There is a major disconnect between XRP’s current price action and what is happening on the XRP Ledger. Price is weak. XRP is still fighting around the $1.10 support zone, with Bitcoin under pressure and the broader altcoin market selling off. But under the surface, the fundamentals are improving. Ripple just secured preliminary CASP approval in Luxembourg under MiCA, positioning the company for regulated cryptoasset and payments services across the European Economic Area. That matters. At the same time, reports show JPMorgan, Ripple, Ondo Finance and Mastercard participating in a tokenized Treasury settlement flow involving the XRP Ledger. That matters too. And now the XRPL data is becoming even more interesting. 24h ledger activity shows around 2.2M transactions, with DEX and AMM activity representing more than half of total ledger activity. The most important part: RLUSD/XRP is now leading XRPL DEX volume. RLUSD to XRP: over 2.1M XRP XRP to RLUSD: over 1.8M XRP This is the data XRP holders should be watching. RLUSD only becomes truly meaningful for XRP if it creates real liquidity demand, real routing volume and real XRP Ledger activity. That is exactly where the signal is starting to appear. The market is focused on the chart. And to be clear, the chart still needs work. XRP must hold the $1.10 to $1.085 zone and reclaim $1.118, $1.151 and eventually $1.164 before the technical structure improves. But the bigger picture is getting harder to ignore. MiCA regulation. Ripple Payments expansion. Tokenized Treasuries. ETF inflows. RLUSD/XRP DEX volume. Growing XRPL activity. Price is short-term emotion. Infrastructure is long-term positioning. If this activity continues to grow, the market will eventually have to reprice what is being built. #XRP #XRPL #Ripple