XRP rallies 33% as ledger revenue falls 81.6% in H1 2026
- XRP rallied 33% to $1.32, its largest 48-hour gain since March 2025
- U.S. spot XRP ETFs absorbed just 14.8% of new supply in H1 2026
- XRP Ledger revenue fell 81.6% YoY to $1.18 million despite $159.9B volume
- RLUSD stablecoin supply hit $1.56 billion, with 52% on XRPL
*this image is generated using AI for illustrative purposes only.
XRP (CRYPTO: XRP) rose 33% from $1 to a high of $1.32 on Thursday, driven by whale accumulation and rising transaction activity on the XRP Ledger.
The surge followed Bitcoin’s rally to $72,000. A pseudonymous market commentator noted this was XRP’s biggest 48-hour gain since March 2025.
ETF Demand vs Supply
U.S. spot XRP exchange-traded products absorbed only 14.8% of the increase in circulating supply during the first half of 2026. These products were net sellers in two of the six months.
May showed stronger demand, with ETPs absorbing more than half of newly circulating supply, according to 21Shares’ H1 2026 earnings report. At an annualized pace of roughly $588 million, TP demand covers only about one-seventh of annual net XRP supply.
What the Numbers Show
The data reveals a significant divergence between network usage and fee generation. While the XRP Ledger settled $159.9 billion in transaction volume in H1 2026, revenue collapsed 81.6% year-over-year to $1.18 million from $6.43 million. This indicates that high transaction volumes are not translating into proportional fee income for the protocol.
Ledger Metrics
| Metric | H1 2026 | Change |
|---|---|---|
| Transaction Volume | $159.9 billion | N/A |
| Revenue | $1.18 million | -81.6% YoY |
| Stablecoin Base Growth | 1,131% | YoY |
Only about 10.6% of H1 revenue benefited XRP holders through token burns. Meanwhile, the stablecoin base expanded 1,131% year-over-year.
Ripple’s RLUSD stablecoin reached $1.56 billion in total supply as of June 30, with 52% residing on XRPL compared to roughly 10% a year earlier. This expansion aims to support decentralized finance and tokenized real-world assets.
How might the widening gap between XRP Ledger transaction volume and protocol revenue impact long-term investor confidence in the network's economic sustainability?
Could the rapid 1,131% growth in stablecoin base on XRPL shift the primary value proposition of XRP from a bridge currency to a settlement layer for DeFi and RWA?
What regulatory or market hurdles must Ripple overcome to increase ETP absorption rates beyond the current 14.8% of circulating supply growth?
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