XRP network activity has climbed sharply in recent months, with daily transactions approaching 3 million, up from roughly 1 million in mid-2025. The market response has been far less dramatic. While usage on the ledger is rising fast, XRP’s price has remained comparatively restrained, drawing attention to the gap between adoption metrics and valuation.
According to Evernorth CEO Asheesh Birla, the issue is not whether XRP is being used more often, but how it is being used. He said XRP has not yet developed into a fully scaled liquidity bridge within global finance. Activity is increasing, yet the structure behind that activity still limits its effect on price.
Retail-led transaction growth has not created lasting price support
Birla said most current XRP transactions are being driven by individual users rather than major financial institutions. That distinction matters. Retail activity can lift transaction counts, but it often reflects short-term participation and shifting sentiment instead of durable demand tied to real financial operations.
That helps explain why transaction growth has not translated into stronger price momentum. Broader access to the network and rising experimentation may support ecosystem expansion, but the market is still separating high usage levels from deeper financial integration.
Institutional use remains central to XRP’s long-term valuation case
Birla argued that XRP’s longer-term value depends on whether it becomes embedded in financial systems, especially as working capital for banks and enterprises. In that role, XRP would function as a liquidity bridge across payment networks. If adopted at scale, that use case could produce steadier demand and a firmer base for valuation.
Institutional usage also tends to create more predictable liquidity patterns because it is linked to operational needs rather than short-term trading behavior. In Birla’s view, XRP’s current market position reflects an early stage of a broader adoption cycle, not a fully mature one.
The current disconnect points to a transition phase for the network
The divergence between network growth and price behavior fits a pattern often seen in developing blockchain ecosystems. Early stages are usually shaped by user-driven activity. Later stages depend more on integration with established financial frameworks.
XRP appears to be in that transition. Rising transaction counts show growing relevance across the network, but they do not by themselves confirm deep financial usage. For the market, the next key question is whether institutional participation begins to accelerate in the coming months.