Ripple’s Tokenization Boom Hits $4.38 Billion, Yet XRP Can’t Shake Its Slump

XRP trades 69% below its all-time high even as the XRP Ledger's tokenized real-world assets surge to $4.38B, driven by JMWH, CRX, and RLUSD.

The XRP Ledger is quietly becoming a heavyweight in the world of tokenized real-world assets, but the token itself is stuck in a rut that shows no signs of lifting. While the network has absorbed $2.6 billion in fresh RWA inflows over the past six months — second only to BNB Chain — XRP trades at $1.10, a staggering 69% below its July 2025 all-time high of $3.55.

That gap between infrastructure growth and price action has become the defining narrative for Ripple and its native token. The ledger now holds $4.38 billion in tokenized assets, up from just $897 million at the start of January 2026. By the end of that month, the figure had already doubled to $1.8 billion, and the pace has only accelerated since.

Three assets are driving the bulk of that expansion. Justoken’s energy product JMWH leads the pack with $2.229 billion, accounting for more than half of all RWA value on the ledger. A credit product from CRX Digital Assets and Ripple’s own stablecoin RLUSD round out the top three. RLUSD itself now circulates with a market cap of roughly $1.51 billion, backed by $1.62 billion in cash, cash equivalents, and short-term U.S. Treasury bills.

Ripple has been busy on the infrastructure front as well. The company recently launched Mint, a platform that lets institutional clients mint, redeem, and manage RLUSD through a web interface or API. A partnership with compliance provider Notabene aims to smooth the path for banks handling RLUSD payments, and a full crypto-service license in Europe now allows Ripple to offer regulated products across the European Economic Area.

Yet none of this has translated into sustained buying pressure for XRP. The token sits just 8% above its 52-week low of $1.01, and a break below that level would technically undermine the recent consolidation. The 50-day moving average at $1.11 is essentially where the price is now, while the 200-day average at $1.40 represents a 21% gap that seems distant.

Institutional demand has cooled markedly. XRP ETF inflows collapsed to roughly $12.4 million in July, and retail interest, as measured by search volume, has also faded. The relative strength index at 47 points to a market in neutral — neither oversold nor overbought, just directionless.

The regulatory picture offers a potential catalyst, though timing remains uncertain. The Digital Asset Market CLARITY Act, currently before the U.S. Senate, could classify XRP as a digital commodity under CFTC oversight. Such a designation would provide the legal clarity that institutional investors have been waiting for, but for now, the bill’s progress is measured in months, not days.

Analysts see a market caught between two forces. On one side, Ripple’s institutional business is firing on all cylinders, with a growing stablecoin ecosystem, a new European license, and a tokenization pipeline that ranks among the fastest in crypto. On the other, XRP’s price is being driven by macro factors and technical levels rather than the company’s own achievements. The result is a token that looks cheap by some measures but lacks the demand to prove it.