XRP’s Ledger Overhaul Meets 15-Week Low as On-Chain Activity Surges and ETF Inflows Persist

XRP Ledger upgrades with version 3.2.0, renaming core client to xrpld, as price drops 69% from high. On-chain activity surges above 200k addresses, while institutional ETF inflows persist and tokenized assets grow 124%.

The XRP Ledger is undergoing a technical makeover even as the token’s price languishes near its worst levels in over three months. Version 3.2.0 of the core software has been announced, bringing not just performance improvements but a symbolic renaming of the backbone client from “rippled” to “xrpld.” The move is designed to create a unified reference implementation for validators, node operators, and infrastructure providers, with a migration guide still in the works. The upgrade follows the 3.1.3 release in May, which addressed NFTs, vault systems, and lending protocols.

Yet the market is paying little attention. XRP changed hands at $1.14 on Friday, a 4.28% daily gain that did little to mask a 14.34% weekly loss. The token has shed 39.25% since the start of the year and a staggering 47.66% over the past 12 months. It is now trading roughly 69% below its 52-week high of $3.65.

Network Activity Breaks Out

On-chain data tells a more encouraging story. The XRP Ledger recorded 215,399 active addresses on Friday, the first time daily activity has crossed the 200,000 threshold since March. For most of the preceding weeks, the count had fluctuated between 130,000 and 180,000. That jump ranks among the strongest network impulses of the year, signaling real usage of the ecosystem — even if the price has yet to reflect it.

Institutional Positioning: Mixed but Persistent

New U.S. regulatory filings reveal a split among Wall Street heavyweights. UBS Group, which manages roughly $5.7 trillion in assets, reported owning 197,369 shares of the Volatility Shares XRP ETF, valued at about $1.49 million, alongside a small stake in the Grayscale XRP Fund. Bank of America disclosed a position of around $224,000, while Millennium Management and Citadel Advisors also added XRP-related exposure.

Goldman Sachs went the other way. After building up roughly $154 million in XRP ETF exposure late last year, the bank fully liquidated those positions by the end of the first quarter of 2026, covering multiple fund products. The market absorbed the exit without visible disruption — net inflows into U.S. spot XRP ETFs actually remained positive in the following weeks.

Those inflows held firm in the week ending June 8 at $2.62 million, pushing cumulative net inflows since the products launched in November 2025 to a record $1.43 billion. Bitwise leads the provider field with $467 million in assets under management, followed closely by Canary Capital at $458 million. The pace is modest, but it shows that the price decline has not choked off institutional demand.

Tokenization Ambitions Gain Traction

Beyond spot ETFs, the XRP Ledger is deepening its role in tokenized real-world assets. The market capitalization of such assets on the network surged 124.1% in the first quarter to $2.25 billion. A separate but related metric — the volume of tokenized assets on the XRPL this year — has reached around $3.5 billion, according to the secondary article’s data. An unconfirmed analyst estimate puts fresh RWA inflows at $1.5 billion in the last 30 days alone.

Ripple CTO Emeritus David Schwartz has been vocal about the platform’s evolution from a payments infrastructure to a venue for institutional tokenization. He points to tokenized repos, corporate loans, and equities as the next wave, with retail DeFi expected to follow once institutional products gain traction. Ripple participated in a pilot alongside Ondo Finance, JPMorgan, and Mastercard that settled tokenized U.S. Treasury securities in under five seconds.

Oversold Territory, But the Charts Are Bruised

Technically, the picture remains bleak. The relative strength index sits at 28.9, deep in oversold territory — a reading that has occurred only four times in the past 13 years. The MACD is negative, and the $1.00 level is seen as a psychological support. On the upside, the next major resistance is at $1.36, where the 50-day moving average also converges.

A sustained break above $1.36 would ease the oversold setup, while a drop below $1.00 would intensify selling pressure. The contrasting signals — rising on-chain activity, steady ETF inflows, a major network upgrade, tokenization growth, and a price stuck near multi-month lows — leave the market waiting for a decisive catalyst.

A Legislative Wildcard

The CLARITY Act, a U.S. bill aimed at clarifying the legal classification of digital assets, moved to the Senate calendar on June 1. If passed, it could remove a layer of regulatory uncertainty that has weighed on the entire crypto space. For now, however, the token’s trajectory hinges on whether Version 3.2.0 goes live smoothly and how quickly institutional demand for XRP products translates into visible price action.