XRP had a challenging start to 2026 from a market perspective, but the XRP Ledger (XRPL) showed strong growth in network activity, according to Messari’s latest State of XRP report for the first quarter of the year.
While XRP remained the fourth-largest cryptocurrency by market value among non-stablecoins, its price fell sharply during the quarter alongside a broader market slowdown. XRP’s market capitalization dropped 26.3% to $82.21 billion, while its price declined 27.1% to $1.34. Trading activity also weakened, with average daily spot trading volume falling 32% and perpetual futures volume decreasing 28.6%.
Despite the decline in price and trading activity, usage of the XRP Ledger increased significantly. Average daily transactions on the network rose 35.3% compared to the previous quarter, climbing from 1.83 million to 2.48 million transactions per day.
The growth suggests that more users and applications continued to utilize the network even as market sentiment cooled. The XRP Ledger supports a wide range of functions, including payments, token creation, decentralized trading, stablecoins, and tokenized real-world assets.
One of the biggest growth areas was Ripple’s RLUSD stablecoin. By the end of the first quarter, RLUSD’s market capitalization on the XRP Ledger had reached $340.3 million, representing a 44.9% increase from the previous quarter. This made RLUSD the largest stablecoin operating on the network.
The XRP Ledger also saw major growth in tokenized real-world assets (RWAs). The value of these assets on the network surged 124.1% quarter-over-quarter to reach $2.25 billion, setting a new record and strengthening XRPL’s position among leading blockchain platforms for asset tokenization.
Institutional-focused developments also continued throughout the quarter. New features such as Permissioned Domains, Permissioned Decentralized Exchange (DEX), and Token Escrow were launched on the network. Additional features, including native lending and asset vault services, remain under consideration and could further expand the network’s capabilities if approved.
Interest from traditional financial institutions also showed signs of growth. XRP-related investment products continued attracting capital, while major financial firms increased their exposure to XRP-focused exchange-traded funds.
The report highlights a clear contrast during the first quarter of 2026. While XRP’s price and trading volumes moved lower, activity on the XRP Ledger continued to expand rapidly. Rising transaction volumes, growing stablecoin adoption, and strong demand for tokenized assets suggest that network usage continued to strengthen despite weakness in the broader cryptocurrency market.
According to the report, this divergence between market performance and network growth may indicate that the XRP ecosystem is becoming increasingly driven by utility and real-world applications rather than short-term price movements alone.
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