Key Takeaways:
The XRP Ledger has absorbed $2.6 billion in tokenized real-world assets over six months, yet the network's native token has barely moved.
The XRP Ledger added $2.6 billion in tokenized real-world asset value over the past six months, ranking second among all blockchains for RWA inflows, according to data from RWA.xyz.
"XRP Ledger's RWA market has surpassed $4.38 billion in total value, driven primarily by tokenized energy contracts," the data provider said. The network trailed only BNB Chain, which attracted $3 billion in inflows over the same period, while Stellar ranked third at $2.1 billion.
Justoken's JMWH product, which represents one megawatt-hour of contracted energy output per token, accounts for $2.23 billion of that total — more than half of all RWA value on the ledger. The token had only 19 holders and recorded zero monthly transfers, indicating it functions primarily as a blockchain record for energy contracts rather than a traded asset. Distributed assets, including tokenized Treasuries from Ondo Finance and Société Générale-FORGE, total about $323 million. Ripple's RLUSD stablecoin adds another $995 million in supply on the network.
The divergence between network growth and token price highlights a structural dynamic: institutions are using XRPL as a settlement and compliance layer, but that activity has not translated into sustained buying pressure for XRP. The token traded at $1.10 as of July 26, down 69% from its 52-week high of $3.55 and 41% year-to-date. Spot XRP ETFs recorded their weakest month since launch in July, with inflows collapsing to $12.43 million from $131.94 million in May.
Tokenized Energy Dominates, But Liquidity Remains Concentrated
JMWH alone represents 50.8% of all RWA value on XRPL, according to RWA.xyz. The issuer, Justoken, said it has tokenized more than $2.84 billion in total value across its products. In March, the company announced an energy tokenization project with Argentina-based power producer YPF Luz using the XRP Ledger. The wider product links blockchain records with contracts for electricity generation and consumption.
The concentration risk is evident: only 22 wallets held all RWA tokens on XRPL as of late July, with $1.49 billion classified as internal tracking rather than actively traded assets. The ledger's DeFi total value locked stands at $33.2 million, while its EVM sidechain — launched a year ago with expectations of $600 million to $12 billion — now holds just $25,741.
Infrastructure Builds While the Token Waits
Ripple continues to expand the ecosystem despite the price stagnation. On July 24, the company launched Ripple Mint, a platform allowing institutional clients to mint, redeem and move RLUSD via web interfaces or API connections. RLUSD now has a market capitalization of $1.59 billion, making it the ninth-largest dollar-pegged stablecoin, backed by approximately $1.62 billion in cash, cash equivalents and short-term US Treasuries.
A May pilot demonstrated the network's settlement capability: Ripple redeemed part of its holdings in Ondo Finance's OUSG Treasury product on XRPL, with Mastercard sending settlement instructions to Kinexys by J.P. Morgan. Ondo said the asset leg settled in under five seconds, calling it the first time tokenized US Treasuries have settled across borders and banks in near real time.
The XRP Ledger crossed 8 million activated accounts, while XRP reserves on Binance fell to 2.61 billion tokens — the lowest level in six months, suggesting holders are moving assets to private wallets. The next catalyst for the token likely hinges on the Digital Asset Market Clarity Act, which could classify XRP as a digital commodity. Senate Majority Leader John Thune indicated deliberations would begin soon, but a final vote before the summer recess is off the table. Polymarket bettors assign a 43% probability to passage this year.
This article is for informational purposes only and does not constitute investment advice.
