XRP Ledger activity has surged, with daily payment volume exceeding 2.7 million transactions, reaching a 12-month high; the number of AMM pools has increased to 27,000; the value of tokenized real-world assets has reached $461 million, a 35% increase over 30 days. However, the XRP price remains at $1.37, down 26% year-to-date, highlighting a disconnect between network utility and token value, as the driving forces behind activity are increasingly driven by stablecoins and bridged assets rather than sustained demand for XRP itself.