Activity on the XRP network has witnessed a significant decline, with new daily addresses plummeting an astonishing 85% from around 18,000 in December 2024 to just 5,020 recently. Alongside this, monthly active supply of XRP has dropped by 73%, falling from 7.45 billion XRP to approximately 2 billion XRP per day. This downturn, according to a recent report by Glassnode, suggests a substantial shift in the user base of the XRP Ledger.
Experts believe that this decline is indicative of a broader transition from retail speculation to institutional adoption. Marcin Kazmierczak, co-founder of RedStone, emphasized that while retail investors appear to be leaving the space following a rally in late 2024, institutional interest is on the rise. “The network is shifting from retail speculation only to institutional rails,” he stated, explaining that such a transition often does not present a favorable chart pattern for addresses.
Despite this noticeable decline in network activity, XRP remains central to important financial innovations. Ripple, alongside partners including Ondo Finance, Kinexys from JPMorgan, and Mastercard, recently accomplished the first real-time cross-border settlement of tokenized Treasuries using a public blockchain. This groundbreaking transaction involved the near-instantaneous settlement of Ondo’s OUSG, a tokenized U.S. Treasury fund, processed through the XRP Ledger. Mastercard’s Multi-Token Network played a critical role by routing settlement instructions, while JPMorgan facilitated the delivery of U.S. dollars to Ripple’s bank account in Singapore.
The momentum behind tokenized real-world assets on the XRP Ledger underscores this evolving landscape, with total tokenized assets surpassing $2.43 billion. Notably, tokenized U.S. Treasuries alone account for over $403 million, suggesting a meaningful uptick in institutional usage. The active wallet count on the network is reported at approximately 7.7 million, reflecting continued participation despite the drop in daily addresses.
XRP’s current trading value stands at $1.39, having decreased by 1.6% over the past 24 hours. Investor sentiment around altcoins remains tepid, with prediction markets like Myriad indicating only a 13% likelihood of an “alt season” before July, slightly down from 20% the previous week.
The pilot transaction is being viewed not merely as an experiment but as a sign of a significant structural shift in the financial landscape. Kazmierczak pointed out that JPMorgan’s choice to utilize public infrastructure rather than private systems is pivotal. “Once one Tier-1 bank crosses that line, peer compliance reviews start moving,” he noted, hinting at the potential for broader adoption among major financial institutions.
