XRP New Addresses Plunge as Active Supply Falls; XRPL Links to Institutional Rails
XRP New Addresses and active supply metrics are falling sharply, even as Ripple pushes XRPL toward institutional settlement use cases.
According to Glassnode data cited by Decrypt, New daily XRP addresses dropped about 85% from ~18,000 in Dec 2024 to 5,020 at the time of writing. Monthly active supply fell around 73% over the same period, from 7.45B XRP to roughly 2B XRP per day. Decrypt also notes XRP network activity is at its lowest level in years.
Marcin Kazmierczak, co-founder of RedStone, said the shift reflects “retail speculation” rotating out after the late-2024 rally, while institutional usage grows—rather than a collapse in institutional demand. He added that “XRP New Addresses” charts often look messy during this transition.
On the institutional side, XRP (via Ripple) and partners completed a pilot Thursday connecting XRPL settlement to interbank rails. The transaction settled the redemption of Ondo’s tokenized U.S. Treasury fund (OUSG) across borders in near real time, outside traditional banking hours. Ondo’s redemption was processed on XRPL; Mastercard’s Multi-Token Network routed settlement instructions to JPMorgan’s Kinexys; JPMorgan delivered dollars to Ripple’s Singapore bank account.
At the same time, tokenized real-world assets on XRPL surpassed $2.43B, with tokenized U.S. Treasuries above $403M, pointing to rising institutional RWA adoption. XRP is trading around $1.39 (down ~1.6% over 24 hours).
Overall, the headline mix is bearish on activity (XRP New Addresses, active supply), but bullish on rails and RWA integration—supporting a neutral trading stance until address/network stabilization shows follow-through.
Neutral
This is a “two-speed” story for XRP. On-chain engagement is falling: daily XRP New Addresses and monthly active supply both decline sharply, which historically can pressure short-term sentiment and liquidity. At the same time, the article highlights institutional rails adoption: a JPMorgan–Mastercard–Kinexys–Ripple pilot for near-real-time cross-border settlement of tokenized Treasuries, plus XRPL tokenized RWA totals (>$2.43B) and tokenized U.S. Treasuries (>$403M).
Traders typically react in two phases: first to activity/flows (address count declines → caution), then to “real settlement” signals (bank-grade rails → re-pricing of longer-term adoption). Similar patterns have appeared across crypto during infrastructure rollouts—networks can show reduced retail churn while institutional throughput grows, delaying a full rebound in on-chain metrics.
For the next few sessions, expect volatility driven by whether traders interpret the address drop as ongoing demand weakness or as a composition shift. Longer term, if more Tier-1 banks replicate the pilot and XRPL address/activity stabilizes, the market can shift from neutral to bullish. For now, the institutional headline is constructive, but the continuing decline in XRP New Addresses and active supply keeps upside confirmation incomplete.