XRP New Addresses, Active Supply Plunge Amid Shift to ‘Institutional Rails’
New XRP addresses hit multi-year lows, per Glassnode data, as the network shifts from "retail speculation" to institutional usage.
By Akash GirimathEdited by Stephen GravesMay 8, 2026May 8, 20262 min read
In brief
- New daily XRP addresses fell 85% from 18,000 in December 2024 to 5,020, with monthly active supply down 73% over the same period.
- Ondo, Kinexys, Mastercard, and Ripple completed the first real-time cross-border settlement of tokenized Treasuries on a public blockchain.
- Tokenized RWAs on XRPL have crossed $2.43 billion, with tokenized US Treasuries alone exceeding $403 million, signaling institutional use is rising, Decrypt was told.
XRP network activity has fallen to its lowest level in years, even as a coalition of global financial institutions completed the first real-time cross-border settlement of tokenized assets on the public blockchain.
New daily addresses on the XRP Ledger have fallen over 80% from approximately 18,000 in December 2024 to 5,020 at the time of writing, according to a Friday Telegram post by Glassnode. Monthly active supply also declined more than 70% over the same period, from 7.45 billion XRP to roughly 2 billion XRP per day.
“The network is shifting from retail speculation only to institutional rails,” Marcin Kazmierczak, co-founder of RedStone, told Decrypt. “That transition rarely looks pretty in the address chart.”
The drop reflects speculative retail rotating out following the late-2024 rally rather than institutional usage collapsing, Kazmierczak said, with the two trends moving in opposite directions.
Connecting XRP to interbank settlement rails
XRP is currently trading at $1.39, down 1.6% over the past 24 hours, according to CoinGecko data, with gains of less than 1% over the past week and month.
Investor sentiment on the broader outlook for altcoins remains muted. On prediction market Myriad, owned by Decrypt’s parent company Dastan, users assign a 13% chance to the possibility of an “alt season” before July, down from around 20% over the past week.
Ripple, along with Ondo Finance, JPMorgan's Kinexys, and Mastercard, completed a pilot transaction connecting the XRP Ledger with interbank settlement rails on Thursday.
The transaction settled the redemption of Ondo's OUSG—a tokenized U.S. Treasury fund—across borders and banks in near-real time and outside traditional banking hours. Ondo processed the redemption on the XRP Ledger, Mastercard's Multi-Token Network routed settlement instructions to Kinexys, and JPMorgan delivered U.S. dollars to Ripple's Singapore bank account.
Tokenized real-world assets on the XRP Ledger have surpassed $2.43 billion, with tokenized U.S. Treasuries exceeding $403 million, according to RWA.xyz data. Meanwhile, the network's active wallets hover around 7.7 million, according to Kazmierczak and data from on-chain analytics platform Santiment. The SEC and CFTC classified XRP as a digital commodity in March, providing regulatory clarity that has accelerated institutional engagement, he added.
The pilot transaction represents a structural shift rather than an isolated experiment. “The bigger signal is JPMorgan choosing public infrastructure over a walled garden,” Kazmierczak said. “Once one Tier-1 bank crosses that line, peer compliance reviews start moving.”
