As RLUSD Flips to XRP Ledger and Upgrade Advances, XRP's Price Remains Anchored Near $1.10

RLUSD supply on XRP Ledger surpasses Ethereum for the first time, while protocol v3.2.0 passes validator threshold. XRP trades at $1.10, down 41% YTD.

The XRP ecosystem is firing on multiple technical cylinders – yet the token itself is struggling to escape a familiar low. Two separate developments underscore the widening gap between network health and market price: the dollar-pegged RLUSD has shifted its center of gravity onto the XRP Ledger for the first time since launch, while a long-awaited protocol upgrade has cleared a critical validator threshold. XRP, however, trades at $1.10, barely above its 52-week nadir of $1.01 hit in late June.

RLUSD, the stablecoin issued by Ripple, now has 810 million dollars worth of circulating supply residing on the XRP Ledger, representing 51.7% of the total. The remaining 756 million dollars – 48.3% – sits on Ethereum. Just a month ago, Ethereum held a lead of over $300 million. The reversal signals a tangible uptick in direct activity on the native infrastructure that XRP was designed to power.

Alongside the stablecoin migration, the XRP Ledger’s latest software upgrade, version 3.2.0, has passed a key activation hurdle. Roughly 89% of validators on the standard Unique Node List have installed the new software, comfortably above the 80% requirement. That threshold must now hold for two consecutive weeks for the upgrade to become permanent. The confirmation window is still running.

A separate on-ledger vote, the fixCleanup3_2_0 amendment, is progressing more slowly. This amendment bundles security fixes for newer features such as Lending, Vaults, and Multi-Purpose Tokens. Ripple has already cast its vote in favor. Validators that drag their feet risk an “amendment-blocked” status, effectively cutting them off from the network. A minor GitHub issue surfaced during the rollout – a validator key mismatch between the service log and the running server – but developers attribute it to the migration process rather than a protocol error.

While the network advances, the price picture remains stubbornly weak. XRP has lost 41.4% since the start of the year and 54.3% over the past twelve months. The distance from the 52-week high of $3.65, set in July 2025, is nearly 70%. The 200-day moving average sits at $1.46, roughly 25% above current levels, while the 20-day and 50-day averages at $1.11 and $1.17 respectively are both acting as overhead resistance. The Relative Strength Index at 45.4 points to a market that is neither oversold nor overbought – drifting rather than decisive.

The mixed sentiment extends to institutional flows. After eight consecutive weeks of net inflows into XRP ETFs, the streak broke on July 8 with a $7.29 million outflow, the largest single-day exodus since March. The money left entirely from the Bitwise XRP ETF, which had shown zero trading activity for two prior days. Despite the pause, cumulative inflows across all approved XRP ETFs still stand at roughly $1.47 billion, with Bitwise alone accounting for about $500 million. In the week ending June 26, net inflows had been $22.99 million.

Offsetting the ETF hiccup is notable whale activity. Exchange net outflows of XRP have more than tripled in a matter of days, from 40.7 million tokens on June 22 to approximately 123 million tokens – a roughly 200% surge. Moving tokens off exchanges is typically interpreted as accumulation by large holders who plan to hold rather than sell.

On-chain activity provides another counterweight. Daily active addresses on the XRP Ledger jumped 72% over two weeks, climbing from 23,000 on June 14 to nearly 39,500 by June 27. The total number of active addresses has also exceeded 8.4 million, buoyed by tokenization and stablecoin-related transactions.

The biggest wild card for XRP’s price trajectory remains regulatory. The CLARITY Act, which would clarify the legal classification of crypto assets like XRP, failed to meet its original July 4 deadline. The Senate is not due back from recess until July 13, and a defense spending bill takes priority. A vote is now expected in late July or August. The legislation also influences how easily existing XRP ETF structures can be converted into full spot products.

Traders are watching a tight band around the current price. Key levels include the immediate breakout zone between $1.0560 and $1.0590, which buyers must defend, and the $1.0665 resistance above the last mini-rally. The $1.10 to $1.11 area remains the pivotal decision point – here the 20-day moving average meets the middle Bollinger Band. A clean break above could open a path to $1.20. Conversely, losing $1.04 would put the $1.00 support back in play.

For now, XRP is caught between a network that is demonstrably strengthening and a price that refuses to follow. The resolution may depend on two parallel clocks: the two-week upgrade confirmation window for version 3.2.0 and the eventual Senate vote on the CLARITY Act. Neither has struck yet.