XRP transactions jump 3x year-over-year, but price stays muted as daily network activity surges from approximately 1 million to nearly 3 million transactions.

The ledger data from XRPScan shows February 2026 posting 1.3 million average daily transactions, up from roughly 800,000 in May 2025.

XRP traded at $1.39 with a 24-hour range of $1.39 to $1.45, posting losses of 2.4% over 24 hours and 39.3% over one year.

The disconnect between surging network usage and stagnant price action has drawn attention from analysts who note the growth comes from real-world asset settlement, stablecoins, and institutional payment flows.

XRP transactions jump 3x year-over-year

XRP Brasil posted on X that the ledger jumped from 1 million to almost 3 million daily transactions in less than a year, calling the data “surgical” and stating “this isn’t noise, it’s real adoption.”

The account noted that while markets focus on price, the network processes real-world assets, stablecoins, and institutional flows behind the scenes.

Analyst PassingAnt identified three major drivers for the transaction growth: real-world assets, tokenized assets, and institutional payment rails.

The shift from 1 million to nearly 3 million daily transactions is the kind of growth that usually comes from on-chain financial activity rather than retail speculation.

September 2025 posted the lowest activity at approximately 700,000 daily transactions before the surge began.

January 2026 reached 1.05 million daily transactions, with February 2026 climbing to 1.3 million. The acceleration occurred while XRP price remained range-bound between $1.30 and $1.50 for most of the period.

Price remains muted with 39.3% yearly drop

XRP posted gains of 2.0% over seven days, 8.5% over 14 days, and 1.1% over 30 days, showing short-term recovery from recent lows.

The market value of USDC, the Circle-issued dollar-pegged stablecoin, is edging toward a new peak of roughly $80 billion as demand intensifies in the Middle East. Data from CoinMarketCap show USDC circulating supply at about $79.2 billion, a fresh all-time high that eclipses the previous peak just shy of $79 billion logged last December. The climb follows weeks of sustained supply growth, with the metric standing above $70 billion in early February and around $75 billion earlier this month. The widening footprint underscores how liquidity needs are shifting in a landscape where investors seek stable on-ramps and off-ramps amid global macro uncertainty.

In a post on X, Dubai-based analyst Rami Al-Hashimi attributed the surge to a broad appetite for moving funds out of conventional markets, saying over-the-counter desks in Dubai have struggled to keep pace with demand for USDC. The assertion dovetails with a broader narrative about stablecoins increasingly serving as a bridge for cross-border flows in regions facing FX volatility or capital controls. While the UAE’s property markets have drawn headlines for softness, the liquidity angle emphasizes a different use case for stablecoins: a readily accessible, dollar-linked liquidity layer that can be deployed with relatively low friction compared with traditional banking rails.

Dubai property slump may be driving USDC surge

Al-Hashimi connected the surge in stablecoin activity to turmoil in the United Arab Emirates’ real estate market. He argued that Dubai property prices have fallen by roughly 27% this month, fueling a rush among investors to reposition capital into digital assets. He framed the shift as a form of “war panic” and capital flight, suggesting a growing pattern of investors seeking liquidity and exit routes amid local real estate distress. The broader market backdrop is echoed by TradingView data, which show the Dubai Financial Market (DFM) Real Estate Index declining sharply from a peak around 16,800 to roughly 11,516, a slide near 31% in a compressed period. The correlation between real assets and a pivot to on-chain assets reflects a broader risk-off dynamic in which digital currencies are positioned as an escape hatch or hedge in uncertain times.

There are signs that the real estate slowdown is influencing pricing dynamics in the on-chain space as well. Some property listings have begun advertising discounts for buyers who pay with cryptocurrency, with Bitcoin (CRYPTO: BTC) cited as a preferred settlement option in certain corners of the market. The trend, while not universal, illustrates how digital assets are increasingly being used as a shopping tool for large-ticket purchases, even as the broader macro environment remains unsettled. The co-movement of real estate activity and crypto liquidity highlights how capital floods can reallocate quickly across asset classes when traditional channels tighten or become expensive to access.

Beyond the Dubai-specific story, market observers noted a notable shift in stablecoin usage on a global basis. In a development that has captured attention from traders and analysts, USDC is reported to have overtaken USDt (CRYPTO: USDT) in adjusted transaction volume for the year to date, according to Mizuho. The bank’s note indicates USDC handling roughly $2.2 trillion in adjusted transaction volume versus about $1.3 trillion for USDt, equating to roughly 64% of the combined volume. While USDt remains the dominant stablecoin by market capitalization—about $184 billion—the leap in on-chain throughput for USDC points to evolving user preferences and liquidity patterns within the stablecoin sector. The dynamic underscore is that liquidity is not static; it migrates as market participants seek efficiency, settlement speed, and regulatory clarity in different venues.

