The share of
In brief
- XRP’s dominance in the crypto market has fallen from almost 5% to 3.1% since July 2025.
- Its capitalization fell by around $117 billion, mainly due to the drop in its price.
- The increase in circulating supply mitigated the loss of capitalization, without preventing the price decline.
- Growing adoption of the XRP Ledger does not necessarily translate into increased demand for XRP.
- Flows into XRP ETFs and renewed interest in altcoins could support a rebound in its dominance.
XRP capitalization loses around $117 billion
XRP was trading around $3.42 in July 2025, when its circulating supply reached approximately 59.2 billion tokens. Its capitalization then exceeded $202 billion, or nearly 5% of a crypto market valued at around $4,000 billion.
The token is now trading near $1.37, with approximately 63.1 billion XRP in circulation. Its capitalization fell to around $86 billion, which represents a drop close to 57% and a loss of around 116 billion.
At the same time, the total value of the crypto market is around $2.8 trillion. XRP therefore represents around 3.1%, behind bitcoin, Ethereum, USDT and BNB.
This part, often called dominance, is calculated as follows:
- The capitalization of XRP divided by that of the entire market;
- The capitalization of XRP obtained by multiplying its price by the circulating supply;
- The result expressed as a percentage to measure its relative weight;
- The indicator sensitive to the price of XRP as well as that of other cryptos.
Declining dominance therefore does not necessarily mean money is directly leaving XRP. It can also decline when other assets advance faster or resist better during a general correction.
The increase in supply limited the decline in capitalization
The circulating supply of XRP has increased by approximately 3.9 billion tokens since July 2025, an increase of nearly 6.6%. This increase comes in part from scheduled releases from Ripple escrow accounts.
As of June 30, 2026, approximately 32.6 billion XRP remained locked in these accounts. Ripple regularly unlocks, but unused tokens can be placed back in escrow. A release therefore does not automatically correspond to a sale on the market.
The increase in supply is often presented as pressure on the price, as demand must absorb more of the available tokens. Its actual effect, however, depends on the quantity actually sold, retained or re-locked.
From an arithmetic point of view, the additional supply even mitigated the fall in capitalization. Without its expansion, the fall in price would have produced an even lower total value. The main factor in the decline therefore remains the drop in the price from 3.42 to around 1.37 dollars.
XRP is now more than 62% below its all-time high of $3.65, reached on July 17, 2025. Over one year, its decline is approaching 47%.
Adoption of the XRP Ledger does not guarantee demand for XRP
The decline in dominance comes despite several announcements concerning the institutional use of the XRP Ledger. In September, a Brazilian financial infrastructure operator responsible for nearly $4 trillion in registered assets began using the network to replicate fund ownership records.
Ripple is also expanding its activities in payments, asset custody and tokenization. These advancements can increase the use of the XRP Ledger without creating proportionate demand for its native token.
Network fees remain extremely low. A standard transaction costs a minimum of 10 drops, or only 0.00001 XRP. Millions of additional operations can therefore be executed without tying up a significant quantity of tokens.
Some institutions can also use Ripple’s technology or the RLUSD stablecoin without holding XRP permanently. A partnership announcement only supports the price if it creates actual purchases of the token, reduces its available supply or reinforces its role as a bridging asset.
We must therefore distinguish three elements that are often confused: the commercial growth of Ripple, the activity of the XRP Ledger and the market valuation of XRP.
ETFs and the return of altcoins could reverse the trend
The dominance of XRP had increased significantly after its rally in November 2024, the end of the dispute between Ripple and the SEC, then the launch of stock market products dedicated to the token. These events facilitated the arrival of new buyers.
To regain a share close to 5%, XRP would now have to grow much faster than the overall market. At a constant crypto capitalization of $2.8 trillion, this threshold would require a value of around $140 billion for XRP, or almost $54 billion more.
Flows to XRP ETFs constitute one of the most direct levers, since their entries generally require the purchase of tokens. A further rotation of capital from bitcoin to altcoins could also improve its relative position.
Conversely, the multiplication of partnerships will not be enough if it does not produce any measurable demand. The fall from 5% to 3% therefore reveals less a technical decline of the network than a weakening of XRP as an investment asset.
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