XRP recovered some ground Monday, climbing from last week's low near $1.04 to trade around $1.18. But the bounce looks fragile. New data from analyst Alex Carchidi shows two bearish signals building on the XRP Ledger that could undercut any recovery story.
Tokenized asset metrics head south
Over the 30 days ending June 5, the total value of tokenized assets on XRPL fell 11% to $384.5 million. The volume of those assets being moved around cratered even harder — down 59% to about $54.1 million. XRPL's share of the wider tokenized-asset market slipped to just over 1%, as rival chains pull ahead in activity.
RWA holders and stablecoins buck the trend
Not everything on XRPL is shrinking. Real-world asset holders jumped 275% to 105, and stablecoin transfer volume surged 118% to $4.5 billion over the same period. That mix matters: user growth in RWAs and stablecoins shows the ledger still attracts capital, but the core tokenized-asset pipeline — the kind tied to institutional use cases — is losing steam.
What the trend means for XRP's thesis
Carchidi warns that if those tokenized asset numbers keep declining for another quarter, the bullish case that XRP rides on institutional tokenization will look wobbly. No one's calling time yet, but the trend is going in the wrong direction. XRP's price bounce this week doesn't change that — the ledger's own data will decide the next chapter.
