Ripple's Stablecoin Surpasses Ethereum, But XRP Token Remains Stagnant

Ripple's native stablecoin, RLUSD, has surpassed Ethereum holdings in value on its own blockchain. The $810 million worth of RLUSD tokens now exceeds the $756 million held on Ethereum.

This migration of liquidity providers and exchanges to Ripple's XRP Ledger is reflected in a significant increase in settlement volume processed by RLUSD, reaching $2.5 billion. Daily active addresses on the network also surged 72% between mid-June and late June, from 23,000 to nearly 39,500.

Despite this growth, Ripple's native token, XRP, continues to trade below its 52-week high of $3.65, set in July 2025, at a price of $1.09. This disconnect between on-chain fundamentals and market price has raised questions about the token's value.