The Crypto Basic

The XRP Ledger is now home to more than 70% of the entire represented tokenized commodity market, emerging as the dominant player in the sector.

Tokenization remains one of the biggest narratives in the crypto scene in recent years, and the XRP Ledger (XRPL), originally built to support the nascent market, seems to be taking up a reasonable share of the sector.

Market data indicates that over 70% of the global represented commodity market on-chain resides within the XRP ecosystem, with Polygon and Arbitrum accounting for the remaining 30%.

Global Tokenized Commodity Growth

This is according to data provided by RWA.xyz, a leading analytics platform for the tokenization market. 

Notably, the worth of the global tokenized commodity market stands at $8.08 billion as of press time. This represents a year-to-date increase of $3.84 billion from the $4.24 billion figure recorded at the start of the year.

Interestingly, while only halfway through, this year’s $3.84 billion increase so far has already surpassed the $3.2 billion figure witnessed by the market in 2025. The milestone confirms the increased attention the tokenized commodity market has enjoyed in recent times.

Of the current $8.08 billion market value, distributed commodities, which refer to assets that market participants can move outside the issuing platform, account for $4.53 billion. Meanwhile, represented commodities, which include assets that investors cannot transfer off the issuing platform, total $3.55 billion.

XRP Dominates Represented Commodity Market

Further data shows that while Ethereum hosts most of the distributed market value, XRP dominates in the represented commodity market.

Specifically, the XRP Ledger accounts for $2.5 billion of the total $3.55 billion worth of represented commodity sector. This gives the ecosystem a large dominance rate of 70.4%. For context, these commodities make up about 57% of the total tokenized real-world assets on the XRP Ledger, which sits at $4.4 billion.

Most of the commodity value residing on the XRPL comes from the JMWH product provided by Justoken. Notably, this product boasts a value of $2.229 billion at press time, representing more than 89% of the total commodities within the XRP ecosystem.

Besides the XRP Ledger, only two mainstream networks host represented tokenized commodities on-chain, specifically Arbitrum and Polygon. While XRP accounts for $2.5 billion of the global market, Polygon has a $661.2 million share, while Arbitrum is home to just $482,700 worth of represented commodities.

How XRP Fares in the Overall Commodity Market

XRP may lead the represented commodity sector, but its share reduces drastically when considering the overall commodity market, including represented and distributed assets.

In this case, Ethereum holds the largest share, with $4.2 billion across all commodities. This represents nearly 52% of the total $8.08 billion in total tokenized commodity value. Meanwhile, XRP’s $2.5 billion figure gives it a 31% market share, second only to Ethereum.

XRP now has one major resistance level to overcome before it can begin to change the bearish trend, as the Ichimoku Cloud presents strong overhead resistance.

Currently, XRP trades at $1.1093, where a series of lower highs on the weekly chart continues to show that sellers remain in control. At the current price, XRP is already down more than 70% from the $3.6 all-time high.

While a weekly close above $1.1444 would break the lower highs pattern for the first time in 12 months, the Ichimoku Cloud continues to stand in the way of a stronger recovery.

XRP Ichimoku Cloud Showing Bearish Trend

Notably, the weekly Ichimoku Cloud indicates that the market remains bearish, with XRP trading below every major part of the indicator. Specifically, the Tenkan-sen stands at $1.2050, the Kijun-sen at $1.5182, Senkou Span A at $1.3616, and Senkou Span B at $2.3293.

Since XRP remains below all four levels, the overall trend still favors sellers. The cloud stretches from $1.3616 to $2.3293, creating almost $1 of resistance above the current price. As the cloud is wide, buyers will likely face massive selling pressure as they try to move higher.

The Chikou Span also confirms this position. At $1.1093, it sits below both the cloud and the price from the same period 12 months ago, adding another sign that the broader trend remains weak.

The first Ichimoku level buyers need to reclaim is the Tenkan-sen at $1.2050. However, XRP must first break above $1.1444, which means buyers still have an important hurdle to clear before reaching that target.

XRP Seeing Lower Highs

Meanwhile, XRP has remained in a downtrend since reaching its cycle high of $3.66 in July 2025. During this time, every rally has ended below the previous one, and this has allowed sellers to keep control of the market.

