The $150 million is in money market fund shares tokenized on the XRP Ledger. The fund is dollar-denominated and settles through RLUSD, so the deposit creates no meaningful direct buying pressure on XRP.
How much is on the XRP Ledger now?
Roughly 193 million sgBENJI shares, worth about $200 million at the $1.039 share price, up from about 48 million shares before this week’s two subscriptions.
Price data is from CoinGecko as of October 24, 2026, and on-chain figures from XRP Ledger records via RWA.xyz. The partnership quotes are from the DBS, Franklin Templeton and Ripple announcement dated September 18, 2025.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
