Activity on the XRPL has surged to more than 2.7 million daily payments and nearly 27,000 AMM pools, even as XRP’s price remains 62 percent below its late-2025 high. Much of the ledger’s growth is driven by Ripple’s RLUSD stablecoin and tokenized assets that use XRP briefly as a bridge currency, boosting transactions without creating lasting demand or scarcity for the token. XRP’s DeFi footprint and DEX volumes remain small relative to its $84 billion market value, but the ledger’s $461 million in tokenized real-world assets and rising institutional-style flows underpin a longer-term tokenization bull case. The XRP Ledger has never been busier, but traders are yet to catch up.
Daily successful payments on XRPL recently hit a 12 month high of over 2.7 million, up from roughly 1 million in late 2025, according to XRPSCAN data. The network is processing between 2 and 2.8 million transactions per day at 20 to 26 transactions per second. Automated market maker pools have exploded to nearly 27,000 active pools supporting more than 16,000 unique tokens. Tokenized real-world asset value on the ledger climbed to $461 million, up 35% in the past 30 days, per RWA.xyz.
Stablecoin transfer volume over the same period hit $1.19 billion. XRP is trading at $1.37 and is down 26% year-to-date. It’s 62% below its late-2025 high of $3.65. That gap between what the ledger is doing and what the token is doing is the most important thing happening in XRP right now.
The most likely explanation is structural. XRPL’s growing activity is increasingly driven by RLUSD, Ripple’s stablecoin, and tokenized assets that flow through XRP as a bridge currency but don’t create sustained demand for the token. The DeFi numbers make this stark. DeFiLlama shows XRPL’s total value locked at $47.54 million. For comparison, Solana carries roughly $4 billion in TVL. Ethereum has over $40 billion.
XRP’s DeFi layer is a rounding error relative to its valuation, which means the market cap is still overwhelmingly driven by speculative positioning and ETF expectations rather than capital locked into productive on-chain activity. The native DEX tells a similar story. Daily volume runs between $4 million and $8 million on recent data, modest for any Layer 1 and especially small for one ranked fifth by market cap.
AMM pool growth is real, with 27,000 pools and 12 million XRP deposited, but the dollar value of that liquidity remains thin relative to the scale of the token’s market. The RWA picture is the one area where the data genuinely supports the bull case. $461 million in distributed asset value and $1.5 billion in represented asset value puts XRPL ahead of several larger chains in specific tokenization categories. Stablecoin market cap on the ledger sits at $339 million with 35,800 holders.
The 30-day RWA transfer volume of $149 million, up over 1,300%, suggests real institutional activity rather than wash trading. If the tokenization thesis plays out over the next few years, XRPL has a foothold that most competitors don’t. As such, March historically averages an 18% return for XRP, and the $1.27 to $1.30 support zone has held through multiple tests. If macro conditions stabilize and the Iran conflict moves toward resolution, a relief bounce to $1.60 or higher is plausible.
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