XRP Ledger Surges in Popularity: Payments, DeFi, and Tokenization Shine
The XRP Ledger (XRPL) is stepping into the spotlight, drawing fresh attention for its growing role in decentralized finance (DeFi) and tokenization, while still staying true to its roots as a speedy and low-cost network for payments. New data from Dune Analytics shows that weekly payment transactions on XRPL have skyrocketed by more than 430% over the last two years, now topping 8 million transactions per week in 2024.

XRP Ledger 7-Day Transactions (Source: Dune Analytics)
Fast Growth Driven by Simple, Reliable Payments
Much of XRPL’s recent progress is built on its original promise—a network that allows people to send and receive value in seconds, with basic fees that stay low no matter how busy the system is. Payments now make up nearly two-thirds of all activity on the blockchain, reminding many why XRPL has been a favorite for anyone who needs quick, inexpensive transactions.
A big part of this rise comes from XRPL’s design. The ledger is made for speed and efficiency. Every payment is settled in just a few seconds, and typical fees are measured in fractions of a cent. As digital money moves become more common around the globe, these features are making XRPL stand out to both regular people and large companies.
Stablecoins Bring Fresh Attention and New Users
Another spark for XRPL’s growth has come from new stablecoins joining the network. Ripple’s RLUSD and Circle’s USDC are now live, along with other choices such as EURØP, USDB, and XSGD. These digital tokens allow anyone to send or receive dollars, euros, or other real money versions, all while using XRPL’s fast rails—opening up more ways to pay, move money across borders, or simply try blockchain for the first time.
Big organizations are also paying attention. The European Central Bank has considered XRP for payment flows in their experiments with advanced payment systems. With XRPL’s built-in features that support tokenization and regulatory requirements, it is increasingly attractive for banks and other financial businesses.
XRPL Steps Into DeFi
DeFi Value Reaches New Highs
Even as bigger blockchains like Ethereum remain ahead in the DeFi race, XRPL’s own decentralized finance scene is gathering momentum. DeFiLlama now tracks nearly $60 million in value locked into apps built on XRPL.
For now, XRPL’s DeFi numbers are small compared to Ethereum, which boasts billions of dollars locked up in its network. Still, XRPL’s supporters point out that XRPL was one of the first blockchains to offer decentralized exchange (DEX) features, deflationary tokens, and payment tools—parts of DeFi which are now seen as standard elsewhere.
“The XRP Ledger pioneered most of the properties we now take as granted in the space. From deflationary tokenomics and burning, to DeFi features and DEXs, tokenization, payments, and more. This is the OG that started DeFi and most in the industry don’t know about it.”
— Panos Mekras, co-founder of Anodos Finance
Unique DeFi Features Set XRPL Apart
Unlike other blockchains where DEXs (decentralized exchanges) rely on smart contracts, XRPL’s DEX is based on a native order book system. This built-in exchange has worked for years, supporting features such as auto-bridging between assets and native liquidity pools, long before similar ideas became popular elsewhere.
While daily activity on XRPL’s DEX is smaller (with about 2,300 traders per day) compared to giants like Uniswap (which averages around 10,000 daily traders), new upgrades could boost use even more. Developers are hopeful recent changes, like the launch of an Ethereum Virtual Machine (EVM)-compatible sidechain, will connect XRPL with Ethereum’s world of decentralized apps and users.
Innovations and Upgrades on the Horizon
The pace of new features is speeding up, with improvements in cross-chain connections (using tools like Wormhole), batch transactions, token escrow, and DEXs where access can be permissioned. Each step makes XRPL more attractive to app developers and investors searching for new types of digital finance. These updates could draw even more people to try out XRPL-based DeFi and tokenization soon.
What’s Next for XRPL?
The future for XRPL looks busy and bright. Payment volumes have shot up, new forms of digital money (like stablecoins) are reaching more hands, and DeFi is gaining speed—if not size (at least yet). With its unique combo of simple, cheap payments and new support for creative finance apps, XRPL is in a strong position to keep growing.
- For regular users: It means cheaper and faster ways to send value—or tap into new financial ideas via DeFi.
- For builders and businesses: XRPL now offers new tools for creating apps, trading, and even launching digital versions of real assets (tokenization).
- For the industry: XRPL’s growth shows that old ideas—like fast, low-cost payments—still matter, even as the technology evolves.
To watch the numbers, follow the data from Dune Analytics or dive into more technical details at CryptoSlate.
XRPL may have started as just a payment network, but it’s now showing it can be something much more—an open platform for the next generation of finance and digital assets.