$XRP price surged sharply this week as the coin underwent notable structural changes, with institutional investment products expanding.
Moreover, activity on the $XRP Ledger is growing, while stablecoin liquidity continues to build, according to $11 billion asset manager 21Shares.
In a recent post on X, 21Shares said the $XRP ecosystem is experiencing shifts that were not present at the same scale a year ago. It pointed to settlement volumes, an expanding stablecoin base, and the development of regulated investment products providing exposure to $XRP.
The asset manager highlighted four key structural shifts identified by its research team.
$XRP ETPs Absorb Large Share of New Supply
According to 21Shares, U.S. spot $XRP exchange-traded products (ETPs) absorbed 14.8% of net new $XRP supply during the first half of 2026.
The share peaked above 50% in May, highlighting the role of regulated investment products in $XRP’s supply-and-demand dynamics.
For context, since the start of the year, $XRP ETFs in the U.S. have attracted $367 million in inflows. They now boast $1.17 billion in total assets and $1.53 billion in cumulative inflows.
$XRP Supply Dilution Remains Lower Than Some Rivals
Meanwhile, 21Shares also pointed to $XRP’s relatively modest annual supply dilution. The asset manager estimates $XRP’s annual supply dilution at approximately 5.5%, compared with 8.8% for Stellar’s XLM and 9.6% for Toncoin (TON).
A lower rate of supply expansion means less new $XRP enters the market, which could be bullish.
$RLUSD Expands $XRP Ledger Liquidity
Stablecoin liquidity represents another major structural shift. 21Shares said $RLUSD’s supply expanded by 1,131% through June 30, 2026, with more than half of the stablecoin’s supply residing on the $XRP Ledger.
$RLUSD’s rapid growth strengthens liquidity and supports activity across the XRPL ecosystem as stablecoin transactions and applications expand.
Settlement Volume Rises While Fee Revenue Falls
The fourth shift identified by 21Shares concerns the relationship between $XRP Ledger activity and revenue. The asset manager noted that settlement volume has expanded even as fee revenue has contracted.
21Shares ultimately raised a question for the $XRP market: Could greater use of $XRP as collateral materially change these supply-and-demand dynamics?
$XRP Price
At press time, $XRP was trading at $1.36, according to CoinMarketCap data. The token had surged approximately 20% over the previous 24 hours, briefly touching $1.40. $XRP was up around 38% over the past week after trading near $0.988 earlier in the week.
The latest move adds to a sharp recovery in $XRP, while 21Shares’ analysis points to structural developments beyond price action that could influence the asset’s longer-term supply, demand, and utility dynamics.
