XRP Daily New Addresses Drop 85% Amid Institutional Adoption Growth

TL;DR:

• XRP’s daily new addresses dropped 85% since December 2024, falling from 18,000 to just 5,020, according to Glassnode data.
• Ripple, Ondo Finance, JPMorgan Kinexys and Mastercard completed the first real-time cross-border settlement of tokenized assets on a public blockchain.
• Real-world assets tokenized on the XRP Ledger surpassed $2.43 billion.

Activity on the XRP network reached its lowest levels in years, even as a group of financial institutions completed the first cross-border settlement of tokenized assets in real time on a public blockchain.

Data from Glassnode shows that daily new addresses on the XRP Ledger dropped more than 80% from approximately 18,000 in December 2024 to the current 5,020. The monthly active supply also declined more than 70% over the same period, from 7.45 billion tokens to around 2 billion per day.

Marcin Kazmierczak, co-founder of RedStone, explained that the drop points to the exit of speculative retail following the late-2024 rally, not a collapse in institutional usage. “The network is migrating from retail speculation toward institutional rails,” he said. “That transition rarely looks good on address charts.”

Ripplecompleted alongside Ondo Finance, JPMorgan’s Kinexys and Mastercard a pilot transaction that connected the XRP Ledgerwith interbank settlement rails. The operation settled the redemption of Ondo’s OUSG fund — a tokenized U.S. Treasuries fund — cross-border and across banks in near-real time, outside traditional banking hours. Ondo processed the redemption, Mastercard’s Multi-Token Network routed the settlement instructions to Kinexys, and JPMorgan transferred U.S. dollars to Ripple’s bank account in Singapore.

Real-world assets tokenized on the XRP Ledger have already surpassed $2.43 billion. U.S. Treasuries account for around $403 million, according to RWA.xyz data. Active wallets on the network stand at approximately 7.7 million, according to Kazmierczak and Santiment data. The SEC and CFTC classified Ripple’s token as a digital commodity in March, a regulatory definition that, according to Kazmierczak, accelerated institutional involvement.