The Crypto Basic

Recent XRP liquidation data shows short traders have taken most of the losses over the past 24 hours, as XRP’s price eyes its first monthly gain of the year.

Specifically, short liquidations make up 68.5% of the total, accounting for nearly 70% of the $5.33 million recorded in the last 24 hours. This suggests that many traders betting against XRP were forced out of their positions as the price recently rebounded.

Key Points

• XRP short liquidations dominated the past 24 hours, accounting for 68.5% of total liquidations.
• XRP futures trading volume has spiked above $4 billion, with Binance accounting for $1.3 billion.
• The XRP price now sees a 7.51% gain this month, putting it on track for its largest monthly gain in 2026.
• The asset has rebounded 11.8% from its April 5 low following a breakout above a multi-month symmetrical triangle.

Short XRP Liquidations Hit $5M Amid Volume Spike

XRP futures market data from Coinglass confirms the bullish trend despite a skew toward bearishness in the last 12 hours.

Specifically, in the 1-hour timeframe, total liquidations stood at $64,220, with longs contributing just $43.06, while shorts made up $64,170. Over 4 hours, liquidations reached $80,440, including $13,740 in longs and $66,690 in shorts.

Meanwhile, in the 12-hour period, total liquidations rose to $2.04 million, with $1.23 million from longs and $805,980 from shorts. Over the full 24 hours, total liquidations hit $7.77 million, with $2.44 million from longs and a much larger $5.33 million from shorts.

Interestingly, further data indicates that XRP’s futures volume has spiked in the last 24 hours, reaching $4 billion. Binance dominates this volume with $1.30 billion, making it the main hub for XRP trades. 

Below Binance, MEXC records $701.79 million, followed by Bybit with $531.59 million. Coinbase reports $472.61 million, while Bitget comes in at $356.22 million.

XRP Eyes First Monthly Gain of the Year 

The recent activity spike comes amid XRP’s latest rebound effort. Notably, the price currently stands at $1.4391, showing a 2.4% gain over the past 24 hours and a 7.51% increase for the month. This puts XRP on track for its first monthly gain in 2026 and its second-largest monthly gain in 15 months.

If XRP closes April 2026 with gains, it will end a long losing streak that started in October 2025. From October 2025 to March 2026, the price dropped by 52%, marking six straight months of losses, something not seen since 2014. April began with the same downward trend but has now turned positive and may break the streak.

Also, the recovery push looks stronger when viewed from recent lows. XRP has risen 11.8% from its April 5 low of $1.279, showing that buyers have stepped in at lower levels.

What Next for XRP?

From a technical view, XRP recently broke above a symmetrical triangle pattern that had limited its price since it fell from the $2.41 high in January 2026.

Specifically, the breakout happened on April 13. From there, the price pulled back to test the top of the pattern, and the latest move up seems to come from holding that level as support.

Meanwhile, momentum indicators give mixed signals. The Directional Moving Index (DMI) supports the upward move, with the +DI at 24.85 staying above the -DI at 14.32, which shows buyers are still in control. However, the ADX sits at 11.69, indicating weak momentum.

At the same time, XRP trades slightly above the upper Bollinger Band at $1.4287, which has now turned into support. This level may help hold the price if it dips. Below that, the mid-band, which represents the 20-day simple moving average (SMA), sits at $1.35 and acts as the next key support level if selling pressure increases.

Market analyst Bodhi Karma is pushing back against a growing belief among XRP holders that the upcoming XLS-66 feature will offer simple, passive income. 

In a detailed breakdown, the analyst explains that while the system does create opportunities to earn yield, it works very differently from traditional “interest-paying” products.

Key Points

• XLS-66 may offer yield for XRP holders, but it’s not simple passive income as many expect.
• Users receive MPTs, not payouts, with profits only realized when redeeming their vault share.
• Interest stays in the pool, boosting token value rather than sending regular wallet payments.
• XRP holders need active strategies and risk management, as returns depend on lending performance.

