Data shows the XRP blockchain has seen a steep drop in metrics related to activity and adoption, indicating that the earlier speculative wave has faded.
XRP New Addresses & Active Supply Have Both Plummeted
In a new post on X, on-chain analytics firm Glassnode has talked about the latest trends in the new addresses and monthly active supply of XRP. The former metric is a measure of the daily total number of wallets coming online on the blockchain for the first time, while the latter tracks the amount of the cryptocurrency’s supply that became involved in at least one transaction over the past month.
First, here is a chart that shows how the number of new addresses has fluctuated on the XRP network over the last few years:
As displayed in the above graph, the 7-day average number of new addresses popping up on the XRP network shot up to a peak in late 2024. This massive spike in the metric appeared alongside a sharp bull rally for the cryptocurrency. Thus, it would appear that the bullish momentum was accompanied by a surge in adoption.
From the chart, it’s visible that what followed the explosive influx of new investors was a significant cooldown in the metric during 2025. Adoption still saw some spikes, but they were of a notably lower level than the December 2024 high.
In 2026, the decline in the indicator has only furthered. Today, there are just 2,700 new addresses joining the network every day. This reflects a drop of 85% compared to the December 2024 peak, when the metric reached a value of 18,000.
Adoption isn’t the only metric that has slowed down for XRP. As the data of the other indicator shared by Glassnode shows, the 7-day average value of the monthly active supply has also plummeted.
As is apparent from the chart, activity on the network also witnessed a major spike alongside the bullish price action of late 2024, with 7.45 billion tokens becoming part of the 1-month active supply. Following the bearish market shift since Q4 2025, the indicator has noted a sharp drop for XRP. Currently, just 2 billion tokens make up this segment of the cryptocurrency’s supply, which is lower than even the lows from the 2022 bear market.
“The speculative wave that drove XRP’s late-2024 surge has largely unwound at the network level,” explained the analytics firm. It now remains to be seen whether the quiet on the network will persist in the near future or if another shift will arrive.
Related Reading: XRP Nears Triangle Apex—Will A Breakout To $1.80 Follow?
XRP Price
XRP surged to a high above $1.45 on Wednesday, but the coin has since retraced to the $1.38 level.
