Activity on the XRP Ledger, the network on which XRP, a virtual currency issued by Ripple Labs, is operated, has recorded a sharp deceleration from its speculative peak at the end of 2024.
This is reflected in data published by analytics firm Glassnode on May 7, 2026. On-chain. As seen in the graph below, new address creations (green line) on the XRP Ledger have decreased by nearly 85%, from 18,000 daily in December 2024 to just 2,700 today.
The new address represents the wallet communicating with the network for the first time. As explained by CriptoNoticias, the analysis On-chainthis indicator is often used As a rough indicator of new user entry, new capital, or new speculative interest in an asset.
Meanwhile, monthly effective supply also reflects a significant decline over the same period. Glassnode shared a graph in which it is observed that the amount of XRP (the area shaded in orange) circulating among active addresses has increased from 7.45 billion.
This metric measures the amount of XRP moving between active wallets within a specific time period. As this number increases, typically Reflects larger economic, commercial, or speculative activity within the network.
Traders and analysts typically observe a combination of both indicators to assess the strength of price movements. Sustained growth in new directions or activities is usually interpreted as a sign of increasing demand and market share.
The fact that both variables are decreasing may indicate that user interest is decreasing. A slowdown in the flow of speculation that was driving assets.
In the case of XRP, the data suggests that the speculative wave accompanying the asset’s strong rally towards the end of 2024 has lost strength at the network level. And it’s reflected in the price.
At the time of publication of this article, XRP price is $1.39, 61.9% below its all-time high (ATH) of $3.65.reached in July 2025.
The decline in activity also reignites debate about how responsive previous rallies were. The actual adoption of the XRP ecosystem and how much was driven primarily by speculative market dynamics.
Metrics alone do not determine the price of an asset, but they serve as an indicator of network participation and usage. Less activity typically reduces expectations for demand growth, which can ultimately impact XRP price trends.
(Tag Translation) Altcoin
