XRP has struggled to maintain its value over the past year, trading near $1.50 and sitting roughly 49% lower than twelve months earlier. The decline comes even though the XRP Ledger has processed more than $1 trillion in cumulative value between counterparties and billions of transactions over its lifetime, according to Ripple.
The network’s adoption appears to be broadening. Brazilian financial-market infrastructure provider CSD BR has begun using XRPL to mirror ownership records for financial assets, starting with BTG Pactual investment fund shares. CSD BR says more than BRL 22 trillion in assets are registered through its existing infrastructure, although those legacy systems remain the official source of record.
Stablecoin activity is also expanding. XRPL’s stablecoin supply recently approached $1.3 billion, with Ripple USD accounting for the overwhelming majority. Institutional credit products are another area of growth: lending protocol Clearpool says it has originated more than $965 million in loans across its existing markets and plans to introduce RLUSD-based products on the network.
Yet XRP has not followed those milestones higher. The key issue is that XRPL adoption does not automatically create proportional demand for XRP. Tokenized funds can operate on the ledger without requiring investors to buy large amounts of XRP. RLUSD can settle dollar-denominated transactions, while XRP is primarily needed for network fees and can serve certain liquidity functions.
That disconnect helps explain why network activity can improve while the native token stays weak. It does not make adoption irrelevant, but for XRP’s valuation to change materially, more activity would likely need to translate into deeper liquidity, higher transaction demand, or stronger investor expectations.
