As XRP climbed back above $1.4 during a broader crypto market recovery, asset manager 21Shares published a detailed analysis of the token’s supply dynamics. According to the report, XRP’s circulating supply rose by 5.5% year-on-year in the first half of 2026, making it the lowest annual supply dilution among payment-focused crypto assets compared by the firm.
21Shares said the increase in circulating supply came primarily from releases and lock-ups tied to escrow accounts. The company estimated that roughly 272 million XRP are added to the market on average each month. For holders, the 5.5% supply increase translates into approximately 5.5% annual supply dilution at current transaction fee levels, meaning the price would need to rise at least 5.5% per year for holders to maintain purchasing power.
However, 21Shares emphasized that fee revenue alone is unlikely to close that gap. XRP Ledger revenues in the first half of 2026 fell 81.6% year-on-year from $6.43 million to $1.18 million. The firm calculated that XRPL revenues would need to increase by 12,700 times to offset the new supply over the next year at current values. In comparison, Stellar’s annual supply dilution rate was calculated at 8.8% and TON’s at 9.6%.
At the same time, CryptoQuant data showed that XRP’s derivatives market is flashing a more cautious signal. While the altcoin rally added more than $183 billion to total altcoin market capitalization and XRP gained about 70% during the period, traders on Binance have turned increasingly bearish. XRP’s net taker volume recorded its strongest selling pressure since the beginning of 2026, with sell-side dominance surging to approximately $96 million. Meanwhile, XRP open interest on Binance rose by 14.8%, indicating more speculative activity even as selling pressure built up.
