Messari Report: XRP Ledger Activity Rose 35% Despite Price Slump
- Lyla Velez
- May 31, 2026
- News
- 0 Comments
A Messari report found that XRP Ledger activity rose 35% quarter over quarter in Q1 2026, even as XRP’s price fell sharply over the same period, highlighting a growing disconnect between network usage and token valuation.
What the Messari report says about XRP Ledger activity
Messari’s State of XRP Q1 2026 report said average daily XRP Ledger transactions increased 35.3% quarter over quarter, rising from 1.83 million to 2.48 million.
At the same time, XRP’s price decreased 27.1% quarter over quarter, closing Q1 2026 at $1.34. The token traded at roughly $1.33 at press time, showing little recovery since the quarter ended.
The report also noted that Ripple’s RLUSD stablecoin on XRPL reached a $340.3 million market cap by the end of Q1. The broader XRPL real-world asset (RWA) market cap hit $2.25 billion over the same period.
U.S. spot XRP ETFs closed the quarter holding 775.4 million XRP, equal to 1.26% of circulating supply, up 1.9% quarter over quarter. Messari noted that those ETF listings would not have been possible without the SEC’s August 2025 resolution of the Ripple case. The SEC announced on Aug. 7, 2025 that it had filed a joint stipulation dismissing both its appeal and Ripple’s cross-appeal, similar in regulatory significance to how SEC Chair Paul Atkins has positioned the U.S. as open to digital assets.
Why XRP Ledger growth matters even during an XRP price slump
The divergence between rising ledger activity and a falling token price suggests that XRP Ledger usage is being driven by factors beyond speculative trading. RLUSD adoption, RWA tokenization, and institutional ETF accumulation all point to utility-driven demand on the network.
CoinDesk reported in March 2026 that XRPL daily payments had topped 2.7 million while XRP was down 26% year to date and 62% below its late-2025 high. That pattern, where network fundamentals strengthen despite XRP price slumps, has persisted for months.
The broader crypto market reflects similar caution. The Fear & Greed Index sat at 28 at press time, classified as “Fear.” That sentiment backdrop makes the sustained XRPL activity more notable, as it contrasts with the risk-off mood visible in recent outflows from major crypto ETFs like BlackRock’s BTC fund.
What the report could signal for XRP watchers next
If on-chain activity continues to grow independently of price, analysts may start treating XRPL transaction volume as a leading indicator rather than a lagging one. The 35.3% jump in daily transactions occurred without a corresponding price rally, which could suggest that current XRP valuations undercount network utility.
The ETF angle adds another layer. With 775.4 million XRP held in U.S. spot ETFs, institutional exposure is building steadily. That accumulation trend, combined with the momentum seen in XRP ETF inflows this month, could become more significant if broader market sentiment shifts from fear toward neutral or higher.
For now, the Messari data paints a picture of an active ledger sitting beneath a subdued token price, a gap that XRP watchers will likely monitor closely heading into Q2 results.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
