[DigitalToday reporter Yoonseo Lee (이윤서)] XRP has risen nearly 48 percent over a week, and 21Shares assessed that structural changes of a different scale from last year are emerging in the XRP ecosystem.

On Aug. 21 (local time), blockchain outlet The Crypto Basic reported that asset manager 21Shares cited spot XRP exchange-traded product (ETP) inflows, relatively low supply dilution, RLUSD expansion and increased XRP Ledger activity as key changes.

21Shares first pointed to the supply-absorbing power of spot XRP ETPs. In the first half of 2026, spot XRP ETPs absorbed 14.8 percent of new XRP supply, and the share at one point topped 50 percent in May. 21Shares said regulated investment products are taking on a larger role in XRP supply and demand.

In fact, spot XRP exchange-traded fund (ETF) inflows this year total $367 million. Total assets now stand at $1.17 billion and cumulative inflows are $1.53 billion. The analysis said institutional money moving into spot-based products is strengthening the link between circulating supply and investment demand in the market.

On the supply side, it noted that XRP's annual dilution rate is relatively low. 21Shares estimated XRP's annual supply dilution at about 5.5 percent. That is below Stellar token XLM at 8.8 percent and Toncoin (TON) at 9.6 percent. If supply growth is relatively gradual, the amount of XRP newly released to the market could also fall.

Expanding stablecoin liquidity is also a notable change. 21Shares said RLUSD supply increased 1,131 percent through June 30, 2026, and more than half of total supply is on the XRP Ledger (XRPL). It said RLUSD's rapid growth is strengthening liquidity and supporting broader XRPL activity through expanded stablecoin trading and applications.

The fourth change is the relationship between XRP Ledger activity and revenue. 21Shares said a trend has emerged in which fee revenue is declining even as payment volume grows. Network use is expanding, but that increase has not directly led to revenue growth. 21Shares said it is watching whether broader use of XRP as collateral could materially change this supply and demand structure.

The price rise was also steep. XRP is trading around $1.47 and is up 48.10 percent over the past seven days.

This rally is drawing attention because it comes as institutional investment products expand, stablecoin liquidity accumulates and XRPL use increases at the same time. The market is watching whether broader use of XRP as collateral will lead to real demand changes.