XRP Ledger activity is hitting records, but why are xrp prices down 62% from peak
Despite record network activity on the XRP Ledger, XRP's price is down significantly due to structural issues where usage doesn't drive sustained token demand.Summary
The XRP Ledger (XRPL) is experiencing record usage, with daily payments exceeding 2.7 million, automated market maker (AMM) pools growing to nearly 27,000, and tokenized real-world asset (RWA) value climbing 35% in 30 days. However, XRP's price is down 26% year-to-date and 62% from its late-2025 high, creating a significant gap between network utility and token value.
The standard crypto thesis—that network activity drives token price—is failing for XRP. The most likely structural explanation is that much of the activity, particularly involving Ripple's stablecoin RLUSD and tokenized assets, uses XRP only as a transient bridge currency for settlement, which does not create sustained buy pressure. In contrast to assets like ETH or SOL locked in DeFi, XRP remains liquid and transient.
This is evidenced by XRPL's low Total Value Locked (TVL) of $47.54 million compared to its $84 billion market cap, and modest daily DEX volume. While the RWA sector shows genuine institutional traction, the market valuation remains overwhelmingly driven by speculation and ETF expectations rather than capital locked in productive on-chain activity.
(Source：CoinDesk)