The XRP Ledger (XRPL) drew more new tokenized real-world asset capital than Ethereum, Solana, and other major blockchains over the past three months, giving XRP bulls a fresh network-growth argument as traders rebuild exposure to the token.

XRPL recorded $1.9 billion in net real-world asset inflows over the last 90 days, ahead of Ethereum’s $1.6 billion and Stellar’s $1.4 billion, according to RWA Foundation data. BNB Chain followed with $848 million, Solana with $611 million, Avalanche with $362 million, Sei Network with $202 million, and Mantle with $90 million.

The data does not mean XRPL has displaced Ethereum as the main venue for tokenized assets. Ethereum still holds more than half of the tokenized real-world asset value tracked by RWA.xyz.

However, the 90-day flow ranking shows new capital moving more aggressively toward XRPL at a time when XRP’s derivatives and exchange-flow data are also improving.

New RWA money tests Ethereum’s lead

The acceleration of capital moving onto the XRP Ledger underscores a shifting competitive dynamic among Layer 1 networks competing for institutional issuance.

Tokenized real-world assets (RWAs), which range from digitized sovereign debt and private credit to multi-asset funds, have expanded significantly.

Data from platform RWA.xyz indicates the global market has reached $33.5 billion in distributed asset value, alongside $350 billion in broader represented asset value.

While Ethereum remains the primary venue for tokenized assets, holding a 52.8% market share with approximately $17 billion in tokenized asset value, its rate of expansion has met stiffer competition from alternative chains.

Ethereum’s asset base grew by roughly 35% over the course of 2026, a substantial rise from its baseline but a clip that is currently being outpaced by XRPL on a relative basis over the short term.

According to a recent analysis from institutional treasury firm Evernorth, XRPL’s growth trajectory sits in the top tier of established legacy networks.

Analysts at the firm noted that the deployment of institutional capital onto the XRPL is distinct due to its structural composition, especially when evaluated against peer infrastructures like Stellar, Avalanche, and Solana.

Evernoth pointed out that the XRPL network’s inflows are primarily defined by episodic, treasury-scale commitments rather than fragmented retail transactions.

This pattern aligns with institutional deployment behavior, where large-scale financial entities execute major programmatic bond and fund originations in single tranches rather than gradual market accumulation.

XRPL’s RWA footprint

The measurement of network activity inside the real-world asset segment requires strict technical distinctions to avoid mischaracterizing on-chain liquidity.

On the XRPL, data from RWA.xyz splits the network’s footprint into two specific accounting layers: distributed asset value and represented asset value.

Currently, the total tokenized assets represented on XRPL stand at approximately $3.6 billion. This layer captures financial assets that utilize the ledger for tracking, compliance, or structural representation.

In contrast, the network’s active distributed asset value, representing assets natively settled and circulating within decentralized protocols, sits at $360.25 million.

This multi-layer architecture is being utilized by commercial banking institutions and asset managers to test the structural efficiency of tokenized fixed-income securities and fund products. The operational plumbing relies heavily on underlying stablecoin liquidity to settle these transactional flows efficiently.

On-chain metrics reflect an expansion of this specific settlement infrastructure. The stablecoin market capitalization on the XRPL reached $907.63 million, marking a 73.44% increase over a rolling 30-day period.

Correspondingly, active transactional velocity has expanded, with 30-day stablecoin transfer volumes rising 90.90% to settle at $4.86 billion.

Ripple has continued adjusting its infrastructure footprint to absorb this institutional activity, advancing payment rails via corporate integrations and ramping up operational settlement mechanics linked to its RLUSD stablecoin.

Upbit becomes the center of XRP trading

The fundamental momentum across the XRPL coincides with a pronounced, though fragmented, return of liquidity to the underlying XRP cryptocurrency.

Data from CryptoSlate shows that the token increased by more than 5% over the past 24-hours, testing intraday highs of $1.29 before moderating to trade around $1.24.

The price increase occurred against a broader ascending crypto market that has been fuelled by the peace deal between the US and Iran.

However, granular wallet analysis reveals that the capital flows underpinning this market structure are unevenly distributed across international trading hubs.

According to blockchain data published by CryptoQuant, wallet-flow dominance has experienced a sharp geographic rotation rather than uniform global buying pressure.

Data tracking net wallet flows shows that deposit and withdrawal activity has concentrated heavily inside South Korea via Upbit, the nation’s largest digital asset exchange. Upbit’s share of global XRP wallet-flow dominance climbed from 13% on June 7 to 31% by June 14, representing its highest concentration of network interaction since May 2024.

