Ripple has activated a Permissioned Decentralized Exchange (DEX) feature on the XRP Ledger, marking a significant technical milestone aimed at institutional adoption. The feature, launched on February 18, 2026, allows regulated financial entities to trade assets like XRP and Ripple USD in a controlled environment that meets compliance requirements, unlike public DEXs such as Uniswap. This activation follows the recent launch of Permissioned Domains, which serve as an on-ledger allowlist to control network participation.
Concurrently, market analysts are highlighting a long-term adoption model for XRP, describing a potential "flywheel effect" that could drive future price discovery. Jesse from Apex Crypto Insights outlined a three-stage strategy for Ripple's global payment network expansion. The first stage (2017–2023) focused on onboarding institutions to RippleNet using fiat-only settlement, avoiding crypto volatility. The current second stage (2023–2026) involves expanding On-Demand Liquidity (ODL) solutions, which use XRP as a bridge currency, converting previously private fiat volume into public XRP ledger activity. Corridors like USD-MXN through Bitso are already operational, with expansion across Asia-Pacific and Latin America.
The final stage envisions a network effect, where increased ODL adoption deepens liquidity, lowers costs, and encourages more corridors to flip to XRP-based settlement. Analysts argue that existing private payment volume on RippleNet represents latent future demand for XRP, especially if major G20 currency corridors adopt ODL, potentially offering 60% to 90% savings over traditional systems.
On the technical front, XRP's price showed limited immediate reaction, trading sideways around $1.4860. The chart formed a gravestone doji candlestick pattern, which analysts interpret as a bearish signal, with the price remaining below key moving averages and a resistance level at $1.7873. The short-term forecast points to a potential test of the year-to-date low near $1.1215.