No Automatic Interest Payments

According to the analyst, many users assume that depositing XRP into vaults will generate regular payouts directly into their wallets. However, that is not the case.

Instead of earning periodic interest, users receive Multi-Purpose Tokens (MPTs) when they deposit XRP into a Single Asset Vault. These tokens represent their share of the pooled XRP.

Any interest generated from lending activity stays inside the vault, increasing the overall value of the pool rather than being distributed as direct payments.

Profits are only realized when users redeem their MPTs. At that point, they receive their share of the XRP in the vault, including any accumulated gains.

How the Lending System Works

Notably, the XLS-66 model introduces a structured lending system within the XRP Ledger ecosystem. Deposited XRP is pooled and made available for lending through a LoanBroker, typically an institution or specialized operator.

Loans issued through the system are:

• Fixed-term, usually between 30 and 180 days
• Uncollateralized, meaning no on-chain collateral is posted
• Approved using off-chain credit assessments

Borrowers repay both principal and interest, which is then added back into the vault. Over time, this increases the redemption value of the MPTs held by depositors.

To reduce risk, LoanBrokers provide a “first-loss buffer,” a capital reserve to absorb initial losses if borrowers default. Only when losses exceed this buffer would depositors begin to take a hit.

Institutional Players Dominate Borrowing

The system is not designed for everyday consumer loans. Instead, the main borrowers are expected to be institutions such as:

• Market makers
• Payment providers
• Fintech firms
• Exchanges
• Large XRP holders managing liquidity

This institutional focus explains the short loan durations and reliance on traditional credit underwriting processes.

Multiple Vaults, Different Strategies

Another key feature of XLS-66 is the ability for different institutions to operate their own vaults. Each LoanBroker can specialize in different borrower types or risk levels.

Some vaults may be open to all XRP holders, while others could be restricted for regulatory reasons. As more participants enter the ecosystem, users may see a wide range of vault options with varying risk and return profiles.

This structure allows XRP holders to diversify by spreading funds across multiple vaults rather than relying on a single provider.

Active Strategy Required

Despite the appeal of earning yield, the analyst stresses that XLS-66 is not a “set it and forget it” system.

To manage risk and optimize returns, users may need to adopt strategies like staggered redemptions. One example shared involves splitting XRP across multiple vaults and periodically redeeming portions on a rotating schedule.

This “redeem-and-redeploy” approach allows users to:

• Realize profits regularly
• Monitor vault performance
• Shift funds away from underperforming operators
• Keep most capital continuously deployed

Over time, this can create a balance between earning yield and maintaining flexibility.

Risks Still Exist

While the structure introduces safeguards, risks remain. Because the loans are uncollateralized, significant borrower defaults could reduce returns or even impact deposited capital if losses exceed the first-loss buffer.

Liquidity is another factor, as access to funds depends on how much of the vault’s assets are currently lent out.

New Opportunity for XRP Holders

In summary, XLS-66 offers a more advanced way for XRP holders to put idle assets to work, but it requires a clear understanding of how the system operates.

Rather than automatic income, it introduces a model where returns build over time within pooled vaults and are only realized upon redemption.

With the proposal still under voting and not yet live, XRP holders have time to study the system and decide whether this more hands-on approach to earning yield fits their strategy.

Tokenized RWA activity on XRP has recorded impressive growth amid a spike in transfer volume over the past month.

Over the past 30 days, real-world asset transfer volume on XRP has jumped by 875%, reaching $101.7 million. The recent surge confirms that activity on the network is growing in size and also in how network participants move and trade assets.

Key Points

• RWA transfer volume on the XRP Ledger has surged 875% in 30 days to $101.7 million, confirming a spike in on-chain activity.
• Distributed asset value has also risen to $447.55 million, with represented asset value hitting $1.60 billion.
• Together, the total RWA value stands at $2.498 billion, having added $1.482 billion this year.
• Stablecoin activity remains strong, with a market cap of $449.17 million and 30-day transfer volume climbing to $1.74 billion.
• Justoken leads asset managers with $861.0 million, ahead of Ondo at $221.8 million and VERT Capital at $202.9 million.

