$XRP price traded near $1.00 on Aug. 19 as new Q2 data showed rapid stablecoin and tokenized asset growth on the $XRP Ledger alongside weaker trading and user activity.
The Blockworks State of $XRP report said XRPL-native stablecoin supply rose 195.4% during Q2 to $825.5 million. Reported tokenized real-world asset value increased 102.5% to a record $4.46 billion.
Those infrastructure gains did not translate into a higher $XRP price. $XRP ended Q2 at $1.04, down 19.9%, before slipping closer to $1 during August.
$XRP price remains fragile around the $1 support level
$XRP price traded between approximately $0.994 and $1.01 during the latest 24-hour period. Its market capitalization stood near $62.9 billion, placing it sixth among cryptocurrencies.
The daily chart shows $XRP below the Bollinger Bands midpoint near $1.03. The lower band sits around $0.97, while the upper band is near $1.09. A close below $0.97 would weaken the current stabilization attempt, while a recovery above $1.03 would return the price to the middle of its recent volatility range.
The Relative Strength Index stood near 38.27, slightly above its moving average of 36.80. That indicates modestly improving momentum, but the reading remains below the neutral 50 level.
$XRP price has fallen 7.6% over 30 days and approximately 66.8% over the past year. The token remains more than 70% below its July 2025 record of $3.65, according to crypto.news market data.
$RLUSD produced most of XRPL’s stablecoin growth
$RLUSD supply on XRPL rose 256.7% during Q2 to $676.9 million. It represented approximately 82% of the network’s $825.5 million stablecoin total.
Stablecoin transfer volume increased 207.5% to roughly $10 billion. $RLUSD generated about $9 billion, or 90%, compared with approximately $2.6 billion during Q1.
Ripple also expanded $RLUSD distribution. OKX listed the stablecoin across more than 280 spot pairs and enabled institutional users to employ it as margin collateral where available.
Japan approved $RLUSD as an electronic payment instrument under the Payment Services Act. Ripple and SBI Group said in a release that SBI VC Trade would distribute it to institutional and retail customers.
The relationship between $RLUSD adoption and $XRP demand is indirect. Stablecoin transfers burn small amounts of $XRP as transaction fees and require account reserves, but most transaction value remains denominated in $RLUSD.
As crypto.news previously reported, $XRP’s recovery may depend on whether stablecoin adoption produces wider ledger activity rather than supply growth alone.
The $4.46 billion RWA figure requires context
XRPL’s reported tokenized real-world asset value rose 102.5% to $4.46 billion. That placed the ledger among the largest networks tracked for tokenized assets.
However, approximately $2.23 billion came from Justoken’s energy-backed JMWH token. The issuer held the entire reported position, meaning those assets were not broadly distributed among outside wallets.
Blockworks separated “represented” assets from distributed assets that can move outside their original platforms. Distributed RWA value declined 5% during Q2 to $386.1 million.
The distinction matters because issuer-held representations do not necessarily produce secondary-market liquidity, transaction volume or demand for $XRP. The headline total therefore measures recorded asset value rather than freely circulating tokenized investments.
After quarter-end, Aviva Investors launched a tokenized share class of its U.S. Dollar Liquidity Fund on XRPL. As crypto.news reported in its coverage of the regulated fund launch, BNY Mellon holds the underlying assets while eligible investors receive blockchain-based fund shares.
ETP inflows rose while ledger activity weakened
Global $XRP exchange-traded products attracted $253.6 million during Q2, up from $174.8 million in Q1. Products have recorded more than $1.9 billion in cumulative inflows since U.S. spot $XRP funds launched in November 2025.
However, quarter-end assets under management fell 17.1% to $1.99 billion because $XRP’s price decline offset new investor money. Spot trading volume across 11 centralized exchanges dropped 53.5% to $57.6 billion, while perpetual futures volume fell 44% to $154.9 billion.
Ledger activity also weakened. Total transactions fell 6.5% to 222.4 million, average daily active addresses declined 10.7%, and native decentralized exchange volume dropped 35.9% to $482.9 million.
Payment volume fell 26.6% from Q1’s record to 41.07 billion $XRP. Average transaction costs nevertheless remained low at approximately $0.00024.
Lending approval and $1 support are the next tests
The proposed XLS-65 and XLS-66 amendments would add single-asset vaults and fixed-term lending directly to XRPL. They still require an 80% validator supermajority maintained for two weeks.
The Blockworks report recorded nine validators supporting XLS-65 and eight backing XLS-66 in late July. More recent tracking placed support near 40% and 37%, respectively, after Ripple voted for both proposals.
As reported in related coverage, the lending amendments remain below activation requirements. The network’s official amendment registry lists the proposals as open for voting while a follow-on version remains in development.
For $XRP price, the immediate technical levels remain $0.97 and $1.03. Longer-term improvement will depend on whether expanding stablecoin, tokenization and investment product demand produces sustained transactions, liquidity and $XRP usage.
