2026

<h2 id="price-falls-but-the-ledger-keeps-growing">Price Falls, But the Ledger Keeps Growing</h2><p><a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a> 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.</p><p>According to <a href="https://x.com/finbold" rel="noopener noreferrer nofollow">@finbold</a>, 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: <cite>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.</cite> 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.</p><p>What is clearer is the directional shift across H1. Activity had been softening from the 2025 peak, but <cite>network users sending and receiving assets on the XRP Ledger peaked at 43,000 on June 30,</cite> 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.</p><h2 id="a-network-accumulating-in-silence">A Network Accumulating in Silence</h2><p>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. <cite>Approximately 7.85 million XRP wallet addresses had been activated on the ledger as of early 2026, according to XRPScan.</cite><cite>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.</cite></p><p>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, <cite>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.</cite></p><p>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.</p><p><strong>Sources:</strong><br><a href="https://messari.io/report/state-of-xrp-ledger-q4-2025" rel="noopener noreferrer nofollow">Messari: State of XRP Ledger Q4 2025</a><br><a href="https://www.coingecko.com/en/coins/xrp" rel="noopener noreferrer nofollow">CoinGecko: XRP Live Price and Market Data</a><br><a href="https://www.wealthiertoday.com/news/xrp-ledger-sees-71-network-surge-active-address-numbers-say-users-are-coming-back/" rel="noopener noreferrer nofollow">Wealthier Today: XRP Ledger Sees 71% Network Surge, Active Addresses Recover</a></p>

XRP: fewer wallets moving it, more wallets holding it

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