XRP Ledger experienced a significant increase in activity during Q1 2026, with transactions rising 35.3% to 2.48 million daily, despite XRP's price falling to $1.34, a 27.1% decline from the previous quarter. The network's market cap also decreased by 26.3% to $82.21 billion as trading volumes cooled. However, the ledger's utility growth, including a 124.1% rise in tokenized assets to $2.25 billion, suggests a robust underlying network. Ripple's RLUSD stablecoin emerged as a key growth driver, reaching a market cap of $340.3 million, a 44.9% increase, making it the largest stablecoin on the XRP Ledger. This growth highlights the network's expanding role in decentralized finance, despite a broader market correction impacting liquidity and risk appetite. The report from Messari underscores the contrast between XRP's market performance and the ledger's operational strength, positioning it as a significant player in the blockchain ecosystem.