This localized acceleration stands in stark contrast to Western platforms, which have experienced a simultaneous decline in dominance.

Coinbase’s wallet-flow dominance fell from 27% on May 7 to 0% by June 14, indicating a near-total normalization or cessation of net deposit activity relative to global volumes. Over the identical timeframe, Binance’s dominance slid from 16% to 13%, and Crypto.com observed a contraction from 9% to 3%.

This internal divergence shows that the ongoing market participation is structurally divided, driven primarily by intensive capital rotation within East Asian trading venues rather than a broader retail resurgence across US or European platforms.

Derivatives markets rebound without excess leverage

The spot market shifts are mirrored within the cryptocurrency derivatives complex, where open interest metrics indicate a disciplined rebuilding of risk positions.

On Binance, which serves as the primary clearing venue for digital asset futures, the 30-day rolling average for XRP open interest climbed to its highest level in more than four months.

CryptoQuant stated that the total open interest within the contract reached approximately 486.8 million XRP, with the 30-day moving average stabilizing at 484.8 million XRP.

The steady upward arc follows an extended multi-month correction that purged built-up leverage from the system, pointing to a methodical return of positioning rather than speculative spikes.

Further analysis of this positioning suggests the current market structure remains balanced, with the XRP Open Interest Z-Score registered at 0.19.

By remaining firmly within normal historical boundaries, the indicator suggests that the expansion in open interest is the byproduct of a gradual accumulation of directional and hedging positions rather than unhedged leverage.

This measured build-up suggests market participants are positioning for structural volatility rather than immediate speculative liquidations.

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XRP is trading at $1.11, down roughly 17% from its June opening, having set a new 2026 low on June 5 and shed $8 billion in market cap over three sessions.

The correction happens as the asset posted its strongest ETF inflow month of the year, with $131.94 million captured in May, ahead of both Bitcoin and Ethereum products.

Glassnode’s June 9 data points to loss realization as the primary pressure on XRP’s price, with the token’s 90-day realized profit-to-loss ratio falling to 0.38, meaning holders are booking roughly 38 cents in profit for every dollar of realized loss.

At the speculative peak in 2025, that ratio reached 50, with gains outpacing losses by 50 to 1.
Glassnode described the current reading as intense capitulation, with XRP’s aggregate realized price sitting near $1.48, placing the average holder underwater at current prices.

On the XRP Ledger, the 90-day average of total fees paid fell from 5,900 XRP in February 2025 to 500 XRP by June 9, a 91.5% decline that Glassnode attributed to a near-total contraction in organic transaction demand since the prior speculative phase ended.

What whales are actually doing

CryptoQuant’s exchange-flow analysis shows XRP whale outflow dominance reached 91.4% on Binance and 90.5% across centralized exchanges.

Whales dominate XRP’s exchange flows, and the data describes that structural control without resolving whether it reflects selling pressure or accumulation.

A separate CryptoQuant post frames declining XRP inflows to Binance as a possible sign of growing whale confidence, arguing that subdued exchange inflows could keep available selling supply limited.

Large-holder accumulation has historically preceded recoveries, and Glassnode’s loss-realization and fee data show that the current supply of loss-realizing sellers and the collapse in organic network demand are absorbing that accumulation before it reaches price.

Santiment’s May data note that wallets holding at least 10 million XRP controlled 45.83 billion XRP, the most since May 2018. The number of wallets holding at least 10,000 XRP reached an all-time high of 332,230.

Large-holder accumulation has historically preceded recoveries, and Glassnode’s loss-realization and fee data show that the current supply of loss-realizing sellers and the collapse in organic network demand are sufficient to absorb that accumulation without forming a price floor.

The ETF layer

Seven US spot XRP ETFs are now live, holding approximately 923.7 million XRP in custody as of June 10, with combined AUM near $1 billion.

Cumulative net inflows since the November 2025 launch have approached $1.45 billion, and May’s $131.94 million monthly inflow was the strongest since December and ran for 20 consecutive days before a $5.34 million outflow on June 3 broke the streak.

CoinGlass ETF data show that regulated demand for XRP exists and has been persistent, while price action indicates that demand has been absorbed by spot market selling or loss realization, without producing a sustained rebound.

Standard Chartered has projected $4 billion to $8 billion in XRP ETF inflows for 2026 if the CLARITY Act passes, a figure far above cumulative inflows to date.

That upside depends on a Senate floor vote, which Polymarket currently prices at a 47% likelihood of passing in 2026.

Goldman Sachs liquidated its entire $154 million XRP ETF position in the first quarter, a reminder that institutional positioning on XRP runs in both directions simultaneously.

