The XRP Ledger is seeing some of its strongest operating metrics in a year, but XRP itself is still lagging. XRPSCAN data cited in the report shows daily successful payments on XRPL recently climbed to more than 2.7 million, a 12-month high, up from about 1 million in late 2025. Total network throughput is running at roughly 2 million to 2.8 million transactions per day, or around 20 to 26 transactions per second.
Payments, AMM pools, and tokenized assets are all growing
The increase is not limited to payment traffic. Automated market maker activity has expanded to nearly 27,000 active pools supporting more than 16,000 unique tokens. Data from RWA.xyz shows tokenized real-world asset value on XRPL reached $461 million, up 35% over the past 30 days. Over that same period, stablecoin transfer volume on the ledger hit $1.19 billion.
Price action tells a very different story. XRP is trading at $1.37, down 26% year to date and still 62% below its late-2025 high of $3.65. The article frames this disconnect as the key issue in XRP right now: ledger usage is accelerating, while token performance is moving the other way.
More utility on the network has not translated into lasting demand for XRP
A common crypto market assumption is that higher network use should support the value of the native token. That pattern showed up in Ethereum during DeFi growth and in Solana during the meme coin surge. XRPL, as described in the piece, is not following that model. Metrics tied to activity and utility are rising, but XRP is still under pressure.
The report argues that the reason is structural. A larger share of XRPL activity now comes from RLUSD, Ripple’s stablecoin, and from tokenized assets that use XRP as a bridge asset without creating durable token demand. If XRP is only used briefly to settle a cross-border transfer between fiat currencies, the economic effect is very different from capital being locked for months in staking or DeFi positions. The ledger gets busier. The token does not become scarcer.
DeFi scale remains small relative to XRP’s valuation
DeFiLlama data in the article puts XRPL total value locked at $47.54 million. That is set against an XRP market capitalization of about $84 billion. The comparison is central to the report’s argument: the DeFi layer on XRPL remains small relative to the valuation of the native asset. For context, Solana is cited at roughly $4 billion in TVL, while Ethereum holds more than $40 billion.
By that reading, strong ledger activity alone is not enough to explain or sustain XRP’s market value. The article says the token’s valuation still appears to be driven mainly by speculative positioning and ETF expectations, rather than by large amounts of capital locked into productive on-chain use.