XRP Price Slips as Ripple's XRPL Sees Surging Growth

Ripple's XRP Ledger continues to grow despite the decline in XRP's price. According to Token Relation's H1 report, XRPL's average daily transactions climbed 21% to 2.4 million during the January-to-July period.

The biggest change came from Ripple's dollar-backed stablecoin, RLUSD, which saw its total market capitalization rise 23.4% to $1.58 billion by the end of July. Its distribution shifted decisively toward XRPL, with $907.2 million of RLUSD issued on XRP Ledger by July, equal to 58.9% of total supply.

Ripple has been building infrastructure aimed at stablecoins, payments, and tokenized real-world assets, despite the crypto market's downturn. The company secured additional European regulatory approvals, opened a regional headquarters in Dubai, and pursued an Australian Financial Services license through its proposed acquisition of BC Payments Australia.