Two ways this resolves

In the bull case, ETF inflows continue to expand as the CLARITY Act advances toward a floor vote, the 332,230 large-wallet holders who accumulated amid price weakness provide a bid at current levels, and Glassnode’s loss-realization ratio begins to recover as capitulating sellers exhaust their supply.

XRP stabilizes above $1.00, network fees find a floor, and the ETF bid becomes visible in price.
Under that sequence, $0.90 stays a reference point on the chart where a multi-year rising trendline sits, with the ETF bid absorbing sell pressure before that level is reached.

In the bear case, the Glassnode capitulation metrics persist long enough for the ETF bid to prove insufficient to defend the $1.00 psychological level. Loss-realization selling continues at a higher rate than profit-taking, network fees stay depressed, and the gap between institutional demand and organic on-chain demand widens further.

If $1.00 fails, $0.90 becomes the next zone where accumulation would be tested, roughly 19% below current prices and near the cost basis of long-term holders who built positions through the 2024-2025 cycle.

Polymarket’s June crowd prices the bear case as the most probable outcome, assigning a 47% probability to XRP losing $1.00 before month-end.

ETF inflows show that regulated buyers exist and have been accumulating at steadily lower prices. Glassnode’s data shows that spot holders are capitulating, and organic network demand has contracted sharply.

Both conditions can coexist until one overwhelms the other, and at a 90-day realized profit-to-loss ratio of 0.38, the capitulation arithmetic still has further to run.

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XRP bulls are trying to turn a brutal selloff into something bigger than a relief bounce. An interesting setup shows a possible three-part impulse from the recent low around $1.05, but the entire setup still depends on whether buyers can force the price through the levels that broke during the crash.

XRP’s Chart Is Trying To Build A Three-Part Impulse

An interesting technical analysis of the XRP price is centered on a possible three-leg recovery structure, with the cryptocurrency’s latest low around $1.07 acting as the starting point. From there, the projected path shows an impulsive move into the $1.94 region, a pullback into the $1.46 zone, and then a much larger advance into the upper resistance band between $2.39 and $3.11.

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The interesting chart, which was shared on X by RWA_Investor, shows a macro corrective sequence playing out from XRP’s highs above $3 since last year, a classic W-X-Y double zigzag that has consumed months of price history. The first leg, Wave W, completed a full ABC decline, bottoming at a major low labeled (C)/(W) on the chart in early February.

A linking wave X then produced a counter-rally that pushed the XRP price above $1.50 in the middle of May with an internal structure of its own (X)-(A)-(B) sequence before rolling over. That rollover initiated the final Y leg, which has now pushed the XRP price down to the $1.12 range again at the time of writing. 

The Impulse Setup Back Above $3

Now that the (C)/(Y) wave is playing out at current lows around $1.12, the setup is an anticipated change from correction to a bullish impulse wave. 

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The projected move is a three-wave ABC recovery that targets a destination box between $2.39 and $3.11. Wave A is expected to push toward the $2.12 level; however, this projection does not give XRP a free pass. There’s a support/resistance trendline around $1.46, which is going to be the first test, and there’s another possible rejection test around $2.12.

Wave B would then retrace back to around $1.46, but this shakeout should not be mistaken for bearishness. Wave C, the final and strongest leg of the sequence, is going to be characterized by a move into a target zone anywhere between $2.70 and $3.10.

A break above $3.10 would suggest that XRP has already found its macro bottom at $1.05. In that scenario, the three-part structure would begin to look like the beginning of a broader trend reversal into new all-time highs. 

If XRP fails below the upper band and loses momentum after the projected rebound, then it could eventually revisit the $0.75 to $1 range to complete a corrective macro wave 2. Interestingly, multiple analysts have identified the $0.87 to $0.92 region as a potential bottom target for XRP under a corrective macro wave.

Featured image from Freepik, chart from Tradingview.com

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XRP is attracting institutional capital at a time when liquidity across the market is moving in the opposite direction. Fresh ETF inflows and growing accumulation among long-term holders continue to support the bullish case, but recent data suggest a different challenge is emerging beneath the surface. While demand appears healthy, the amount of liquidity available to absorb buying and selling activity has fallen sharply. 

XRP Continues To Attract Institutional Interest

XRP has increasingly distinguished itself from the broader digital asset market. While several major crypto investment products struggled to attract capital in recent months, XRP-focused funds racked in $131.94 million in May 2026. 

