XRPL Adoption Surges Amid RLUSD Test, Price decline

The XRP Ledger (XRPL) is seeing a significant surge in utility and on-chain activity, driven by the commencement of stablecoin testing by global financial giants.

Despite these powerful fundamental signals—including a 12% price gain and a record number of new wallets—XRP’s market value continues to decline. This creates a sharp divergence. It separates the rapid institutional adoption of the XRPL infrastructure and XRP’s price action. This raises questions: are macro headwinds overshadowing technical progress?

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Mastercard and the Institutional Validation of XRPL

The latest institutional validation for the XRPL arrived as Mastercard joined Ripple and Gemini to begin testing the RLUSD (Ripple USD) stablecoin directly on the ledger. This institutional adoption immediately translated into a surge in on-chain activity: the number of new XRP wallets hit a record high, reflecting increased user engagement and interest in the ecosystem. Furthermore, a 12% price gain between November 5 and 6 underscored the market’s positive short-term reaction to the news.

This rapid increase in utility suggests that the XRPL is succeeding in attracting regulated, real-world financial entities. However, the subsequent price decline shows a clear struggle. Even major adoption news struggles against prevailing market sentiment. This sentiment may be driven by broader risk-off attitudes or profit-taking.

The Redefinition of XRPL and Tokenomic Debate

Ripple’s CEO has explicitly emphasized the ongoing need to evolve the XRPL’s public image beyond its initial focus solely on cross-border payments.

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The platform is now seeking to redefine its brand. It aims to become a versatile foundation for decentralized finance (DeFi) and regulated asset tokenization. This allows it to compete with networks like Solana and Ethereum.

This branding strategy has intensified the internal debate over XRP’s tokenomics. Analysts are now actively predicting XRP’s long-term value. This prediction is fueled by the possibility that the XRPL could introduce a fee-burning mechanism similar to Ethereum’s EIP-1559. Such a move would transform XRP into a potentially deflationary asset.

For instance, analysts have assessed the potential price trajectory of XRP by 2035. This analysis assumes the XRPL introduces fee burning. Such a tokenomic change could fundamentally alter its long-term market perception. This technical evolution is critical to maximizing the value of the institutional adoption currently underway.

Price vs. Fundamentals: The Unresolved Regulatory Shadow

Despite these powerful fundamental developments—record wallet growth, stablecoin adoption, and promising tokenomic changes—XRP’s market price has been trading in a downtrend. This disconnect suggests that the market continues to grapple with external uncertainties. At the time of writing, XRP is trading at $2.21, reflecting a 5.05% drop over the last 24 hours.

XRP achieved clarity regarding its non-security status for programmatic sales. However, residual legal uncertainty from the SEC litigation continues to weigh on the asset. Macroeconomic headwinds and broader market risk aversion also prevent significant gains from holding.

Ultimately, the successful deployment of RLUSD and the establishment of fee burning are essential steps for XRP. However, the price indicates that the market requires not only utility, but also the final resolution of all outstanding regulatory risks before fully reflecting the positive long-term fundamentals.