The XRP Ledger (XRPL) has experienced a notable increase in daily transaction volume, reaching over 2.7 million payments recently. However, this surge contrasts sharply with the declining value of the XRP token, which has fallen by 26% this year.
According to data from XRPSCAN, the XRPL has seen a significant rise in daily transactions, climbing from approximately 1 million in late 2025. The network now processes between 2 and 2.8 million transactions daily, operating at a rate of 20 to 26 transactions per second.
In addition to transaction growth, the number of automated market maker (AMM) pools on the XRPL has surged to nearly 27,000, supporting over 16,000 unique tokens. The total value of tokenized real-world assets on the ledger has risen to $461 million, marking a 35% increase over the past month. During the same period, stablecoin transfer volumes reached $1.19 billion.
Despite these metrics indicating robust network activity, XRP’s market price remains at $1.37, significantly below its late-2025 peak of $3.65. This discrepancy raises questions about the relationship between network usage and token value, a dynamic that has historically suggested that increased activity should lead to higher demand and prices for the underlying asset.
The current situation appears to challenge this conventional understanding. Analysts suggest that the structural dynamics of the XRPL may be influencing this trend. Much of the increased activity is attributed to Ripple’s stablecoin, RLUSD, and the movement of tokenized assets that utilize XRP as a bridge currency. However, these transactions do not create the same sustained demand for XRP as longer-term staking or liquidity provision seen in other networks.
For context, the total value locked (TVL) in the XRPL’s decentralized finance (DeFi) ecosystem stands at $47.54 million. This figure is minimal compared to the market capitalization of XRP, which is approximately $84 billion. In comparison, Solana and Ethereum boast TVLs of $4 billion and over $40 billion, respectively, highlighting the disparity in productive on-chain activity relative to market valuation.
Daily trading volumes on the native decentralized exchange (DEX) of the XRPL range from $4 million to $8 million, which is modest for a Layer 1 blockchain ranked fifth by market capitalization. While the growth in AMM pools is evident, the liquidity’s dollar value remains low compared to the overall market size of XRP.
On a more positive note, the XRPL shows promise in the realm of tokenization. The reported $461 million in distributed asset value and $1.5 billion in represented asset value positions the XRPL favorably against larger chains in specific tokenization categories. The stablecoin market cap on the ledger currently sits at $339 million, with 35,800 holders, and a notable 30-day RWA transfer volume of $149 million, reflecting genuine institutional activity.
Historically, March has yielded an average return of 18% for XRP. The token has maintained support in the $1.27 to $1.30 range through multiple tests. Should macroeconomic conditions stabilize and geopolitical tensions ease, analysts suggest a potential rebound to $1.60 or higher could be on the horizon.
The XRP Ledger has seen a significant rise in transaction volume and tokenized asset value, yet the XRP token's price has declined sharply. This divergence raises questions about the relationship between network activity and token valuation, suggesting structural factors may be at play.