XRP Ledger overtakes Solana on RWA value as counts mislead

Did XRPL flip Solana in RWA value? Not supported

A circulating claim says the XRP Ledger (XRPL) has overtaken Solana in real-world asset (RWA) tokenization value. Based on data from RWA.xyz, that conclusion is not supported: a recent snapshot placed XRPL around $160 million in RWA value versus roughly $413.6 million on Solana’s non-stablecoin RWA market, indicating Solana still leads on absolute value.

XRPL’s RWA trajectory is improving, but it has not surpassed Solana on aggregate value. As reported by BitcoinInsider, XRPL set a new RWA high of about $131.6 million in Q2 2025, underscoring growth off a smaller base rather than a chain-wide flip in leadership.

Why holder counts don’t equal RWA value or leadership

“Holder count” headlines can be misleading for RWA assessments. Address totals blend many phenomena, dormant wallets, programmatic addresses, and multi-address behavior, and do not indicate how much tokenized real-world value is actually custodied on-chain.

Methodology differences further complicate comparisons. Some trackers separate non-stablecoin RWAs (like tokenized treasuries or real estate) from stablecoins, while others mix categories or emphasize short timeframes, leading to conflicting headlines even when the underlying value gap persists.

Some coverage framed the story as a flip on a specific metric rather than overall value. “The XRP Ledger (XRPL) has overtaken Solana on one closely watched metric over the past month, flipping it in real-world asset tokenization,” as reported by CryptoSlate. That characterization highlights the risk of extrapolating from a single indicator to chain-wide leadership across the full RWA landscape.

Institutional and technical positioning also differ. As reported by HTX News, Ripple leaders have emphasized XRPL’s reliability, stability, and low fees as strengths for regulated use cases, attributes that can matter in RWA issuance, while acknowledging Solana’s speed and developer traction.

What changed on XRPL this week: activity signals and context

Short-window activity data on XRPL has shown mixed signals in recent days, with reports of a sharp pullback from prior peaks followed by a same-week uptick in active addresses. Such divergences are common in on-chain analytics, where changing lookback windows (payments vs. active-address counts) can produce different near-term readings without altering the longer-term RWA value picture.

Institutional onboarding remains a focal point for XRPL’s RWA narrative. According to Token Relations, multiple financial firms have been bringing regulated assets onto XRPL, alongside new issuance and infrastructure work intended to support governed tokenization.

At the time of this writing, XRP is trading near $1.39. Price context does not determine RWA leadership, but it helps frame risk conditions around short-window activity metrics and tokenized-asset flows.