The activity on the XRP network has significantly decreased, hitting its lowest point in years. This comes amid a successful real-time cross-border settlement of tokenized assets using Ripple’s technology by a coalition of global financial institutions.
According to a recent Telegram post from Glassnode, new daily addresses on the XRP Ledger have plummeted over 80% since December 2024, dropping from around 18,000 to 5,020. The monthly active supply has also decreased by more than 70%, moving from 7.45 billion XRP down to about 2 billion XRP per day.
Marcin Kazmierczak of RedStone described the network’s transition in a conversation with Decrypt as shifting from retail speculation to institutional rails, noting that this change often appears unattractive on address charts. He explained that the decline reflects speculative retail investors exiting following a rally late in 2024, while institutional usage is increasing.
XRP is currently valued at $1.39, down by 1.6% over the last 24 hours, as per CoinGecko data, with less than 1% gains over both the past week and month. Meanwhile, investor sentiment on altcoins remains subdued; Myriad’s prediction market users estimate only a 13% chance of an “alt season” occurring before July, down from about 20% in the previous week.
Ripple, along with Ondo Finance, JPMorgan’s Kinexys, and Mastercard, completed a pilot transaction on Thursday that linked the XRP Ledger to interbank settlement rails. The transaction involved settling the redemption of Ondo’s OUSG—a tokenized U.S. Treasury fund—across borders and banks in near real-time outside standard banking hours. The process included Ondo handling redemption on the XRP Ledger, Mastercard’s Multi-Token Network issuing settlement instructions via Kinexys, and JPMorgan delivering U.S. dollars to Ripple’s Singapore bank account.
Tokenized real-world assets on the XRP Ledger have now reached $2.43 billion, with tokenized U.S. Treasuries at over $403 million, according to RWA.xyz data. The active wallets on the network are approximately 7.7 million, based on figures from Kazmierczak and Santiment’s on-chain analytics platform. Following regulatory classification of XRP as a digital commodity by both the SEC and CFTC in March, institutional engagement has accelerated.
Kazmierczak noted that JPMorgan’s decision to use public infrastructure marks a structural shift rather than an isolated experiment, suggesting that once one Tier-1 bank takes this step, peer compliance reviews will follow.