Can Tokenization Push XRP’s Price to the $10 Mark?

The XRP Ledger currently hosts approximately $2.3 billion in tokenized real-world assets (RWAs), a significant increase in 2026. However, analysis of on-chain data reveals that a substantial portion of this value, around $1.49 billion, is designated for internal record-keeping by institutions rather than being actively traded on the open market. Furthermore, these RWA tokens are highly concentrated, with as few as 22 wallets holding the majority of these assets, indicating limited distribution among a wider user base.

The discussion around XRP’s potential valuation is centered on the burgeoning RWA tokenization market, which various financial institutions predict could grow into a multi-trillion-dollar industry by 2030. Forecasts from firms like Boston Consulting Group and Citi project the market could reach between $4 trillion and $16 trillion. For the XRPL to significantly impact XRP’s price, it would need to capture a meaningful share of this future market.

Despite the ledger’s growing RWA value, the daily trading volume on its native decentralized exchange (DEX) remains modest, fluctuating between $4 million and $8 million. While approximately 92% of trades on the XRPL DEX are paired against XRP, making it the primary bridge asset, the current volume is considered insufficient to generate substantial demand for the token. The distinction is critical: for tokenization to drive value, XRP must function as a widely used bridge currency for asset settlement, not merely as a token for paying nominal transaction fees.

The growth in tokenized value on XRPL is largely attributed to institutional adoption for asset management and record-keeping, rather than for active trading. This is evidenced by the high concentration of assets in a small number of wallets and the large portion of value marked for internal tracking. This model allows institutions to leverage blockchain for efficiency without requiring broad token distribution or active secondary markets, thus limiting the immediate impact on XRP liquidity and demand. The path to a $10 valuation, as outlined by analysts, would require a fundamental shift where XRPL captures 3% to 5% of the global tokenization market and XRP becomes the essential liquidity layer for trading these assets.

Several key details remain unclear. The specific composition of the $1.49 billion in tokenized assets used for internal tracking is not fully public. The identities of the 22 wallets holding the majority of the RWA tokens are also not disclosed. Finally, a detailed public roadmap from Ripple or XRP Ledger developers outlining specific strategies to substantially increase DEX trading volume and promote the wider distribution of RWA tokens is not available.

The future trajectory of XRP’s value in relation to tokenization depends on the evolution of the XRPL ecosystem. For growth to translate into token demand, there would need to be a significant increase in on-chain trading of these tokenized assets. This would involve institutions moving beyond simple record-keeping to actively trading assets like tokenized bonds, commodities, and private credit on the XRPL’s DEX. The success of such a shift would rely on market makers holding substantial XRP inventories to provide liquidity, thereby creating sustained demand for the asset.

For those following the development of the XRP Ledger and the tokenization space, several actions can provide greater clarity:

• Monitor on-chain data from XRPL explorers to track metrics like DEX volume and the distribution of tokenized assets.
• Distinguish between the total value of assets tokenized on the ledger and the actual volume of assets being actively traded.
• Follow official announcements from Ripple and the XRP Ledger Foundation for updates on partnerships, technical upgrades, and initiatives aimed at increasing institutional adoption and on-chain liquidity.