Foreign media reports indicate that XRP's performance in early Q2 2026 is attracting more attention. The article cites data from Messari and DeFiLlama, stating that stablecoin and RWA activity on XRPL continues to expand, driving up on-chain transactions and liquidity, and improving XRP's performance relative to ETH.
Despite a generally weak risk appetite in the first quarter, XRP's price still fell by 27% during the quarter, but it outperformed Ethereum when compared across assets. Data shows that the XRP/ETH ratio rose by 4.25% at the end of the first quarter, marking the first time since the first quarter of 2025 that XRP has outperformed ETH on a quarterly basis.
The XRPL stablecoin continues to expand.
The article argues that one of the core factors driving this change is the growth in stablecoin liquidity on XRPL. According to DeFiLlama data, the market capitalization of stablecoins in the XRP ecosystem grew by nearly 27% in the first quarter, while the number of daily on-chain transactions increased by 35% during the same period.
This trend continued into the second quarter. The report noted that the total market capitalization of XRPL stablecoins has increased by nearly 200% since the end of the first quarter, reaching a new high of approximately $750 million. Of particular note is RLUSD, which currently accounts for 93% of XRPL's total stablecoin liquidity.
- The total market capitalization of the XRPL stablecoin has risen to approximately $750 million.
- RLUSD accounts for 93% of total liquidity.
- RLUSD monthly supply increased by 75%.
RWA and institutional settings were repeatedly mentioned.
The article also mentions that XRPL's on-chain expansion isn't solely driven by stablecoins. A Messari report shows that development around institutional use cases continues, particularly in RWA and stablecoin-related areas. During the same period, the RWA market size on XRPL grew by 124%.
According to the original article, this type of growth aligns with the market trend since 2025. Unlike previous halving cycles that were more price-driven, the current market emphasizes protocol upgrades, on-chain efficiency, and practical applications, thus giving XRPL more attention.
XRP's strong performance against ETH continued into the second quarter.
From a market performance perspective, XRP's strength relative to ETH has continued into the second quarter. The article states that, to date, the XRP/ETH ratio has risen by more than 5% this quarter. In the author's view, this signifies that the market is reassessing XRP's position within the stablecoin, RWA, and DeFi narratives.
However, this article is essentially an opinion-based analysis. It argues that as expectations for greater clarity in digital asset regulation increase, XRP's strength relative to ETH may not be merely short-term volatility, but rather a structural change occurring in tandem with XRP's liquidity expansion. The article also points out that in the broader DeFi competition, Ethereum remains dominant, while Ripple is only showing signs of catching up.
