Ripple’s (CRYPTO: XRP) token has grown to become the sixth-biggest cryptocurrency with a $71 billion market cap and a fully-diluted value (FDV) of $114 billion despite making just a tiny amount of money in fees.
XRP Ledger Has Made Just $119,182 in 2026
Data compiled by DeFi Llama shows that XRP, which powers the XRP Ledger network, has generated just $119,182 this year. It generated $2.35 million in fees last year and $1.41 million in 2024.
In contrast, Tether, which operates the biggest stablecoin, has made $2.5 billion this year. It is followed by Tron (CRYPTO: TRX), Circle Internet Finance and Hyperliquid, which have made $1.2 billion, $1.1 billion and $333 million, respectively.
XRP and Ripple are different entities. Ripple Labs is a fintech company that operates several businesses, including Ripple Prime and Ripple Treasury. It launched Ripple Prime following its acquisition of Hidden Road and introduced Ripple Treasury after acquiring GTreasury. Ripple Labs’ valuation jumped to $50 billion earlier this year.
XRP, on the other hand, is its cryptocurrency, which powers the XRP Ledger, a decentralized network that enables low-cost payments and tokenization of real-world assets. It is compared to other similar chains like Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).
Data shows that the XRP Ledger network has struggled in the past few years. For example, the total value locked in its decentralized finance ecosystem has dropped to $40 million from a record high of $120 million. Ethereum’s TVL stands at over $37 billion.
The only industry where XRP Ledger is doing moderately well is in the stablecoin industry. Artemis data shows that the amount of Ripple USD on the XRP Ledger has jumped to over $760 million. Combined with those in Ethereum, RLUSD has gained a market capitalization of $1.6 billion.
XRP Ledger has also gained some market share in the real-world asset tokenization industry. Its represented asset value in the industry has jumped to over $3.6 billion, while its 30-day transfer volume rose by 132% to $106.1 million.
XRP Price Has Plunged Amid The Crypto Winter
The ongoing disconnect between Ripple Labs and XRP is likely one reason why the token has plunged by 70% from its highest point last year.
It has also dropped because of the crypto winter that has affected Bitcoin (CRYPTO: BTC) and other top altcoins like Binance Coin, Solana, and Cardano. The market capitalization of all tokens has dropped from over $4 trillion to $2 trillion today.
This retreat may continue as investors shift their focus to the stock market amid the artificial intelligence boom. Many have rotated capital from cryptocurrencies into equities to capitalize on the market’s strong rally.
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