Community Trust ScoreVerified
The XRP Ledger (XRPL) is undergoing a major transformation in 2025. While the price of XRP recently reached a new all-time high of $3.5, the network itself is showing signs of a fundamental shift in user activity. According to blockchain analytics firm Serotonin, the number of daily active accounts on the XRPL has dropped significantly—from nearly 39,500 at the start of the year to just about 19,500 by the end of June. This marks a steep 50% decline in participation. However, this drop in user numbers doesn’t signal a dying network. In fact, it’s quite the opposite.
Despite the lower number of users, the average volume, fee load, and liquidity provided per user have all gone up. This suggests that casual retail participants are stepping back, while larger institutional players are ramping up their activity. Paige Horinek, Senior Growth Analytics Manager at Serotonin, referred to this as XRP’s “gentrification.” According to Horinek, the XRPL is evolving from a retail-friendly blockchain into a wholesale settlement layer where higher-value transactions dominate.
Payments now make up 99.7% of all on-chain activity on the XRPL. Other types of transactions, like decentralized exchange trades and token swaps, are practically nonexistent by comparison. This indicates a significant departure from the kind of speculative trading behavior typically associated with retail users. Instead of small trades, the ledger is now handling larger transfers, with rising amounts locked in automated market maker (AMM) wallets. This transformation aligns with the idea of XRP becoming a backbone for high-volume, cross-border settlement systems—a goal Ripple has long promoted.
This pivot comes just as XRP reached new price highs. A week ago, XRP soared to $3.5, making it the third-largest cryptocurrency by market capitalization. Alongside this price rally, Open Interest (OI) in XRP futures also surged, exceeding $10.5 billion. This shows growing confidence from institutional investors and professional traders, even as smaller retail participants exit the scene.
However, the excitement hasn’t come without risks. Ripple CEO Brad Garlinghouse recently warned XRP holders about an increase in scams, particularly on platforms like YouTube. Fraudsters have been exploiting the renewed attention on XRP to promote fake giveaways and impersonate Ripple executives. As with every crypto boom, scammers are quick to take advantage of hype-driven investors. Garlinghouse urged users to remain vigilant and avoid offers that seem too good to be true.
Still, despite XRP’s impressive run, the overall crypto market has cooled off slightly. On Wednesday, a broader altcoin pullback saw many tokens lose double-digit percentages. XRP wasn’t spared, slipping from $3.5 to $3.11—a 13% drop. Yet even with this correction, XRP’s current position shows strong market interest, especially considering its turbulent regulatory past.
Much of XRP’s early popularity came from its dedicated retail fan base, sometimes known as the “XRP Army.” This group supported the token through thick and thin, including Ripple’s long legal battle with the U.S. Securities and Exchange Commission (SEC). But the data now suggests that XRP’s identity may be changing. The Ledger’s usage trends reflect a new phase where XRP is less of a speculative asset for individual investors and more of a functional tool for large-scale financial operations.
This evolution could have long-term benefits. As the XRPL becomes a hub for institutional transactions, it may gain more stability and utility, reducing its reliance on hype and price volatility. The shift may also pave the way for stronger regulatory acceptance and wider adoption by banks and payment networks, which value consistent, high-volume transaction infrastructure.
While casual traders may no longer dominate the XRPL, the increasing activity from big players shows a maturing network. The coming months will be crucial in determining whether XRP can maintain its upward momentum and solidify its role in the evolving digital finance ecosystem.
