XRP’s Network Buildout Accelerates While Token Price Languishes Near Yearly Low

Despite XRP dropping 42% YTD to $1.09, XRP Ledger active addresses surge 72%, stablecoin market nears $1B, and key amendments for institutional lending move forward.

XRP is caught in a stark divergence. The token itself sits at $1.09, a whisker away from its 52-week low of $1.01 and down nearly 42% since the start of the year. Yet beneath the price surface, the XRP Ledger is humming with activity: daily active addresses surged 72% to around 39,500 at the end of June, while a single day late last month saw 4,941 new wallets created — the highest three-month reading. The sentiment ratio has flipped decisively positive, with roughly four bullish comments for every bearish one.

The paradox extends to the network’s technical development. On July 2, core developer Denis Angell announced that the Batch Amendment, after passing a security audit, has been returned to the core repository and is now headed for a validator vote. Once activated, it will allow atomic transactions — bundling multiple operations like sending and receiving into a single ledger entry. Separately, a developer team submitted “AMM Swappable Curves” to the XRPL Standards, a proposal that would let liquidity pools use different pricing curves — concentrated liquidity and StableSwap — to boost capital efficiency for decentralized finance users.

The most consequential votes, however, revolve around two amendments that aim to turn the ledger into an institutional credit layer. XLS-65 (Single Asset Vaults) and XLS-66 (Lending Protocol) are both in the early stages of validator approval. As of July 3, XLS-65 had 22.86% support and XLS-66 just 20%. They each require 80% backing over two weeks to go live on mainnet. If successful, off-chain credit checks could unlock uncollateralized loans for regulated financial institutions, settled via on-chain term loans.

While validators weigh that leap, the stablecoin ecosystem on XRP Ledger is already expanding rapidly. RLUSD, the dollar-pegged stablecoin backed by Ripple, now has 51–52% of its total supply sitting on the XRP Ledger. With a global market capitalization of roughly $1.7 billion, the RLUSD balance on the ledger exceeded $800 million by the end of June. The broader stablecoin market cap on XRPL has climbed to about $907 million, nearing the $1 billion mark.

That growth in stablecoin volume coincides with heavy accumulation by retail holders. Exchange outflows more than tripled in late June to around 123 million XRP, suggesting investors are pulling tokens into private wallets. At the same time, spot XRP ETFs continue to draw capital, with cumulative net inflows since their November 2025 launch standing at approximately $1.48 billion. June 30 marked the first net outflow in weeks — a small blip in what has been a consistent flow of institutional money. The seven XRP ETFs now manage about $1.4 billion in assets, with more than 800 million tokens locked inside them.

That institutional interest extends beyond fund structures. Ripple recently joined a new consortium alongside Visa, Mastercard, and BlackRock to build the infrastructure for Open USD, a stablecoin initiative that now counts over 140 companies. Analysts view the move as neutral for XRP itself but see it as further validation of the ledger’s technological leadership.

The regulatory calendar adds another layer of uncertainty. The CLARITY Act, which seeks to define the legal status of digital assets, is awaiting Senate action after a summer recess that ends July 13. Galaxy Digital recently lowered the probability of passage this year from 75% to 60%, citing delays in the Senate Banking Committee. When a Senate committee advanced the bill in May, XRP jumped 4.5% in a single day; traders are watching for a similar catalyst once debate resumes in late summer.

For now, the technical picture remains bearish. The relative strength index sits at 43.4, signaling neither oversold nor overbought conditions. The token trades roughly 27% below its 200-day moving average of $1.49. The coming two weeks will show whether the vault and lending amendments can reach the 80% threshold — and whether the network’s accelerating activity can eventually pull the price along with it.