RWA Transfer Volume Surge Shows Growing Network Utility

The increase in RWA transfer volume suggests that users are not only holding tokenized assets. Notably, these network participants have now begun actively moving and using real-world assets across the network. When transfer volume rises this quickly, it leads to better liquidity, possibly driven by large institutions. 

Meanwhile, other major figures support this upward trend. Specifically, distributed asset value now stands at $447.55 million, showing a 17.93% increase over the last 30 days, while represented asset value has reached $1.60 billion, up 7.37% within the same period.

In addition to this, the number of RWA holders has increased to 38 amid a 40.74% jump over 30 days, while the total number of RWAs has reached 291. For context, this shows that more participants are entering the market and that the range of tokenized assets may be expanding.

Further, stablecoin market value has risen to $449.17 million, up 13.14% over 30 days, mostly driven by RLUSD and Braza’s USDB. At the same time, stablecoin holders have grown to 57,190, as transfer volume hits $1.74 billion over 30 days.

Total XRP RWA Value Nears $2.5B

Overall, total RWA value on the XRP Ledger has now reached $2.498 billion, up from $1.016 billion at the start of the year. This means the network has added $1.482 billion in value in less than four months. For context, throughout 2025, this figure increased by $1 billion.

Among the largest assets, JMWH leads with $861 million, followed by RLUSD at $345.8 million and the Ondo Short-Term US Government Bond Fund with $221.8 million. Other major assets include VERT’s FIDC Byx at $108 million, Diamonds: AD Collection 1 at $105 million, and Braza USDB with $82.34 million.

Justoken Dominates RWA Activity on XRP

Meanwhile, RWA value breakdown by asset managers shows that a few major firms control a large share of the market. At the top, Justoken leads with $861.0 million due to its JMWH product. Ondo follows with $221.8 million, while VERT Capital holds $202.9 million, placing them as the next major contributors.

Other participants include the Bank of New York Mellon with $55.2 million, Guggenheim Treasury Services at $40.3 million, and Fisherman Capital with $21.0 million. This distribution shows that while several firms have tokenized products on XRP, a small group holds most of the value, with Justoken ahead.

XRP recent price weakness may be masking a notable development within the ecosystem.

Vet, a widely followed XRPL validator, shared this perspective during a recent podcast appearance with Krippenreiter.

While XRP’s price momentum has failed to impress, underlying network activity and development suggest that its fundamental value is quietly strengthening.

Key Points

• XRP price lags as macro forces dominate, but the underlying network value continues to strengthen steadily.
• XRPL upgrades like telemetry and logging improve scalability, resilience, and developer efficiency.
• Ripple expands treasury tools, enabling firms to manage cash and interact with digital assets seamlessly.
• On-chain data shows stronger fundamentals, with lower NVT and rising institutional participation.

Price Driven by Macro, Not Ecosystem Progress

Addressing the disconnect, Vet explained that XRP’s price action is largely influenced by macroeconomic conditions rather than developments within the XRP ecosystem itself.

He noted that price movements remain outside the control of builders and contributors as external market forces continue to dictate short-term trends across crypto markets. In contrast, what the community can control is the steady improvement of the network’s utility and infrastructure.

According to him, this creates a divergence where price may lag even as the overall value of the network increases.

“Cleaning the House” During a Quiet Market Phase

Meanwhile, Vet emphasized that the current slower market environment is being used productively to strengthen the XRPL’s core foundation.

He pointed to ongoing backend upgrades such as improved telemetry, standardized logging, and better documentation. These changes may not be immediately visible to users, but are critical for long-term scalability and developer efficiency.

The improvements aim to make the network safer, easier to build on, and more resilient, especially during periods of high transaction demand.

Ripple Expands Institutional Utility

On the institutional front, Ripple is advancing new product developments around XRP.

