An argument has been raised that XRP's core challenge lies not in expanding utility, but in building a structure in which the growth of the XRP Ledger leads to actual token demand.

On Aug. 17, blockchain media outlet The Crypto Basic reported that Aaron Arnold (애런 아널드), founder of the crypto YouTube channel Altcoin Daily, said on a podcast he hosted with John Gillon that growth of the XRP Ledger is not sufficiently translating into the value of the XRP token.

So far, the investment thesis for XRP has focused on expanding real-world use in payments, liquidity and cross-border finance. But it remains unclear whether the economic value generated on the XRP Ledger returns to XRP holders as tangible benefits.

Hyperliquid was cited as a comparison. It was described as drawing market attention for a structure in which increased network usage leads to revenue that is then used to buy back tokens, boosting demand. Arnold said this approach differs from XRP or Solana and that more networks need to adopt similar structures.

Arnold also stressed that Ripple and XRP should be assessed separately. "I am very optimistic about the company Ripple, but XRP seems to have had virtually no notable achievements since 2017," he said. That means growth of Ripple as a company and a rise in the value of the XRP token do not necessarily move in the same direction.

The issue could become more important as the XRP Ledger expands beyond payments into stablecoins, tokenised assets, decentralised finance (DeFi) and institutional finance. Even if network transaction volume, institutional participation and liquidity increase, that does not immediately lead to demand to buy XRP. As a result, market attention is shifting from the expansion of adoption of the XRP Ledger itself to what economic effect that growth brings to the XRP token.

Arnold applied the same view to other blockchains. Mentioning Chainlink and Ethereum, he said a network could first secure users and then later add a structure allowing the token to benefit from ecosystem growth.

The possibility that XRP could be classified as a digital commodity in the United States was also raised. Still, a clearer regulatory status does not guarantee economic gains for XRP holders. Even if the XRP Ledger expands its role in the global financial system, how much the benefits of that growth translate into token value is a separate issue, the report said.

Ultimately, the key is whether a structure will be put in place that links growth of the XRP Ledger to token demand. Increasing transaction volume and institutional use alone is not enough, and whether network expansion can lead to real demand for XRP and rising value is expected to be a key yardstick for the market going forward.