The XRP Ledger delivered a quarter of broad ecosystem expansion in Q2 2026, even as the price of XRP fell sharply. According to Blockworks’ State of XRP: Q2 2026 report, stablecoin value on XRPL climbed nearly 200% quarter-over-quarter to $825.5 million. Ripple-issued RLUSD dominated that segment, reaching $676.9 million after a 256% jump, while stablecoin transfer volume surged 207% to $10 billion.
Tokenized real-world assets also grew significantly, with total value rising 102% to $4.46 billion. Network activity stayed high: XRPL processed more than 222 million transactions, the second-highest quarterly count in its history. Average transaction fees fell to $0.00024 from $0.00034 in Q1, marking the fifth consecutive quarterly decrease. About 40,600 XRP was burned through transaction fees, and payments and transfers generated roughly $31,800, about 60% of XRPL’s total network revenue.
Institutional interest also strengthened: global XRP exchange-traded product inflows exceeded $253 million, a 45% increase from Q1. Despite these positive metrics, XRP ended the quarter at $1.04, down 19.9%. The report underscores a growing divergence between XRPL adoption and XRP token demand, particularly as low transaction fees and stablecoin-based activity do not necessarily create immediate buying pressure for the native asset.
