XRP price continues to fall despite network activity

The price of XRP is struggling to recover despite a recent increase in network activity on the XRP Ledger (XRPL), CoinDesk reported. While the XRPL has seen a rise in daily transactions and automated market maker pools, XRP's price has fallen 26% since the beginning of the year. The report noted that XRP is primarily used as a bridge token for Ripple's stablecoin, RLUSD, and other tokenized assets, which fails to create long-term holding demand or scarcity. The XRPL's total value locked (TVL) stands at $47.54 million, a figure significantly lower than XRP's market capitalization. This suggests that XRP's market value relies more on speculative expectations than on-chain activity, the outlet explained. According to CoinMarketCap, XRP is currently trading at $1.39, up 0.94% over the past 24 hours.