XRP Ledger traffic has exploded — now approaching 3 million transactions per day — marking one of the busiest stretches the network has seen.
Evernorth, the largest public XRP treasury company, published XRPScan-sourced data showing daily transaction volume has nearly tripled from roughly 1 million per day in mid-2025 to almost 3 million this week. Monthly averages and daily peaks tell the same story: February 2026 posted the strongest month in the observed window with about 1.3 million transactions per day on average (up from 800,000 in May 2025), and some days in March have hit roughly 3 million transactions.
A non-linear rebound
- Between May and August 2025, monthly averages hovered between 800,000 and 950,000, then drifted down to around 700,000 (with certain June/July days falling below that).
- A modest recovery appeared in Q4 2025 but faded toward year-end.
- The trend reversed more sharply in early 2026: monthly averages climbed above 1 million in January, and daily counts rose above ~2.7 million in March.
Price and usage are diverging — for now
Despite the surge in on-ledger activity, XRP’s market price has remained relatively muted, trading in a narrow band around $1.40. That divergence between network utility and token price may not be permanent, however, as regulatory developments could reshape institutional demand.
Regulatory clarity could reprice XRP
In a recent interview with Paul Barron, Zach Pandl, Head of Research at Grayscale Investments, said U.S. regulatory clarity — especially the passage of the CLARITY Act — could drive material repricing across assets including XRP. Pandl noted investor demand for XRP-linked products is already significant and suggested clearer legislation, including implications for long-term token supply, could lift valuations.
Institutional treasuries and active management
Evernorth itself is an example of growing institutional involvement. The company disclosed a $1 billion valuation in October 2025 tied to a strategy of accumulating XRP as a corporate treasury reserve. Unlike passive treasury plays, Evernorth aims to increase XRP per share over time through lending and other institutional DeFi activities — a tactic echoing how firms such as MicroStrategy popularized corporate crypto treasury management, but applied to XRP.
What to watch
- Continued transaction growth on the XRP Ledger and whether that sustains or cools.
- Any regulatory moves in the U.S., notably the CLARITY Act, and how they affect institutional products and supply dynamics.
- Whether increased on-chain utility translates into a longer-term price response for XRP.
Source notes: Evernorth’s data is reported from XRPScan (chart originally shared on X). Interview comments from Grayscale’s Zach Pandl.
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