The blockchain behind the XRP cryptocurrency – XRPL – finished the second quarter of 2025 at a record RWA market cap of $131.6 million. Messari’s data revealed that the growth was fueled by newly issued assets announced at XRPL Apex in Singapore.
Some of the most important additions included Ondo’s OUSG tokenized treasury fund, Guggenheim’s digital commercial paper, and Ctrl Alt’s tokenized real estate.
XRP Ledger Sees Mixed Quarter
The surge in real-world assets on XRPL set the stage for broader network activity, but despite these high-profile launches, daily engagement metrics highlighted a contrasting slowdown.
In the second quarter, most network metrics showed declines, but the notable exception was total addresses, which grew 4% quarter-on-quarter from 6.3 million to 6.5 million. Average daily active addresses fell sharply by 41.2% to 75,200, while total new addresses dropped 46.2% to 305,800, as the network witnessed a reduced engagement from both new and existing users.
Despite this quarterly slowdown, year-over-year figures remain strong, with average daily active addresses up 165.5% and new addresses increasing 219.8%. Average daily transactions on the network also declined 20% in Q2, recording 1.6 million.
The stablecoin metrics, on the other hand, stayed strong. At the end of Q2, RLUSD, Ripple’s USD-backed stablecoin, reached a market cap of $65.9 million on the XRPL. This figure represented more than a 49% increase quarter-on-quarter as RLUSD cemented its position as the largest stablecoin on the network.
Other launches during the same period included Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD, which has expanded the XRPL stablecoin ecosystem.
Meanwhile, NFT activity on the network staged a strong recovery in Q2 as daily average total transactions climbed 226.9% from 15,400 to 50,400. The primary driver was a tenfold jump in NFT minting, which rose from 3,400 to 37,800 per day, while other NFT transaction types remained mostly unchanged.
Interestingly, NFTokenMint reemerged as the dominant transaction type after a quieter Q1 2025, similar to its surge in Q4 2024. By quarter-end, the XLS-20 standard accounted for nearly 13.5 million minted NFTs, including 3.4 million from Q2 2023, 1.8 million from Q4 2024, and 3.4 million from Q4 2023.
XRP’s Jaw-Dropping Upside Potential
Its native token, XRP, fell below the crucial level of $3 after a minor slump of 1.51% over the past day. Despite the setback, a new regression model has sparked speculation that the altcoin could one day reach $200.
Analyst EGRAG CRYPTO applied a linear regression on a logarithmic scale, noting an R-squared value of 0.84754, which indicated strong historical correlation. The model outlines three potential outcomes: $18, $27, or a dramatic $200 overshoot, depending on XRP’s interaction with its historical price channel.
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