Taken together, the numbers paint a complex portrait of a market that is increasingly dependent on stable liquidity but is also becoming more sensitive to regional macro events. The growth in USDC supply and the related uptick in on-chain activity suggest that investors are prioritizing predictable settlement and cross-border transfer capabilities. At the same time, the continued magnitude of USDt’s market cap serves as a reminder that the stablecoin landscape remains fragmented, with different assets occupying distinct roles within portfolios and trading desks. While some observers point to a reshuffling of flows toward newer stablecoins, others caution that the sector’s regulatory and counterparty risk remains a central concern for market participants who rely on these digital currencies for everyday payments and liquidity provisioning.

Why it matters

For users and builders, the sustained expansion of USDC’s market footprint reinforces the role of stablecoins as a core liquidity layer in crypto markets. As demand for efficient settlement and cross-border transfers grows, stablecoins offer a familiar, dollar-linked settlement mechanism that can operate 24/7, reducing reliance on traditional financial rails. This can lower friction for institutions and retail traders alike, particularly in regions where FX controls or capital flight concerns drive preference for digital assets.

From a market structure perspective, the shift in transaction volumes toward USDC relative to USDt signals a potential recalibration of liquidity provision and exchange dynamics. If the trend persists, it could influence liquidity strategies on centralized and decentralized venues, affect funding rates, and alter risk premia across stablecoin-enabled pairs. Regulators are closely watching such developments, given ongoing scrutiny around stablecoin reserves, disclosures, and settlement practices. The evolving balance between stability, transparency, and efficiency will shape how market participants price and manage risk in the coming quarters.

For investors and traders, the Dubai-linked narrative adds a tangible example of how macro shocks in one region can ripple through crypto markets elsewhere. It reinforces the view that stablecoins remain a barometer of risk sentiment and capital mobility. As the ecosystem debates the merits of different stablecoins, users will increasingly evaluate not only collateral reserves and mint-and-burn mechanics but also the practical realities of liquidity access, regulatory alignment, and the speed of settlement across borders.

What to watch next

• Monitor USDC supply and market cap updates on CoinMarketCap to gauge whether the $79–$80 billion threshold remains a ceiling or becomes a new floor.
• Track Dubai real estate data and related price movements to see if the recent downturn persists or stabilizes, potentially affecting capital allocation choices.
• Observe any shifts in real-world asset adoption for crypto payments, particularly for large-ticket purchases where discounts could incentivize crypto settlement.
• Follow regulatory developments around stablecoins in major jurisdictions, including disclosures, reserve requirements, and cross-border settlement standards.
• Watch on-chain volume trends for USDC versus USDt to confirm whether the broader volume leadership persists and how that translates to liquidity depth across venues.

Sources & verification

• CoinMarketCap — USDC circulating supply and market cap data: https://coinmarketcap.com/currencies/usd-coin/
• Rami Al-Hashimi, X post discussing Dubai OTC demand for stablecoins: https://x.com/rami_hashimi/status/2032440070976819590
• DFM Real Estate Index performance data via TradingView: https://www.tradingview.com/chart/?symbol=DFM%3ADFMREI
• Mizuho analysis on USDC vs USDt adjusted transaction volumes: https://cointelegraph.com/news/circle-usdc-tether-usdt-adjusted-ytd-volume-mizuho

TLDR:

• NEAR approaches a major resistance zone after forming higher lows, suggesting momentum may be shifting toward a potential breakout scenario.
  
• Market analysts indicate that reclaiming resistance could accelerate price movement toward the $2 region if buying pressure continues building.
  
• Research projections place long-term NEAR targets between $6 and $18, depending on adoption, tokenomics shifts, and ecosystem growth.
• NEAR breakout momentum is gaining attention as the asset approaches a crucial resistance area following months of downward pressure.

NEAR breakout momentum is gaining attention as the asset approaches a crucial resistance area following months of downward pressure. Market participants are monitoring whether improving structure could trigger the next expansion phase.

NEAR Tests Key Technical Resistance

Recent market activity shows a strengthening price structure for NEAR Protocol after an extended decline. Price movement has gradually shifted toward higher lows. That pattern often appears when selling pressure weakens.

Market data indicates NEAR as of writing trades around $1.34. The asset recorded roughly 3.93% growth in 24 hours. Weekly performance shows a smaller 1.58% increase.

