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<a href="https://jpyeur.com/xrp-usd/">XRP</a> Ledger activity jumps 35% despite XRP price slump: Messari report

While XRP’s price didn’t perform well at the beginning of 2026, usage of the XRP Ledger actually increased significantly, according to a new report from Messari.

Summary

  • XRP price fell 27% in Q1, but XRPL daily transactions rose 35.3% to 2.48 million.
  • RLUSD reached $340.3 million on XRPL, making it the network’s largest stablecoin by quarter-end.
  • XRPL’s RWA market cap jumped 124.1% QoQ to $2.25 billion, reaching a new quarterly high.

XRP price fell as trading cooled

According to Messari, XRP was the fourth most valuable cryptocurrency (excluding stablecoins) at the end of the first quarter, after Bitcoin, Ethereum, and BNB. Like most cryptocurrencies, its value decreased during that time.

XRP’s market value decreased by 26.3% in the last quarter, reaching $82.21 billion. The price of XRP also went down, falling 27.1% to $1.34. Meanwhile, the number of XRP in circulation increased slightly, up 1.1% to 61.34 billion.

Trading was also down overall. According to Messari, the average daily trading of cryptocurrencies directly (spot volume) dropped by 32%, and trading of perpetual futures contracts decreased by 28.6% during the last three months.

According to a new report, U.S. spot XRP exchange-traded funds (ETFs) held a total of 775.4 million XRP at the end of the first quarter. This amount makes up 1.26% of all XRP in circulation, and is a 1.9% increase from the previous quarter.

XRPL transactions moved higher

Even though the price of XRP went down, more people were using the XRP network. According to Messari, the average number of daily transactions on the XRP Ledger rose by 35.3% compared to the previous quarter.

The number of daily transactions on the XRPL network increased from 1.83 million to 2.48 million. This growth indicates more people are using the network, even though the price of the token and overall trading have decreased.

The report indicated that this growth is due to the expanding capabilities of the network. XRP Ledger still excels at handling payments, creating tokens, providing decentralized financial tools, managing real-world assets, and supporting stablecoins.

Messari points out that XRP’s value is still connected to how much the network is used, specifically through things like transaction costs, the amount of XRP held in accounts, how easily it can be traded, who owns it, and its ability to connect different currencies.

RLUSD and tokenized assets lead growth

During the first quarter of the year, Ripple’s RLUSD stablecoin saw significant growth. According to Messari, its market capitalization on the XRPL ledger reached $340.3 million, a 44.9% increase compared to the previous quarter.

This achievement positioned RLUSD as the leading stablecoin on the XRP Ledger. According to the report, RLUSD also had a greater number of owners on XRPL compared to Ethereum by the end of the quarter, even though Ethereum processed a higher total value of transactions.

The value of real-world assets on the XRPL network increased significantly. According to Messari, the market capitalization of these assets grew by 124.1% in the last quarter, reaching $2.25 billion.

Recent growth has established XRP Ledger (XRPL) as a leading blockchain for tokenized assets. According to a new report, it was the seventh largest network by Real World Asset (RWA) market capitalization at the end of the first quarter of the year, and had risen to fourth place by the time the report was published.

Institutional finance tools expand

Messari reported progress in financial tools for institutions this quarter. Specifically, XRPL launched three new features: Permissioned Domains, Permissioned DEX, and Token Escrow.

Features for native lending and a digital asset vault are still under consideration. If passed, these tools would allow users to lend, borrow, and utilize XRP and other assets on the network in a more organized way.

As crypto.news reported earlier, Morgan Stanley has recently invested a small amount in two ETFs that focus on XRP. These XRP funds have also seen $85.8 million in investments over the past three weeks, indicating ongoing interest from investors using official, regulated channels.

Recent reports highlight a challenge in the market: while RLUSD can boost activity on the XRP Ledger, using it to settle transactions doesn’t necessarily drive demand for XRP itself in the same way as using XRP as a direct connection between currencies.

Messari created a report funded by Ripple, but they maintained full control over the report’s content. The report found that while the price and trading volume of XRP decreased in the first quarter, activity on the XRP Ledger itself increased, along with growing adoption of RLUSD and tokenized assets.

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2026-05-31 17:53