March 18, 2026 – Real-world asset tokenisation on the XRP Ledger surged 2,200% since late 2025. Goldman Sachs holds $154 million in XRP ETF exposure. Analysts debate whether the utility can sustain the rally.
| KEY TAKEAWAYS • XRP rose 5% to $1.52, pushing its market cap above $94 billion. • Tokenised RWA value on XRPL surged 2,200% since September 2025. • Goldman Sachs holds $154M in XRP ETF exposure; spot ETFs topped $1B. • BlackRock’s BUIDL fund uses infrastructure aligned with XRPL. |
XRP surged past $1.52 on Monday. The rally pushed its market capitalisation above $94 billion, according to Coinbase price data. Renewed institutional interest drove the move higher.
The token now ranks fourth among all cryptocurrencies. Its 24-hour trading volume exceeded $4.9 billion. Traders linked the breakout to growing real-world asset (RWA) activity on the XRP Ledger.
BlackRock’s Tokenisation Vision Aligns With XRPL
BlackRock CEO Larry Fink has called tokenisation a priority. At Davos 2026, he urged the industry to adopt standardised blockchain infrastructure. His firm’s BUIDL fund now manages $2 billion in tokenised treasuries, per RWA.xyz data.
The fund operates across Ethereum, Solana, Avalanche, and Polygon. Ripple’s integration of Wormhole into the XRP Ledger connects XRPL to this multichain ecosystem. Securitise, a tokenisation platform backed by Ripple, powers BUIDL’s issuance layer.
This technical convergence positions XRPL within BlackRock’s broader infrastructure stack. However, no formal partnership between BlackRock and Ripple has been announced.
Figure 1: Tokenised RWA value on XRPL grew from $24.7M to $568M in six months.
On-Chain Data Reveals Surging XRPL Activity
XRPL’s on-chain metrics tell a compelling story. Daily transactions reached 2.7 million in March 2026. Automated market maker pools exploded to 27,000 across 16,000 unique tokens, CoinDesk reported.
Stablecoin transfer volume hit $1.19 billion over the past 30 days. Ripple’s RLUSD stablecoin crossed $1.3 billion in market capitalisation. These figures suggest genuine institutional usage, not speculative froth.
The tokenised commodities value on XRPL approached $1.14 billion during Q1 2026. Dubai’s Land Department launched tokenized real estate on the ledger. Billiton Diamond moved $280 million in certified stones on-chain through Ripple Custody.
Figure 2: Key XRPL network metrics and institutional XRP ETF holder breakdown.
Wall Street Giants Quietly Accumulate XRP Exposure
Goldman Sachs holds roughly $154 million in XRP ETF positions. The bank’s move signals growing institutional conviction. Spot XRP ETFs launched in November 2025 and surpassed $1 billion in assets within weeks.
Ripple’s corporate expansion reinforces this trend. The company acquired Hidden Road for $1.25 billion. It purchased GTreasury for $1 billion. Its valuation recently reached $50 billion after a $750 million share buyback, Bloomberg reported.
Aviva Investors, managing over £227 billion, partnered with Ripple to tokenise funds on XRPL. This marked the U.K. asset manager’s first blockchain initiative, according to CoinDesk.
Key Risks: The Utility-Price Disconnect
A critical tension remains. XRP’s price sits 62% below its late-2025 high of $3.65. Network activity is booming, yet the token hasn’t followed proportionally.
CoinDesk analysts point to a structural issue. XRP functions as a transient bridge asset. Payments use it for seconds, not months. This creates throughput without sustained buy pressure. XRPL’s total value locked stands at just $47.5 million, per DeFiLlama.
Still, the RWA trajectory offers a bullish counterargument. Projections suggest XRPL could host $3–$6 billion in tokenised assets by late 2026. If institutional adoption accelerates, demand for XRP as a settlement layer may rise accordingly.
