The number of new addresses per day on the XRP Ledger (XRPL), which uses XRP as its native token, has crashed by 85% since December 2024 through May 7.
The XRPL reported 18,000 new addresses per day in December 2024, but that number has since dropped to 2,700 on Thursday, according to data from Glassnode analyzed by Finbold. With the 15,300 decline in new addresses per day on the XRP Ledger during this period, its speculative wave towards the all-time high (ATH) has significantly slowed at press time.
XRPL new addresses per day. Source: Glassnode
The notable decline in new users per day on the XRPL has exacerbated the decline in monthly active supply for XRP, based on updates from Glassnode. Furthermore, the number of monthly active supply on this network declined from 7.5 billion XRP per day to 2 billion tokens per day during this period.
Nonetheless, the total number of addresses on the XRP Ledger has steadily grown over the past few years, reaching its ATH, as Finbold reported.
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XRP price outlook amid low adoption rate for XRP Ledger
The significant decline in adoption of the XRP Ledger has weighed on the token’s price during the same period. For instance, this altcoin has fallen over 24% year-to-date (YTD), trading at about $1.39 at the time of publication. As such, its market capitalization has declined in tandem and currently hovers at approximately $86.3 billion.
XRP/USD YTD chart. Source: Finbold
With XRP price having struggled to rally beyond $1.50 since its February capitulation to date, as Finbold noted, further weakness in XRPL’s adoption could signal bearish sentiment. However, if the number of new addresses per day on the XRP Ledger recovers in the near future, the token could experience a sustainable rebound, underscoring the pivotal role that network activity plays in shaping XRP’s market trajectory.