Daily transactions on the XRP Ledger (XRP) have nearly tripled over the past year to approximately 3 million per day this week, up from roughly 1 million in mid-2025, according to data published by Evernorth, the largest public XRP treasury company, even as the token's price remains stuck in a narrow range around $1.40.
What Happened: XRP Network Activity Surges
The data, shared by Evernorth, shows Feb. 2026 as the strongest month in the observed window. Average daily transactions climbed to about 1.3 million that month, up from 800,000 in May 2025.
Individual daily peaks in Mar. 2026 have now reached 3 million.
The growth was far from steady. Monthly averages fluctuated between 800,000 and 950,000 from May through Aug. 2025 before dipping to lows near 700,000, with some days in Jun. and Jul. falling below that level.
A modest recovery in the fourth quarter gave way to another decline at year's end, and transactions did not cross above 1 million on a monthly average basis until Jan. 2026.
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Why It Matters: Price Lags Network Growth
Despite the jump in network usage, XRP's market price has not followed. The token continues to trade within a relatively narrow band around $1.40, creating a visible gap between on-chain utility and market valuation.
Zach Pandl, head of research at Grayscale Investments, addressed that disconnect in a recent interview with Paul Barron. He said products tied to XRP have already attracted significant investor demand, but that regulatory clarity — specifically the passage of the CLARITY Act — could trigger a repricing.
"I think we would see a pricing across a range of assets, certainly including XRP," Pandl said.
He also pointed to XRP's long-term token supply outlook as an area where legislative clarity could increase its value.
Evernorth itself reflects growing institutional interest. The company announced a $1B valuation in Oct. 2025 to accumulate XRP as a treasury reserve, following the model popularized by Strategy with Bitcoin (BTC). Unlike Strategy's hold-only approach, Evernorth aims to grow XRP per share over time through institutional lending and other DeFi activities.
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