XRP: fewer wallets moving it, more wallets holding it

Price Falls, But the Ledger Keeps Growing

$XRP endured a difficult first half of 2026. The token slid for six consecutive months, touching an intraday low of around $1.01 in late June, as broader selling pressure weighed on altcoins. The network picture, however, told a more complicated story.

According to @finbold, daily active accounts on the XRP Ledger fell across H1, dropping roughly 4,600 to approximately 15,300. That figure sits well below readings from other trackers: Santiment data showed daily active addresses climbing from approximately 23,000 to more than 39,500 in the final weeks of June, a 71.7% increase. The gap reflects different methodologies and definitions, and readers should treat any single data point as one part of a broader picture rather than a definitive read on network health.

What is clearer is the directional shift across H1. Activity had been softening from the 2025 peak, but network users sending and receiving assets on the XRP Ledger peaked at 43,000 on June 30, meaning the half closed on a recovery, not a slide. Separately, Messari's Q4 2025 State of XRP Ledger report recorded average daily senders falling 15.4% quarter-on-quarter from 25,300 to 21,700, a figure from an earlier period that illustrates the broader softening trend rather than H1 2026 conditions specifically.

A Network Accumulating in Silence

The counterpoint to cooling activity is the ledger's structural growth. Total wallets on the XRP Ledger surged in H1, with the network adding roughly 501,000 new accounts and nearing 8 million all-time. Approximately 7.85 million XRP wallet addresses had been activated on the ledger as of early 2026, according to XRPScan. The ledger had surpassed 7.85 million activated addresses, up from around 4.5 million in 2023 and nearly 6 million in late 2024, roughly 30% wallet growth in just over a year, driven largely by regulatory clarity and the launch of spot XRP ETFs.

Fewer addresses are actively transacting, but more wallets are being created and holding. When wallet creation outpaces transaction volume, it can reflect organic accumulation, but it can equally signal a network idling between catalysts. The bearish case centres on the disconnect between XRP's market capitalisation and on-chain utility: transaction fees generated on the ledger remain minimal relative to the asset's total valuation, suggesting price is still driven more by sentiment than organic usage. On the other hand, the divergence between network activity and token price has caught the attention of market analysts, who say it could indicate renewed accumulation ahead of a potential recovery.

For now, the on-chain data presents a clear split. The question is whether the wall of new wallets represents patient holders waiting for a catalyst, or simply a ledger growing while trading activity slowly cools.

Sources:
Messari: State of XRP Ledger Q4 2025
CoinGecko: XRP Live Price and Market Data
Wealthier Today: XRP Ledger Sees 71% Network Surge, Active Addresses Recover