Host Krippenreiter highlighted the expansion of Ripple’s treasury solution, which now integrates native digital asset capabilities. The product, designed for corporate treasury teams and CFOs, allows businesses not only to manage cash positions but also to interact directly with digital assets within the same framework.

This marks a notable step in bridging traditional finance operations with blockchain-based systems.

On-Chain Data Signals Growing Strength

Beyond development activity, on-chain metrics are reinforcing the narrative of rising value beneath stagnant price action.

A recent analysis points to a sharp decline in XRP’s Network Value to Transactions (NVT) ratio from over 1,200 during its 2025 highs to around 170 currently. This suggests that XRP’s valuation is now more closely aligned with actual network usage rather than speculative demand.

At the same time, falling exchange reserves and over $1.2 billion in spot ETF inflows indicate tightening supply and growing institutional participation.

Bearish Sentiment May Signal a Turning Point

Despite these positive indicators, XRP remains under pressure, down significantly from its previous highs and facing widespread bearish sentiment.

However, such conditions have historically preceded reversals. Market data shows sentiment at multi-year lows, while metrics like MVRV suggest many holders are currently at a loss.

With price action appearing “boring” to many retail investors, the underlying data tells a different story. The combination of improving infrastructure, stronger on-chain fundamentals, and increasing institutional interest points to a market that may be quietly tightening.

As Vet suggested, whether the price eventually catches up to this growing value remains uncertain, but the groundwork for a potential shift appears to be taking shape.

Prominent memecoin analyst Murad Mahmudov has identified Cardano and XRP communities as the gold standard for brand power and parabolic growth. 

He recently argued that explosive crypto growth stems not only from fundamentals and technology but also from deeply committed communities, such as those behind XRP and Cardano.

Key Points

• Murad Mahmudov identifies the Cardano and XRP communities as benchmarks for brand power and significant growth in crypto.
• He characterizes these communities as highly passionate, stubborn, obsessed, and relentless in defending and promoting their ecosystems.
• Mahmudov urges investors to actively watch for the emergence of the next XRP Army or Cardano Army when evaluating opportunities.
• He further argues that SPX6900 is following a similar community-driven growth model, positioning it as a potential breakout phenomenon.

How XRP and Cardano Armies Drive Parabolic Rallies: Mahmudov

In an X post, Mahmudov urged investors to focus on narrative strength when evaluating opportunities. Rather than relying solely on innovation, he emphasized collective belief as a powerful market force. Specifically, he advised investors to watch for the emergence of the next XRP Army or Cardano Army.

He described these communities as passionate, obsessed, stubborn, and relentless. Although outsiders may view such traits as irrational, Mahmudov maintained that they are essential ingredients for parabolic rallies.

XRP and Cardano Supporters

Given their solid technologies and real-world use cases, XRP and Cardano have built powerful identities that supporters actively defend and promote.

XRP advocates consistently position the token as a solution for global payments. While some financial institutions already utilize it, supporters expect broader adoption over time.

Similarly, Cardano proponents promote ADA as a more secure and sustainable alternative to earlier blockchains like Ethereum and Bitcoin. They also highlight the network’s resilience, governance, and organized development approach.

As a result, these highly engaged communities continue to counter negative sentiment and FUD while attracting new participants. For instance, during the SEC lawsuit against Ripple, XRP supporters organized and contributed to efforts that helped secure the company’s partial legal victory.

Next Big Phenomenon in Crypto Market

Against this backdrop, Mahmudov argued that SPX6900 follows a similar blueprint. He positioned it as the next major phenomenon, suggesting it could even evolve beyond the models established by XRP and Cardano.

Notably, SPX6900 launched in September 2024 as an Ethereum-based meme coin to satirize traditional financial markets, with a narrative centered on “flipping the S&P 500.”

Unlike XRP and Cardano, which often rallied alongside upgrades or bull cycles, SPX6900’s growth has largely been driven by social media hype.

This was particularly evident in July 2025, when the token surged to an all-time high of $2.28. At press time, it is down 85% from its ATH, trading at $0.3427.