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This trend has remained largely consistent. Apart from a brief slowdown in March, XRP investment products have continued to attract capital, with fresh inflows extending into early June. Institutional capital inflow is particularly noteworthy because it comes at a time when investor sentiment has deteriorated across many digital assets. Rather than pulling back, institutions appear to be viewing XRP as a strategic opportunity.

On-chain data reinforces that view. As prices declined toward the start of June, long-term holders increased their positions. Recent holder net position data shows a sharp rise in accumulation, suggesting that experienced investors were buying during the selloff rather than exiting the market.

Liquidity Dries Up As XRP Tests Major Support

According to @CryptoQuant_com on X, XRP’s Binance 30-day Liquidity Index has fallen to its lowest level since early 2020. The indicator has dropped close to zero even though XRP continues to trade above $1.20. Historically, higher liquidity levels have accompanied some of XRP’s strongest rallies, making the current decline particularly noteworthy.

For newer investors, liquidity refers to how easily an asset can be bought or sold without causing major price swings. When liquidity falls, fewer orders are available to absorb trades, making the market more vulnerable to sudden volatility. Under these conditions, even modest buying or selling pressure can trigger outsized price moves.

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The technical picture reflects this growing tension. Following a steep 53% correction earlier this year, XRP entered a broad ascending channel and has spent several months consolidating within that range. Recent selling pressure has pushed the asset back toward the lower boundary of the channel near $1.19-$1.20, an area that also aligns with a major Fibonacci support level around $1.20.

If buyers regain control, resistance levels sit near $1.29, $1.36, $1.45, and $1.51, while a move toward $1.60 would bring the upper boundary of the channel back into focus. However, a decisive break below the $1.19 support zone could expose XRP to further downside toward $1.11 and potentially the psychological $1 level.

For now, XRP remains at the intersection of two opposing forces. Institutional demand continues to strengthen, but liquidity has fallen to multi-year lows. Until one side gains the upper hand, XRP’s next major move may depend less on investor interest and more on whether the market has enough liquidity to absorb it.

Featured image created with Dall.E, chart from Tradingview.com

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XRP has spent much of 2026 trading below the targets often discussed across its community, but one XRP commentator is saying that projections to these price targets are being viewed through the wrong lens. The analyst claims that XRP should not be measured like a traditional stock, especially if the asset functions as it is designed and it becomes tied to institutional settlement, liquidity routing, and high-value financial transfers.

XRP Commentator Says Market Cap Logic Misses The Point

Most XRP price discussions are based on market cap comparisons and circulating supply figures, which are the same models used to analyze stocks. However, according to an XRP commentator account known as CharuSan, this is a stagnant market cap logic being applied to XRP since it fundamentally misunderstands what the cryptocurrency was built to do.

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XRP is meant to play as a liquidity and velocity asset; therefore, the cryptocurrency’s price should not rise only because investors are buying it on exchanges. Instead, the projection is that XRP’s price will need to be much pushed higher if institutional systems begin using it as a bridge asset for massive transfers that demand deep liquidity within seconds.

Furthermore, CharuSan XRP pointed to the size of global derivatives, stock markets, debt markets, DTCC volumes, FX settlement, banks, OTC markets, and Nostro/Vostro accounts as areas where liquidity demand could come from if they are fully integrated with the XRP Ledger. Therefore, a $500 billion or $1 trillion market cap would still be too small if XRP were expected to support these institutional trading volumes.

XRP Needs To Be $300 At Least

The price target floated by the analyst is that XRP will be mathematically forced to skyrocket to $300 in order to keep the wheels running. Notably, the $300 prediction is tied to a specific condition of full integration of XRP into major financial transfer systems. Once institutional automated software and APIs begin sending large transfer orders into liquidity pools, the market will no longer be guided mainly by small exchange buy and sell orders.

Based on that setup, the main issue would be the amount of available XRP at the exact moment a transfer needs to be completed. If billions of dollars are moving per second, institutions will not search for cheap XRP sitting on a normal order book. The systems would draw from the deepest available liquidity pool, and the unit price would need to rise if available supply cannot support the transfer volume.

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Interestingly, the latest post is part of a series from CharuSan XRP on how XRP could reach $300. In the previous part, he focused more directly on On-Demand Liquidity and the difference between circulating supply and truly available XRP. He gave the example of a $200 billion bank transfer.

If XRP were priced at $20, such a transfer would require 10 billion XRP, which would be difficult to support if the system were handling not just one bank but thousands of banks and institutions at the same time. RippleNet currently has over 300 banking partners, and about 40% are actively using On-Demand Liquidity.

Featured image created with Dall.E, chart from Tradingview.com

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