While XRP has fallen roughly 43% over the past year, one analyst argues the token’s underlying network is quietly moving in the opposite direction — and that the gap between price and fundamentals is widening to an unusual degree.
In a recent breakdown, NCash focuses on a core tension: traders see “down only” price action and walk away, while the XRP Ledger’s activity, tokenization metrics, and stablecoin usage are hitting record levels. The analyst contends this disconnect could become a “big money maker” for investors who look past the chart.
Utility Metrics Jump As XRP’s Price Lags Behind
On-chain data cited in the video shows XRP Ledger daily transactions up about 35% to 2.48 million, and tokenized real-world assets (RWA) on the chain up roughly 124% to a record $2.25 billion. A specific stablecoin, ROUSD, is reported up 2.35% to around $340 million in market cap.
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The analyst notes that XRP Ledger has added more than $2 billion in tokenized value over the last 90 days and says stablecoin activity on the network has grown nearly 72% in the past month, putting it among the top chains for tokenization and stablecoins.
“Networks don’t grow like this by accident,” one cited post states. “Price follows adoption, never the other way around.”
Despite that, XRP is trading well below key resistance zones and, by the host’s estimate, sits around a 42% discount from its prior local highs and roughly 60–70% below peak levels. The chart, the analyst argues, “is a distraction” from what’s actually happening on the ledger.
Schwartz: XRP Ledger Moving Beyond Payments
The YouTube video highlights comments from Ripple’s CTO David Schwartz, who says XRP’s role is expanding beyond cross-border payments as the ledger adds support for tokenized securities, money market funds, stocks, and, “coming soon,” tokenized repos and loans.
Schwartz frames this as part of a broader shift where enterprises use XRP Ledger to issue real-world assets and where future DeFi products could “replace TradFi” for mainstream users. The analyst ties this to macro trends around on-chain FX, stablecoins, and tokenization of everything from real estate to equities — markets measured in trillions of dollars.
Historically, XRP’s biggest rallies were “driven purely by speculation,” the host notes, pointing to past parabolic moves in 2017–2018 and 2021 that occurred without today’s level of utility, ETF participation, or regulatory clarity.
If those earlier spikes were possible on hype alone, the argument goes, a future cycle where genuine utility is the price driver could support a much larger, if still uncertain, upside.
On the other hand, the analyst does not rule out further downside in the near term and stresses that the broader crypto cycle and Bitcoin still dominate sentiment.
But for investors comfortable averaging in during weakness, the combination of suppressed XRP price and rising ledger activity is presented less as a red flag and more as an asymmetric bet that the market eventually reprices real usage.
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There’s a clear divergence. Network metrics like transactions, tokenized assets, and stablecoins are rising while price remains significantly depressed.
Ripple Emeritus David ‘JoelKatz’ Schwartz mentioned tokenized securities, money market funds, stocks, and upcoming tokenized repos and loans, all built on the XRP Ledger.
They emphasize that a full market rebound and a more “utility-driven” phase of the crypto cycle may be needed before XRP’s fundamentals are reflected in price.
Nick views tokenization of real-world assets and on-chain FX as massive addressable markets where XRP Ledger is already gaining traction, potentially setting up longer-term upside if adoption scales.