Technical observers note that the price is approaching an important horizontal resistance band. This level previously acted as support before the broader market breakdown. Recovering that area could reshape the current trend.

According to commentary shared by Michaël van de Poppe on X, momentum continues strengthening. The analyst stated that NEAR is attacking a crucial resistance region. He added that a breakout could open the path toward the $2 level.

Market Structure Shows Signs of Reversal

The earlier market structure displayed a prolonged series of lower highs and lower lows. That pattern defined a persistent downtrend during previous months. Several recovery attempts failed to reclaim lost support levels.

More recent trading behavior suggests a different pattern is emerging. The price stabilized after forming a clear base near recent lows. From that point, buyers began producing consistent upward moves.

Short-term moving averages also shifted direction during the recovery phase. The price moved above the indicator after several months of rejection. That development can indicate a transition in market momentum.

Chart annotations further suggest that reclaiming resistance could accelerate price expansion. Traders often interpret such moves as confirmation of a trend shift. Increased participation can follow when those levels break.

Long-Term Projections Draw Attention

Beyond short-term trading signals, broader research reports also discuss future growth scenarios. Commentary referencing analysis from Vini Barbosa discussed projections from SVRN. The report outlines possible valuation ranges through 2026.

The research suggests a base case price between $6 and $10. A more optimistic projection places the token between $12 and $18. Those targets dep`end on adoption and ecosystem expansion.

SVRN’s thesis focuses partly on infrastructure capabilities within the NEAR network. The platform competes among Layer-1 blockchain systems supporting decentralized applications. Developer tools and scalability remain key areas of focus.

The report also references network tokenomics and an inflation reduction decision approved previously. Lower token issuance could gradually tighten the circulating supply. Analysts suggest that reduced inflation may influence long-term valuation trends.

Spot Bitcoin ETFs recorded strong inflows on March 13, adding fresh momentum to institutional demand as market analysts pointed to key resistance and support levels for BTC price. Data shared by Farside Investors shows that U.S. spot Bitcoin ETFs attracted $180.4 million in net inflows on March 13, 2026.

Spot Bitcoin ETFs continue inflow streak

The funds extended a streak of positive flows after several volatile sessions earlier in the month.The largest share of inflows came from BlackRock’s IBIT, which added $143.6 million. Fidelity’s FBTC followed with $23.2 million, while Bitwise’s BITB recorded $3.1 million. ARK Invest’s ARKB posted $2.4 million, and VanEck’s HODL brought in $8.1 million.

Other Bitcoin ETFs reported no daily inflows, including Grayscale’s GBTC, Invesco’s BTCO, and Franklin Templeton’s EZBC. The latest figures from Farside UK reflect a rebound in ETF demand after significant outflows earlier in March. On March 6, spot Bitcoin ETFs collectively recorded $348.9 million in outflows.

The flows later turned positive, with $167.1 million in inflows on March 9 and $246.9 million on March 10, before moderating to $53.8 million on March 12. Since launch, cumulative inflows remain heavily concentrated in a few products. BlackRock’s IBIT has attracted more than $63 billion, while Fidelity’s FBTC has gathered nearly $11 billion, according to the totals displayed in the dataset.

Analysts remain optimistic on BTC price

At the same time, analysts are closely watching Bitcoin’s technical structure. Crypto analyst Ali Martinez said Bitcoin has entered a “low-resistance zone,” suggesting the asset could move higher with relatively limited selling pressure.

“Bitcoin $BTC has entered a low-resistance zone, with little standing in the way until $82,045,” Martinez wrote. He added, “Meanwhile, the key support floor sits at $66,898.”

A chart shared by crypto analyst Michaël van de Poppe shows Bitcoin trading around $71,720 on the 4-hour timeframe after rebounding from earlier March lows. The chart highlights a higher-low structure forming near $65,117, which Poppe described as a support level the market continues to hold.

Above the current price range, the chart marks a potential resistance band between $76,604 and $79,127, while a broader upside target zone sits near $80,646. The technical setup also shows Bitcoin reclaiming a short-term moving average after a series of consolidations.

Poppe described the recent price move as typical end-of-week volatility.“Classic price action on a Friday afternoon on #Bitcoin,” Poppe wrote on X. He noted, “Runs all the way towards the recent high, takes liquidity and inverses.”

Poppe added that he would be watching the next few sessions closely as he expects fresh highs soon. “Would be interested to see how this develops coming days, but would suggest that we’re going to attack the highs again in next two weeks.”

BlackRock digital assets head Robert Mitchnick said Bitcoin and Ethereum remain the only two cryptocurrencies attracting meaningful investor demand.

