The XRP Ledger (XRP) has experienced record-breaking activity, with daily successful payments reaching a 12-month high of over 2.7 million, up from roughly 1 million in late 2025. The network is processing between 2 and 2.8 million transactions per day, and automated market maker pools have exploded to nearly 27,000 active pools supporting over 16,000 unique tokens. Tokenized real-world asset value on the ledger rose 35% in the past 30 days, with XRP trading at $1.37 and is down 26% year-to-date. However, XRP prices have dropped 62% from peak of $3.65. The most likely explanation is structural. XRPL's growing activity is increasingly driven by RLUSD, Ripple's stablecoin, and tokenized assets that flow through XRP as a bridge currency but don't create sustained demand for the token. The market cap is still driven by speculative positioning and ETF expectations rather than productive on-chain activity.