Blockworks Q2 2026 Report: Why XRP Price Fell Despite XRPL Growth

Blockworks released the ‘State of $XRP: Q2 2026’ report that shows the ecosystem kept expanding across stablecoins, tokenized RWAs, institutional products, and derivatives, even though $XRP’s price took a sharp hit during the quarter.

The numbers from the report showed key figures: stablecoins on the XRPL surged to $825.5 million, up nearly 200% quarter-over-quarter, with $RLUSD alone reaching $676.9 million, up 256%.

Additionally, stablecoin transfer volume hit $10 billion (a 207% jump), while tokenized RWA value rose 102% to $4.46 billion.

Global $XRP ETP inflows topped $253 million in Q2, up 45% from Q1. $XRP itself ended the quarter at $1.04, down 19.9%, and the average transaction fee on the ledger remained a fraction of a cent at $0.00024.

Considering that $XRP ended the quarter in a big decline, these numbers are notable because they challenge the idea that more adoption of the XRPL automatically means more demand for $XRP itself.

It’s important to make a distinction between XRPL adoption driving more activity on the network and XRPL adoption driving more demand for $XRP.

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XRPL Activity Remained Substantial

The XRPL processed over 222 million transactions in Q2, its second-highest quarterly total ever.

Even with all that activity, fees stayed exceptionally low. The average transaction fee dropped to $0.00024 from $0.00034 in Q1, marking the fifth straight quarterly decrease. Also, the network burned around 40,600 $XRP in fees over the quarter.

This again points to the fact that more activity on the network doesn’t necessarily mean more value for $XRP holders.

According to Blockworks, the XRPL brought in just about $31,800 from payments and transfers during Q2, which made up roughly 60% of the network’s revenue. So, the XRPL is moving huge volumes of activity for next to nothing in fees, but the amount it captures economically is still tiny next to the value flowing through it.

However, despite $XRP struggling, this doesn’t mean the ecosystem’s growth is irrelevant for $XRP. If $RLUSD, tokenized assets, payments, and DeFi keep growing, they could make the XRPL more strategically important, and possibly create new uses and utility for $XRP along the way.

Related: Could You Use XRPL Without Buying $XRP First? What XLS-68 Actually Changes