XRP Ledger Activity Soars in Q1 Despite XRP Price Slump: Messari

XRP had a rather difficult start to 2026 from a price standpoint, but the underlying XRP Ledger showed notable signs of growth, according to the latest State of XRP report by Messari.

The analytics firm outlines a sharp contrast between the weaker market performance and strong network fundamentals, with stablecoin adoption, real-world asset tokenization, and transaction activity all increasing during the quarter.

XRP Price Falls as Trading Activity Cools

During the first quarter of the year, XRP was, for the most part, the fourth-largest non-stablecoin cryptocurrency by means of total market capitalization, trailing only Bitcoin, Ethereum, and Binance Coin.

However, the token wasn’t immune to the broader market downturn. Its market cap declined by 26% quarter-over-quarter to about $82 billion, while its price dropped by 27% to $1.34 at the time of this writing.

Per Messari’s report, trading activity also slowed down during the cited period. Average daily spot volume declined by 32%, while perpetual futures volume declined by 28.6%. That said, institutional exposure continued to build, as CryptoPotato covered recently. The quarter ended with ETFs holding about 775.4 million XRP, which is roughly 1.26% of the asset’s currently circulating supply.

XRPL Sees Growth in RWAs, Transactions, and Stablecoins

While XRP’s price struggled, XRPL activity moved in the opposite direction, supporting the case for strong fundamental support. Messari indicated that average daily transactions increased by 35% quarter-over-quarter, increasing from 1.83 million to 2.48 million.

The network also saw growing adoption across stablecoins and tokenized assets.

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Ripple’s RLUSD stablecoin expanded to a market cap of $340.3 million on the XRPL by the end of the quarter, up 45% from the previous quarter. Meanwhile, XRPL’s real-world market cap soared by 124% QoQ to an all-time high of $2.25 billion.

Messari also reported that new infrastructure is being built in institutional-oriented decentralized finance. During the quarter, permissioned domains, permissioned DEX, and token escrow went live. Meanwhile, native lending protocols and asset vaults are still in voting.

All in all, these developments can be taken to suggest that XRPL’s institutional finance narratives continued to strengthen, despite the weakening price performance of XRP.