The XRP ecosystem grew strongly in the first quarter of 2026, even though XRP’s market performance got weaker, according to a new report from crypto analytics firm Messari.
The report shows a clear difference between market sentiment and network fundamentals. While XRP’s market cap dropped 26% and its price fell about 27% during the quarter, activity on the XRP Ledger kept growing.
Average daily transactions went up 35% from the previous quarter, rising from 1.83 million to 2.48 million. The network also saw strong growth in stablecoin use and real-world asset tokenization.
Ripple’s RLUSD stablecoin hit a market cap of over $340 million on the XRP Ledger, up 45% from the last quarter. Tokenized real-world assets on the network also jumped 124% to a record $2.25 billion.
Institutional interest stayed strong too. Exchange-traded funds held about 775 million XRP at the end of the quarter, which is around 1.26% of the total supply.
Messari pointed out several infrastructure upgrades launched during the quarter, like permissioned domains, permissioned decentralized exchange features, and token escrow services. More lending and asset management tools for institutions are still being developed.
The findings suggest that even though XRP’s price dropped with the broader market, adoption and institutional use of the XRP Ledger kept getting stronger.
Here’s your Messari weekly wrap!
New research out now:@XRPLF @Ripple – https://t.co/DH5cO5RqX8
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— Messari (@MessariCrypto) May 29, 2026
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