Well-Known XRP Commentator All Things XRP Has Sparked Renewed Discussion About the Existence of a “Secret” Version of the XRP Ledger

Well-known XRP commentator All Things XRP has triggered renewed discussion about the existence of a “secret” version of the XRP Ledger, where banks are reportedly moving billions of dollars.

Well-known XRP commentator All Things XRP has sparked discussion about a "secret" version of the XRP Ledger, where banks are moving billions of dollars, though it is still used for central bank digital currencies (CBDCs).

While often dismissed as speculation, the analyst argued that this so-called "secret ledger" is not a conspiracy. Rather, it is real and fully documented.

Specifically, the commentator noted that back in 2021, Ripple officially launched a CBDC Private Ledger. This ledger is a separate, closed version of the public XRP Ledger.

The private ledger is for central banks and offers privacy, compliance, and national-scale currency issuance. All Things XRP noted that this version of the XRP Ledger does not use XRP and is entirely walled off from the public network.

Sources such as (link: https://blog.ripple.com/private-ledger-for-central-bank-digital-currencies/) this article from Ripple confirm the existence and purpose of this ledger. It offers the same core performance as the public XRP Ledger—fast settlements and scalable throughput—but operates behind closed doors to meet the needs of governments and financial institutions.

However, speculation has long circulated within parts of the XRP community that XRP trades at $1,000 or more on the private ledger.

One former London fund manager used this narrative to explain why XRP’s price has remained "low" for years. He also speculated about a future merger of the ledgers to unify the XRP price.

Yet, as All Things XRP pointed out, Ripple CTO David Schwartz has repeatedly debunked this narrative. There is no dual pricing mechanism for XRP, and the CBDC Private Ledger does not use XRP at all. Essentially, there is no secret market where banks are buying XRP at higher prices.

"9️⃣ So What’s the Verdict?

✅ A private XRPL for CBDCs? Confirmed.

❌ XRP double-pricing scheme? Debunked.

Don’t confuse “private” with “secret”—Ripple’s been upfront about this from the start," the analyst said.

Ultimately, All Things XRP concluded that while a private XRP ledger exists to facilitate large institutional flows, it is not "secret," and XRP is not being sold at higher prices elsewhere.

Moreover, it would be irrational for any entity, including banks, to pay a premium for a commodity they could easily purchase at a lower price on the public market. This argument further challenges the belief that XRP could be sold at a premium to institutions while retail investors are holding bags with lower prices.