XRP (CRYPTO: XRP) has experienced subdued price action over the past year, even as activity on its network has accelerated sharply, driven by growth in tokenized real-world assets.
Tokenized Treasury Supply Jumps 8x
According to EvernorthXRP, tokenized U.S. Treasuries on the XRP network have grown from roughly $50 million to about $418.5 million over the past year, an eightfold increase.
The expansion reflects a broader trend of traditional financial instruments being issued and managed on blockchain infrastructure.
Network usage has also risen significantly. Transfer volume totaled approximately $70.1 million for all of 2025, but reached about $352.3 million within the first few months of 2026, roughly five times the previous year’s total.
This surge suggests not only an increase in tokenized assets, but also higher levels of activity and utilization across the network.
Adoption Grows Despite Price Decline
Despite these gains in adoption, XRP’s price has declined about 40.6% over the past year, highlighting a disconnect between network fundamentals and market performance.
Analysts note that the rise in tokenized Treasuries, typically considered low-risk, institutional-grade assets, signals growing confidence in XRP as a settlement layer for financial transactions.
However, not all market participants are optimistic in the near term. Analysts at More Crypto Online said XRP may still be in a “third wave down,” a technical pattern associated with accelerating bearish momentum.
Under this scenario, the broader trend remains negative, with expectations of continued downside and only short-lived relief rallies.
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