XRP, the cryptocurrency issued by Ripple, has long positioned itself as a coin tailored for financial institutions. However, those institutions have yet to adopt XRP in significant numbers, posing a challenge to its investment thesis. With its price down 70% from its all-time high in mid-2025, investors are questioning whether XRP is now a bargain. Yet, price alone doesn't determine an asset's value; fundamentals are key.
The XRP Ledger (XRPL) has struggled to gain traction in tokenized assets, a growing area in crypto. As of November 9, 2026, the XRPL hosted $642.9 million in tokenized assets, ranking ninth among blockchain networks. Ethereum, by comparison, held $15.1 billion. Additionally, only $22.5 million in tokenized assets were traded on the XRPL in the 30 days ending November 9, with most assets remaining inactive. This suggests a lack of an active ecosystem.
Another potential growth area, AI agents, also shows limited activity on the XRPL. The ledger's AI Hub recorded just $58,683 in cumulative payments by AI agents as of early November. Other networks saw $42.6 million in stablecoin settlements, highlighting XRP's niche role in these hot growth areas.
Ripple has made efforts to attract institutional players through acquisitions in crypto custody, trade settlement, and liquidity provision. However, even if institutions adopt Ripple's services, it may not significantly boost XRP's price. Most of Ripple's offerings don't require XRP, and the coin's low transaction fees mean minimal returns for holders. Thus, XRP may not be the best cryptocurrency to buy at this juncture.