XRP is currently trading at approximately $1.42, having struggled to maintain a position above $1.50 after a rally on May 14, which was ignited by news surrounding the CLARITY Act. In the broader market, Solana is now trading above $86, having lost support at the $90 level, while Cardano has dropped from $0.28 to around $0.25. As all three cryptocurrencies face bearish market pressure, investors are increasingly focusing on on-chain activity to assess which network demonstrates actual strength rather than solely examining price performance.
A detailed comparison of on-chain activity across XRP, Solana, and Cardano indicates that Solana leads in overall network scale, while XRP has recently experienced a significant surge in network activity. In contrast, Cardano shows weaker network usage.
Focusing on XRP, recent data from the XRP Ledger reveals daily transactions that averaged between 1 million and 1.2 million through mid-2025, escalating to around 1.45 million by December 2025. Notably, this number surged to 2.7 million in May, nearly doubling the December peak. Following the announcement that the CLARITY Act had cleared the Senate Banking Committee, XRP’s price rose to $1.54. This news prompted heightened network engagement, with 3,317 new wallets created in just 24 hours—the highest level of activity since March 19. Total activated accounts on the ledger reached 7,856,080.
Solana, while enjoying a robust network scale, has seen a noticeable decline in recent activity compared to earlier this year. Network fees peaked at around $500,000 to $638,000 daily between May 11 and May 14, correlating with strong trading activity. However, these fees plummeted to approximately $5,120 and $4,990 on subsequent days. Despite this decline, active user participation remains strong. In January, Solana recorded 164.45 million active monthly addresses, with consistent numbers in subsequent months, totaling 78.72 million in May. Meme coin trading, stablecoin transfers, and increased institutional adoption of real-world assets continue to support Solana’s high user activity.
On the other hand, Cardano presents a less encouraging picture. Data indicates that wallets holding at least 1 million ADA now control about 67% of the total circulating supply, which amounts to around 25.09 billion ADA. This concentration, the highest observed since July 2020, suggests that large holders are accumulating despite the token losing nearly 66% of its value year-to-date. Cardano’s network usage remains subdued, with daily active addresses fluctuating between 9,000 and 16,000—this stands in stark contrast to the roughly 135,000 recorded in 2024.
Looking ahead, several upcoming developments could influence user activity on these three networks. For XRP, the progress of the CLARITY Act through the Senate could spark another wave of network growth if the legislation is voted on and approved before the July 4 deadline. Should this occur, XRP has the potential to reclaim resistance levels between $1.50 and $1.80, with further upside towards $2 possible depending on sustained buying pressure.
Solana is anticipating the Alpenglow upgrade, which could significantly reduce finality time to about 100-150 milliseconds. The community testing for this upgrade commenced on May 11, coinciding with substantial daily network fee spikes. Should the testing be successful and the upgrade be implemented by Q3 2026, Solana may solidify its position in network scale, potentially pushing SOL back to the $100 mark.
Cardano is gearing up for its own upgrade with the Ouroboros Leios Testnet, aimed at improving transaction throughput by 10x to 65x. This upgrade addresses one of Cardano’s significant weaknesses of slow performance during high-volume decentralized finance (DeFi) activities. The public testnet is expected to launch in June, with a mainnet launch projected for Q4 2026. If successful, this could invigorate Cardano’s network, driving a revival in daily active addresses and fee growth, potentially pushing ADA prices back to $0.30.
Currently, based on the ongoing on-chain data, Solana stands out for its overall network scale and user engagement—indicating the strongest on-chain momentum. However, XRP and Cardano could see substantial growth contingent on the successful rollout of their respective upcoming catalysts. Market reactions to the CLARITY Act, Solana’s Alpenglow upgrade, and Cardano’s Ouroboros Leios Testnet will be pivotal in determining which network experiences the most significant surge in activity and adoption over the next year.
