Despite a massive surge in on-chain activity, the price of XRP has left some community members questioning why network adoption isn’t translating directly to price appreciation.
According to the firm, XRP transactions are currently nearing 3 million per day. They are close to tripling the 1 million daily transactions recorded in mid-2025.
However, the price of the asset hasn’t mirrored that same 300% explosive growth.
Recently, Asheesh Birla, a Ripple vet and the CEO of the newly formed billion-dollar XRP treasury company Evernorth, weighed in on the matter.
The “liquidity bridge” thesis
Birla has explained that XRP is yet to become a liquidity bridge at scale, which is why the token has so far failed to experience a massive rally.
“Here’s my quick take: XRP is not yet a liquidity bridge at scale,” Birla explained. “The version of XRP that we believe could drive sustained utility demand is when banks and businesses leverage it as working capital.”
Birla noted that while there are positive signals indicating institutional use is growing, that growth is currently being outpaced by “the traffic from everyday people.”
In essence, millions of retail transactions look great for network health and adoption metrics, sustained, but large-scale price appreciation will require the deep pockets of institutional players.
Meanwhile, Evernorth has a $1 billion plan to institutionalize the XRP token.
The company is preparing to go public on the Nasdaq through a SPAC merger with Armada Acquisition Corp II.
The transaction, which is expected to close in Q1 2026, will raise over $1 billion in gross proceeds. Backed by heavyweight investors including SBI ($200 million), Ripple, Pantera Capital, Kraken, and GSR, Evernorth is aiming to become the world’s largest public XRP treasury.
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