Shaurya Malwa
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XRP keeps falling while its ledger booms on assets that aren’t XRP
XRP Price Slides as Ledger Activity Increases
XRP has experienced a decline in value, currently sitting at around $1.12, which is a 7.5% decrease over the week and a 27% drop in the first quarter. However, the XRP Ledger has seen a surge in activity, with a notable increase in transactions and tokenized assets. This growth is a positive sign for the ledger, but it does not necessarily translate to an increase in demand for XRP, which is an essential factor in determining its price.
Alexis Sirkia, a former market maker for Ethereum and XRP, emphasizes that long-term value comes from real adoption and usage, rather than just focusing on price. According to Messari’s first-quarter report, XRPL daily transactions have risen by about 35% to 2.48 million, and tokenized real-world assets have jumped 124% to a record $2.25 billion. Additionally, Ripple’s dollar stablecoin, RLUSD, has grown 45% to $340 million, making it the largest on the network.
Decoupling of XRP Price and Ledger Activity
The growth in ledger activity does not directly impact the demand for XRP, as many of these transactions and assets do not require the use of XRP. With fees being a fraction of a cent, the increased activity on the ledger does not necessarily mean more demand for XRP. This decoupling of XRP price and ledger activity has left analysts wondering if the growth in ledger activity will eventually reflect on the price of XRP.
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