Recently, an analyst who researches XRPL shared a rather sobering observation about the current situation of XRP.

He listed several data points, each one making people frown: on-chain liquidity is shrinking, the liquidity pools are getting shallower; the adoption rate of automated market makers (AMM) is far below expectations, and hasn't gained traction; the network's market cap is seriously disconnected from actual usage, with overinflated valuations; retail investors are still chasing various narratives and hype, paying little attention to real ecosystem data; as for the lawsuit that has dragged on for years, the legal outcome won't directly lead to a long-term price increase.

He made a very straightforward statement: "XRP isn't lacking believers now; what it lacks are real users."

That statement sounds harsh, but it hits the core issue. A blockchain network, if it only has holders but no real trading, liquidity provision, or application usage, is basically an empty shell. Why does liquidity shrink? Because there are no ongoing scenarios for money to circulate after it enters. Why can't AMMs be promoted effectively? Because market makers need to see genuine trading demand and profits, not just slogans.

In plain terms, the current problem facing XRPL is common among many public chains: having only market cap and consensus without an active ecosystem support will eventually be left behind by those chains that truly have users, applications, and capital flow.

This isn't pessimism; it's reality. In Web3, the competition isn't about who shouts louder, but who is used more. An ecosystem without heartbeat cannot last too long.