XRP is living a double life. Its native token has slumped to levels not seen in 19 months, yet the technology underpinning it is undergoing the most significant identity shift in its history. The XRP Ledger team has announced version 3.2.0, a release that does more than patch code—it renames the core software from “rippled” to “xrpld”, a move that forces every infrastructure provider, validator, and node operator to update their systems before migration. A technical handbook for the transition is in development.
The rebranding follows version 3.1.3, which went live in May 2026 and carried fixes for NFTs, vault systems, and lending protocols. Version 3.2.0 builds on that groundwork by targeting the network’s foundations. Ripple CTO David Schwartz has made no secret of where this is heading: the XRP Ledger is meant to evolve from a payments backbone into a platform for institutional tokenization, supporting tokenised repo deals, corporate loans, and equities.
That ambition already has tangible evidence. Tokenised assets on the XRPL have reached a volume of roughly $3.5 billion this year. A pilot involving Ondo Finance, JPMorgan, and Mastercard settled tokenised US Treasury bonds on the ledger in under five seconds. Separately, an analyst cited roughly $1.5 billion in new real-world asset inflows over the past 30 days, though the figure lacks official confirmation.
Those numbers stand in stark contrast to the price action. XRP touched $1.05 on Friday, its lowest in 19 months, before crawling back to $1.15. That leaves the token 68% below its July 2025 high of $3.65 — or 69% using the 52-week peak. Year-to-date, XRP has shed nearly 39% of its value. The relative strength index sits near 30–31, deep in oversold territory. Technically, the asset has reclaimed support at $1.10 but faces immediate resistance at $1.15 and $1.17. The 200-day moving average looms at $1.61, meaning the current price is about 29% beneath it.
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Institutional money, however, has been flowing against the grain. XRP spot ETFs recorded net inflows of $2.62 million in the week from June 1 to June 5 — a period when Bitcoin ETFs suffered billions in outflows. The Canary XRP ETF led with $4.13 million of fresh capital, followed by the Franklin Templeton fund at $3.83 million. Those were partially offset by a $4.06 million outflow from the Bitwise XRP ETF. Cumulatively, XRP ETFs have amassed $1.43 billion in net inflows since their launch in November 2025. In May alone, roughly $132 million entered these products. UBS, according to SEC filings, holds nearly 200,000 shares of the Volatility Shares XRP ETF, worth around $1.5 million.
On-chain signals also tell a story of accumulating conviction. Roughly 25 million XRP were pulled from exchanges within 48 hours, a move typically interpreted as declining sell-pressure. The number of wallets holding more than one million XRP has hit a multi-year high.
Beyond the ledger and the token, institutional infrastructure continues to advance. Ripple Prime — born from the $1.25 billion acquisition of Hidden Road — has been confirmed as a participant in the DTCC working group on tokenization. The DTCC, which settles $114 trillion in transactions annually, plans its first production trades of tokenised assets in July 2026, including Russell 1000 index shares, ETFs, and US Treasuries. A full platform launch is scheduled for October 2026.
On the regulatory front, the CLARITY Act — a US bill aimed at clarifying the legal classification of digital assets — moved onto the Senate calendar on June 1. Whether that or the DTCC timeline provides a near-term catalyst remains an open question. For now, XRP’s price sits well below its highs, but the infrastructure beneath it is being rebuilt at a pace that few tokens can match.
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