The crypto market is recovering from a brutal June, but the fundamentals on XRP have been building quietly throughout the entire bear market.
Evernorth, the largest public XRP treasury company, just published a thread breaking down three distinct forms of demand that are all pointing in the same direction. The data shows that adoption is accelerating even while XRP price action remains sluggish.
Let us break down what they found.
What you'll learn 👉
$4 Billion in Tokenized RWAs Now Live on XRPL
Evernorth’s first point is the most striking. Roughly $4 billion in total tokenized real-world assets now sit on the XRP network. That spans over 500 different products and is roughly 4 times the size of XRP’s entire ETF market.
The chart attached to the thread shows the comparison clearly: $4.0 billion in tokenized RWAs versus approximately $0.9 billion in XRP spot ETF net assets. Tokenized assets on the XRP Ledger have grown to dominate the network’s activity.
Why this matters: Tokenized RWAs represent real economic value being brought on-chain. These tokens represent actual assets (treasuries, commodities, and other financial instruments) being settled on the XRP Ledger.
The institutional proof point: Earlier this year, a Treasury redemption run by JPMorgan, Ondo, and Mastercard settled on the XRP Ledger in about four seconds, according to the companies involved. That is not a test. That is a live transaction between some of the largest financial institutions in the world.
Institutional Capital: ETFs See 8 Straight Weeks of Inflows
The second form of demand is institutional capital. Spot XRP ETFs have pulled in net new money for eight consecutive weeks.
About $23 million came in during the last full week of June. Cumulatively, U.S. spot XRP ETFs have attracted roughly $1.47 billion in net inflows.
The chart from SoSoValue shows the steady climb in XRP ETF assets under management. The inflows have been consistent, not volatile. Institutions are adding XRP exposure at a measured pace.
Why this matters: ETF inflows represent institutional demand that is structural, not speculative. When institutions allocate to XRP through ETFs, they are typically long-term holders. That creates a steady bid under the price.
New Wallets: 40% Surge in the Last Week of June
The third form of demand is people. New XRP wallets climbed roughly 40% in the last full week of June , reaching approximately 26,000 new wallets – the highest weekly count since March.
The chart shows the weekly progression: 18,100 wallets in the week of June 1, climbing to 18,400, then 24,400, and finally reaching 26,000 in the last week of June. That is a clear upward trend.
Why this matters: New wallets represent new users entering the ecosystem. This is not just institutional money – it is retail and mid-sized investors setting up accounts to hold, trade, or use XRP. A 40% surge in new wallets during a bear market is a sign that interest is growing despite price weakness.
Read also: The ‘Ripple MiCA Approval’ Hype Is a Myth, XRP Price Doesn’t React
Three Forms of Demand, Pointing the Same Way
Evernorth’s conclusion is simple: tokenized assets, institutional capital, and new wallets are all growing at once.
Tokenized RWAs provide the utility. ETF inflows provide the institutional capital. New wallets provide the user base.
Three different forms of demand, all pointing in the same direction.
This is what early adoption looks like up close.
Overall, the bear market has been brutal. XRP price is still near $1.10, down over 60% from its highs. But the fundamentals have never been stronger.
$4 billion in tokenized RWAs. $1.47 billion in ETF inflows. 40% wallet growth. JPMorgan and Mastercard settling on the XRP Ledger in seconds.
These are not speculative metrics. They are real adoption metrics. And they are all moving in the right direction.
The price will eventually reflect the fundamentals. It always does.
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