Unlike short-term speculative rallies, a DeFi-driven cycle depends on growing liquidity, stronger on-chain activity, and long-term investor commitment.
One key metric to watch is Total Value Locked (TVL), which shows how much capital is held in DeFi protocols.
According to AMBCrypto, this is where the chart below comes into play.
Recently Doppler’s XRP Vault has seen its holdings peak at 90 million, worth over $127 million, marking a key milestone for the ecosystem. The timing is notable, as XRPL’s TVL has cooled by around $5 million from the late-September peak of $46 million.
Notably, this underperformance cuts across TVL.
According to DefiLlama, XRPL’s stablecoins have recorded a 6.3% drop in their market cap to $1.23 billion. This suggests decreased liquidity in the ecosystem, which can lead to lower inflows of capital and slower growth in DeFi adoption.
While Doppler’s increased holdings of XRP indicate activity within the ecosystem, a rise in liquidity and stablecoin market value would be a more reliable sign of renewed bullish on-chain action.
But then again, could the upcoming listing on XRPN by Evernorth trigger renewed DeFi momentum on XRPL?
According to AMBCrypto, the capital inflows to participate in the offering could drive the entire ecosystem up towards a much larger DeFi cycle and help reshape the perception of XRP throughout the rest of Q4.
XRP builds DeFi momentum as XRPN yield expectations rise
Ripple’s [XRP] DeFi ecosystem is at a critical juncture as liquidity begins to dry up.
However, Evernorth’s upcoming XRPN listing on Nasdaq could add another layer to the story. Evernorth reportedly holds 473 million XRP, ranking among the largest XRP treasuries.
So, while the listing could influence how investors access XRP exposure, its impact may go beyond market flows alone.
One analyst on X argued that, rather than buying XRP directly or keeping in a custodian account, investors could gain exposure to the asset through a share in XRPN, similarly to how Strategy’s MSTR stock has indirect exposure to Bitcoin.
The question, then, is how Evernorth will attract and retain shareholders.
A yield strategy could serve as an incentive for investors to buy XRPN shares, as opposed to buying XRP directly, representing a potential new source of demand for the cryptocurrency.
Adding to this picture is XRPL’s growing tokenization activity.
Ethereum was initially dominant, but XRPL now appears to be outperforming in tokenized commodities. In line with the data, tokenized commodity net inflows hit $2.2 billion on XRPL, compared with $1.6 billion on Ethereum in 2026.
Meanwhile, the monthly real-world asset (RWA) transfers on XRPL peaked at an incredible $7.03 billion, a 224-fold increase. And together, they can serve as fresh demand generators for XRP.
If Evernorth introduces a yield farming concept for XRPN holders, it will create a positive feedback loop of adoption to the XRP ecosystem. In turn, increased XRPL tokenization adds another layer to the ecosystem’s growth.
With both trends gaining traction, XRP’s DeFi narrative heading deeper into Q4 is worth watching.
Final Summary
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XRP’s DeFi activity is growing, but falling liquidity remains a concern.
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Evernorth’s XRPN listing and potential yield opportunities could boost XRP demand in Q4.