After peaking at $3.66, XRP failed to move beyond the $3.30 to $3.40 area before falling again. Later rallies stopped around $2.50, then $2.00, and eventually near $1.60 as 2026 began. Each lower high strengthened the bearish structure.

The downtrend now meets horizontal resistance at $1.1444, creating a strong technical barrier. This level combines the descending trendline with an established resistance zone, which makes it one of the most important price points on the chart.

If XRP closes above $1.1444 on the weekly timeframe, it would break this year-long pattern of lower highs for the first time. This could shift attention toward the next resistance at the Tenkan-sen near $1.2050.

Key XRP Price Levels to Watch

The $1.1444 level remains the key resistance because it sits only 3.2% above the current price of $1.1093. However, breaking it will not be easy because buyers must also push through the descending trendline that has limited every rally over the past 12 months.

If XRP manages a clear weekly close above $1.1444, the next targets would be $1.2050 and then Senkou Span A at $1.3616. Reaching those levels would help the case for a broader recovery.

On the downside, the psychological support at $1 remains just as important. The current weekly candle has already touched a low of $1.0531, leaving that support less than 1% below the week’s lowest price. If XRP closes below $1 on the weekly chart, it would lose its last visible support level and could face stronger selling pressure.

Further above, $2.4 remains an important long-term resistance level. This area acted as support during the 2025 consolidation period, but it now sits about 116% above XRP’s current price.

Evernorth CEO Asheesh Birla says the XRP Ledger is evolving into a platform where tokenized real-world assets can be actively used, not simply stored.

The value of tokenized real-world assets (RWAs) on the XRP Ledger has climbed 388% from $900 million at the start of the year to $4.4 billion, according to data from RWA.xyz. But for Evernorth CEO Asheesh Birla, there should be more beyond just the general concept of tokenization.

Birla claims that the next phase of tokenization is not about placing traditional assets on a blockchain. Instead, the real opportunity lies in making those assets productive while they remain in their tokenized form.

Tokenized Assets Need Utility, Not Just Presence: Evernorth

Birla compares the future of tokenized finance to how traditional financial markets have operated for decades. Notably, capital naturally gravitates toward platforms where it can be deployed with the least friction. Those with the deepest liquidity and the most competitive pricing also attract market users.

Rather than remaining idle in digital wallets, the Evernorth CEO expects tokenized assets to become increasingly dynamic. Since they are more liquid, they should provide better yields based on an owner’s risk appetite. Rebalance portfolios as market conditions change, and interaction with lending and collateral services should also be easier and automated.

From Birla’s perspective, tokenization is only the foundation. The real deal is if a network allows an asset to actively participate in broader financial activities.

XRP Ledger Offers Beyond Tokenization

According to Birla, several pieces of that infrastructure are already available on the XRP Ledger.

The network has already developed a built-in decentralized exchange and supports near-instant transaction settlement. Notably, several financial institutions have acknowledged the XRP Ledger as a good fit for cross-border payments, with HSBC calling it a “game changer.”

Additional features, including on-chain lending and collateral vaults, are also under development, creating an environment where tokenized assets can be used rather than simply stored.

He emphasized that this is not a zero-sum game, as multiple networks will support tokenized assets as the sector expands.

However, those like the XRP Ledger, offering deep liquidity, efficient settlement, reliable governance, and broad asset availability, will attract more adoption over time. The over 380% growth in RWAs on the Ledger this year is already reflecting that.

Ripple’s RLUSD Is an Early Proof of Expanding On-Chain Liquidity

Birla also pointed to the RLUSD stablecoin as an early example of this trend taking shape on the XRP Ledger.

Citing Evernorth’s June data, he highlighted that RLUSD has grown to approximately $1.6 billion in circulation, while more than 50% of its liquidity now resides on the XRP Ledger, up from just 17% in April. At the time of writing, however, the stablecoin’s circulating supply has dropped to $1.48 billion, with 59% of it on the XRP Ledger.

Birla explained that stablecoins play a central role in digital finance because they provide the liquidity needed for payments, lending, settlement, and other financial services. The increasing concentration of RLUSD liquidity on the XRP Ledger suggests users are choosing its infrastructure, as it allows capital to move quickly and efficiently.

Notably, these comments come days after Birla encouraged crypto treasury companies to move beyond building portfolios. As the industry moves to its next phase, he urged them to explore means of generating returns from their stash, recommending tokenization on the XRP Ledger.