This comes as the asset manager evaluates future ETF products. Speaking on CNBC following the launch of BlackRock’s ETHB staked ether ETF, Mitchnick stated Bitcoin commands approximately 60% of crypto market share while Ethereum holds the low teens.

The comments come as BlackRock’s IBIT Bitcoin ETF recorded $26 billion in inflows during 2025 despite Bitcoin falling nearly 50% from its October all-time high.

IBIT ranked fourth globally for ETF inflows last year, becoming the only product in the top 20 to post positive flows while delivering negative price returns.

Year-to-date flows for IBIT remain slightly positive, with approximately 90% of the investor base maintaining steady accumulation patterns through the drawdown.

Bitcoin and Ethereum dominate investor allocation decisions

Mitchnick described Bitcoin as a “digital gold emerging monetary alternative” while calling Ethereum as “a technology centric bet around blockchain innovation and the various use cases of ether and digital assets.”

The distinction decides how investors approach portfolio allocations, with Ethereum exposure aligning more closely with technology and venture equity allocations.

BlackRock’s ETHA became the third-fastest ETF in history to reach $10 billion in assets under management, trailing only IBIT and Fidelity’s FBTC.

The newly launched ETHB adds staking yield to spot ether exposure, addressing what Mitchnick called a “limitation” in original ether ETF products that lacked yield capture mechanisms.

The staking feature makes ETHB “much closer, like the Bitcoin ETPs were, to a silver bullet for a lot of investors in terms of a super convenient exposure vehicle,” Mitchnick said.

Long-term investors drive Bitcoin and Ethereum ETF flows

Retail investors and financial advisors comprise the majority of ETF demand, with both segments showing opportunistic buying during price declines.

Hedge funds account for roughly 10% of flows, primarily running basis trades that go long ETFs while shorting futures contracts. These trades remain neutral for Bitcoin’s price but create flow volatility when basis spreads compress.

Mitchnick noted BlackRock sees “pockets of interest” in other crypto assets but maintains a “discerning approach” to product expansion.

The firm continues evaluating assets as liquidity, scale, and use cases develop, but Bitcoin and Ethereum remain where investor interest concentrates overwhelmingly.

The market capitalization of the USDC stablecoin is approaching a record high near $80 billion as demand surges in the Middle East, with one analyst linking the spike to capital flight from the United Arab Emirates.

According to data from CoinMarketCap, USDC (USDC)’s circulating supply has risen to roughly $79.2 billion, marking a new all-time high for the dollar-pegged stablecoin. The stablecoin’s market cap previously hit a high of below $79 billion in December last year.

The increase comes after supply expanded by billions of dollars in recent weeks. The stablecoin’s market cap stood at just over $70 billion in early February and at $75 billion earlier this month.

Self-proclaimed Dubai-based analyst Rami Al-Hashimi claimed the surge reflects growing demand from investors seeking to move funds out of traditional markets. In a Friday post on X, Al-Hashimi said over-the-counter (OTC) desks in Dubai have struggled to meet demand for the stablecoin.

Related: Stablecoins could form backbone of global payments in 10 years: Billionaire

Dubai property slump may be driving USDC surge

Al-Hashimi tied the surge in stablecoin demand to turmoil in the UAE’s real estate market. The analyst claimed property prices in Dubai have fallen roughly 27% this month, sparking a rush among investors to move capital into digital assets.

“War panic. Capital flight. Sellers are bleeding,” he wrote, describing what he said was a rapid shift in investor behavior.

Data from TradingView also shows that the DFM Real Estate Index, which tracks the performance of listed real estate and construction companies in Dubai, has suffered a sharp sell-off, with the index falling from around 16,800 at its recent peak to about 11,516, a decline of roughly 31%.

Al-Hashimi claimed the situation has also led some property sellers to accept cryptocurrency payments directly. He said certain real estate listings now advertise discounts for buyers who pay using Bitcoin (BTC).

“Pay in BTC, get 5–10% off,” he wrote, adding that the trend reflects growing demand for digital assets during periods of financial uncertainty.

Related: Crypto Biz: Circle stock defies Wall Street and digital asset selloff

USDC overtakes USDt in adjusted transaction volume

Japanese investment bank Mizuho says USDC has surpassed Tether’s USDt (USDT) in adjusted transaction volume for the first time since 2019. According to the bank’s research note, USDC recorded about $2.2 trillion in adjusted transaction volume year-to-date, compared with $1.3 trillion for USDt, giving USDC roughly 64% of combined transaction share.